Company reglstration number: 05062948 Charity registratlon number: 1103730 The Worcester Heritage and Amenity Trust Limited (A company Ilmited by guarantee) Annual Report and Financial Statements for the Year Ended 30 April 2024 WESTCOTTS CHARTERED ACCOUNTANTS BLISINE59 ADVISERS
The Worcester Heritage and Amenlty Trust Limited Contents Reference and Admlnlslratlve Details Trustees, Report 2to8 Independent Examinerfs Report Staternent of Financial Activities 10 Balance Sheet 11 Notes to the Flnancial Statements 12to22
The Worcester Heritage and Amenity Trust Limltad Reference and Administrative Detalls Trustees D Chieng J Beale S Jones M Pantar R Neil J Inglis J Panter Secretary S Jones Charlty Reglstration Number 1103730 Company Registration Number 05062948 The charity is Incorporated in Unlted Kingdom. Tudor House 42 Friar Street Worcester WR12NA Westcotts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Reglstered Office Independent Examiner Page 1
The Worcester Heritage and Amenity Trust Limited Trustees. Report The trustees, who are directors for the purposes of company law, present Ihe annual report together with the financial statements of the charitable company for the year ended 30 April 2024. Structure Governance Governin Docu ent Worcester Heritage and Amenity Trust is a charttable company limited by guarantee both incorporated and registered as a charity on 3rd March 2004. The company was estsblished under a memorandum of association, which established the powers and objects of the charitable company and is govemed under its artides of association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. The Director5 are also charity Trustees and in the articles are known as the Board. Each Trustee is appointed for a period of 3 years after whith Ihey can be reappointed. All give time voluntsrily and received no benefits from Ihe charity. Any expenses claimed are set out in the accounts. PrOdureS are in place to ensure compliance with health and safety of staff, volunteers, and visitors. The museum is accredited, and the associated processes ensure consistency of qualty- All procedures are vieWed periodically. The Board is supported by an Operations Committee made up of volunteers and a Board member who is the liaison beeen the Committee and the Board of Trustees. The Committee members have knowledge and skills about the day to day running of the charity and are authorised to deal with these. The Trust's Alms and Objectiv8s Pur oses and "m$ The charltls purposes as set out in the companVs memorandum are.. To advance the knowledge and understandlng of thé Héritage of the City of Worcester by use of the historic Tudor House situated in Friar Street, In that City, its architècturé and collections: through educational activities inclusive of all ages facllltated In such ways and by such means, Includlng modern means of communication, as the Assoclatlon sees fit for the benefft of 811 Citizens of the City of Worcester and the publlc. How what we do delivers ourJ)_urp.oses The continuing objeclive during the year has been to build our visitor numbers and to increase access to Tudor House and its collections. The Trust and its develo ment Worcester Heritage and Amenity Trust was formed in 2004 in response to budgetary pressures leading the City Council to close the Museum of Local Life, which was based in Tudor House in the ntre of the City. A Group of volunteers from Worcester sel out a plan to keep the building open to the public. The plan manrfested itself as a three-year licence to use the downstairs rooms for public access. Fortunately, wOrster Municipal Charities (WMC) became aware of our efforts and made a pump priming grant to help develop exhibitions and display materials. This was a first step in what evolved Into a supportive, enabllng, long term relationship. Page 2
The Worcester Heritage and Amenity Trust Limited Trustees. Report From 2003 to 2007 progress was tangible, as a volunteer only group we developed as a free to enter Museum opening three days a week. Access was only permitted to the ground floor, where attractive displays were installed, visitor numbers rose to 6,000 p.a. and we ran a café and shop supporting running costs. In 2007 the City Council proposed that we should pay an annual rent of £1Q,000 per year which would have seriously challenged our viability. Happily, Worcester Municipal Charities (WMC) heard of Ihis, and a creative plan evolved. WMC would take a 125-year, full repairing, lease for £100,000 and sub-let it to WHAT for a pepper corn rent. WHAT would pay £1.000 per year and WMC £4.000 into 'sinking fund. for maintenance. This generous and hugely important lease, predicated on the building being used for heritage and education purposes. not only enables certainty on property related costs but importantly indicates long term sustainability to reassure other potential funding bodies. This lease extended to all 11 rooms to be used. where we broadly interpreted the uses of the house over the ages. The operation continued to grow with in excess of 10,000 visits per year recognised by several regional and national awards for visitor friendliness, warmth of our welcome and our positive work with children. During this year WMC have agreed with wOrster City Council that the lease will be extended to 999 years. This further cements our ability to apply for funding and support for the charity and plan for the future with certainty. To take the next step in developing and improving our visitor experlence we needed to attract signfficant capital grant funding. To improve our chances of success we were advised that we should become an Accredited Museum (The Arts Council England quality standard). WMC recognised the enormity and importance of the task and suggested we employ a museum professlonal in a curatorlallmanagerial capacity for which they would award us a very generous annual grant of £20.350 Index linked. We were awarded Accreditation status In 2017. On the back of the award for accreditation WMC also made a further grant award to support a part time Learning Offir. This enabled us to improve our education offer and to open to the public 4 days per week. By 2022, with inflationary increments the annual support grant had risen to £37,615. Undoubtedly without this regular award to support our revenue expendlture our operatlon would look very different and the challenges of running it as volunteers much more onerous. By this time, we were receiving 20,000 visitors per year, the museum was making a surplus each year and our thoughts turned to an exciting expansion plan. It involved gaining HLF funding support to renovate and stabilise the unique to worster. decorative Tudor plaster ceiling and to re interpret the museum to emphasise the Tudor Worcester period and the strong Clothier connections of the house. Whilst Covid caused a dramatic slowdown in our progress. we had the capital in place and by developing safe methods of working we were able to complete our projects. Financially during Covid we were able to batten down the expenditure hatches and made use of the furlough scheme. We also had benefrt of the Covid Recovery grants. In 2023-24 we have focused on fulfilling our charitable objects and continuing to build visitor numbers through continual improvement to our offer. Page 3
The Worcester Heritsge and Amenity Trust Limlted Trustees. Report How what do dellve ubllc benefit Tudor House is in Worcester and the main beneficiaries of our charity are residents of the city and surrounding areas. We are usually open to the public on 4 days a week - Wednesday. Thursday, Friday. and Saturday with other days for specific events. The combination of weekday and weekend opening means that a range of members of the publlc can acce88 the building for fre8 so there is no financial barrier. During the year 48 volunteers were actively engaged with the Trust and we were able to run the charity with their support, building on the practices we developed post Covid. Volunteers play a very valued part in enabling us to deliver the charitys objects, and many gain personally from their participallon. For example. friendships have developed between volunteers as they share shifts, helping to reduce feelings of isolation. We also run regular volunteer 'get tcgethers, and invite them to our annual stakeholder event, which supports the team approach lo running the museum. We welcomed 21,193 visitors during the year, over 1,000 more than the previous year. including from elsewhere in the U.K and some from abroad. We offered a variety of events at Tudor House which attracted visitors. We continued to engage with organisations such as the local Business Improvement District and other heritage venues to take part in themed events such as the Chrislmas Fa5ffe and heritage Open Days. These rnaximised the availability of the House as a destination in the community- Our own research during the year showed that 80¥0 of visilors are coming to Tudor House for the first time and 16% of visitors find out about us from our website. The annual attraction visitor survey produced for Visit Britain showed that Tudor House was the 18th most visited free attraction in the West Midlands in 2023-24. an improvement of one place compared to the previous year. We had a positive year regarding education and outreach at the museum. 2.816 Ghildren visited the museum and our outreach programme also involved pupils off site. Examples of outreach include all of year 7 at Bishop Perowne, and Norton schools. Sthools who visited included St. Barnabas. Pitmaston. St Joseph's and Great Witley. Page 4
The Worcester Heritage and Amenity Trust Limited Trustees. Report School visits usually run for 4 hours, with children participating in an activity all together on aThival. before enjoying a carousel of 3 other workshops. Our option of choice is always to welcome schools to the Museum. but we feel that outreach is a strong 'second best. and will help us to reach both younger pupils in Worcester schools who might not be able to manage a walk of up to an hour to the Museum. as well as schools outside the immediate area. We had a full programme of events, including: We represented Tudor House at the w0ster Show in August 2023. During the Victorian Fayre in 2023 we welcomed 3,181 visitors. We host regular events for the Changing Face of Worcester (weekly). Craty Friday (fortnightly) and the newly formed Tudor Rose embroidery group {fortnightly since March 24) Saturday talks are offered monthly and this year included J.J. Cam, Richard Cadbury (delivered at the Friends Society House). Fashion Through Time, Tudor Costume, Women in Politics. a talk about restoring the Tudor ceiling by the expert who carried out the work, and a curatorfs Attic and Cellar tour We worked with Worcester Cathedral to Introdu Int visits to the Cathedral and Tudor House, to help manage visits by larger groups. Various groups have met at the House during the year. induding the Bedfellows project which was completed in March 2024. This project involved a number of volunteers who recreated Tudor-style curtains and a counterpane for our Tudor-style bed. The work was covered by grants from the National Lottery via Arts Council England and from the Elmley Foundation. The project has led to the establishment of the newly formed Tudor Rose embroidery group. Many of the volunteers who took part in the Bedfellows project wanted to conlinue developing their embroidery skills and support their wellbeing through meeting regularly. The new group is meeting to create decorations for a Christrnas tree which will form part of the annual festival hosted by WOrster Cathedral and will help lo promote the charity at the same time. As part of advancing knowledge and understanding of the heritage of Worcester VR hold the 'Changing Face of Worcesterf collection of photographs. Volunteers continue to develop the presentation of the pictures on our website. We also developed our social media offering. On social media have collectively over 3 platft)rms 4,684 followers and post weekly on average. A highlight during the year has been to add videos to our YouTube channel about the Bedfellows Project and a WWII schools visit, created by volunteers Sheila Joynes and Stephen Bell. Achievement of Accreditation is a benchmark which demonstrates the quality of our organisation and activity. The process was suspended during Covid, and we are due to be reassessed in March 2025. This year we have followed up recommendations from the previous accreditation to update our collections records and policy. We have employed a part time Collections Officer to carry out this work. Page 5
The Worcester Herltage and Amenity Trust Llmlted Trustees. Report As mentioned in the previous annual report W8 continued investigating the potential to improve the toilet and refreshment facilities at Tudor House. During the year we added proposals for a room in the courtyard to the rear of the House, which would maximise the use of this area. It would be used for education visits and our regular talks. enabling the House to remain fully open whilst these events take place. We made enguirles about potential grant funding from the Heritage Lottery Fund which involved preparing a business case, with Ihe costs based on architects, plans and Quantty Surveyor eslimates. This will be used to support other bids for funding for the project. At the end of the year covered by this report, the Trust worked with Worcester City Council to be included in a list of projects to be funded by Levelling Up grant. This was put on hold pending the General Election in July 2024 and the outcome will be induded in our next Annual Report. Plans for the Future The Trust plans to continue and develop its activities in the coming years subject to funding. The following actions are planned: Commemorate the 20th anniversary of the Trust with volunteers and stakeholders as a way of promoting what we do and encouraging more visitors Reaccreditation (due in early 2025) Continue to build our audience based on the diverse ways in which we engaged with the public during the last year Financial sustainability Concluding funding applicalions for the project to improve the toilet and refreshment facilities and converting Ihe courtyard into an education space. Once funding is oblained, we will then proceed with the project. We have identified a reserve of £50,000 towards Ihis project. which among other things will support us applying for extemal grant as appropriate to deliver it. Objectives and activitles Public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 6
The Worcester Heritage and Amenity Trust Limited Trustees. Report Flnancial revlew During the year the charity made a surplus of £6,776 (2023: £5,567) Total reserves at the year end totalled £118,864 which were all unrestricted (2023: £112,088). Pollcy on reserves The charlty has a reserve policy aiming to hold sufficient reserves (operation reserves) of £50,000 to cover 12 months of basic running costs. As at 30 April 2024, the charlty also held free reseNes of £68.864, part of this will be used to contribute towards planned projects. Statement of trust8as' responsibilitiès The trustees (who are also the directors of The Worcester Heritage and Amenity Trust Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kffingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republlc of Ireland. The report and accounts hsve been prepared in accordance with the provisions in the Companies Act 2006 relatlng to small companles. Company law requires the trustees to prepare finanaal statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incomlng resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and princlples in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accountlng standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in buslness. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial posilion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable stsps for the prevention and detection of fraud and othar irregularlties. The trustees are responsible for the maintenance and integrity of the corporate and financial Information included on the charitable companls website. Leglslation governing the preparation and dlssemination of financlal statements may differ from legislation in other jurisdictions. Small companies provlslon statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Page 7
The Worcester Heritag8 and Amenity Trust Llmlted Trustees. Report The annual report was approved by the trustees of the charlty on behalf by. 1511212024 and signed on fts S4ttrf4 garf¢4 S Jones Company secretary and trustee Page 8
The Worcester Heritage and Amenity Trust Limited Independent Examiner's Report to the trustees of The Worcester Heritage and Amenlty Trust Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024. Responsibilities and basls of report As the charity'5 trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremenls of the Companies Act 2006 {'the 2006 Act.). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 ACV). In carrying oth my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of The Worcester Heritage and Amenty Trust Limited as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records. or 3. the accounts do not comply viith the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair ¥ieW which Is not a matter consldered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and princlples of the Statement of Recommended Practice for accounting and reporting by charities lappllcable to charities pr6parlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Catherine Williams A DChA Independent Examiner Westcotts (SW} LLP Chartered Accountants 47 Boutport Street Barnstaple Devon EX31 1SQ Date:.l&....... 30Z Page 9
The Worcester Heritage and Amenity Trust Limited Statement of Financial Activities for tho Year Ended 30 April 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies other trading activities Investment income 17,210 31.277 3,593 41,740 58,950 31.277 3,593 55,112 27.883 1.038 Total income 52,080 41,740 93,820 84,033 Expenditure on: Raising funds Charitable activities (16,308) 33,898) (16,308) (70,736) (7,306) (71.160) (36,838) Total expendlture (50,206) 36,838 87.044 78.466 Net Income Transfers between funds 1,874 5,824 4,902 (5,824) 6,776 5,567 Net movement In funds 7,698 (922) 6,776 5.567 Reconciliatlon of funds Total funds brought forward Total funds carried fOard 18 111,166 922 112.088 106,521 118,864 118,864 112,088 All of the charlty's activities derive from continuing operations durlng the above 0 periods. The funds breakdown for 2023 Is shown in note 18. The notes on pages 12 to 22 form an integral part of these financial statements. Page 10
The Worcester Heritage and Amenity Trust Limited (Registration number: 05062948) Balance Sheet as at 30 April 2024 2024 2023 Note Fixed assets Tangible assets 14 1,349 1,799 Current assets Stocks Debtors Cash at bank and in hand 15 16 1,307 921 118,814 2.164 450 111.352 121,042 113.966 Credltors: Amounts falllng due within one year 17 (3.5271 (3.677) Net current assets 117,515 110,289 Net assets 118,864 112.088 Funds of the charlty: Restricted income funds Restricted funds 922 Unrestrlcted income funds Unrestricted funds 118,864 111,166 Total funds 18 118,864 112,088 For the financlal year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476: and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 10 to 22 were approved by the trustees. and authorised for issue on15112J2Q24.... and signed on Iheir behalf by. S Jones Company secretary and trustee The notes on pages 12 to 22 fomi an integral part of these financial statements. Page11
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 1 Charlty status The charfty Is limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered Offi is: Tudor House 42 Friar Street Worcester WR12NA 2 Accounting policFes Summary of significant accountlng pollcles and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These lIcIeS have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance The financial statements havc been prepared in accordance with Accountlng and Reportlno by Charities: Statement of Recommended Practice (applicable to charities preparlng their accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation The Worcester Heritage and Amenity Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inttially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The accounts are prepared in sterling which is the functional currency of the charity. Going concern The trustees consider Ihat there are no material uncertainties about the charitys ability to continue as going concem nor any significant areas of uncertainty that affect the carying value of assets held by the charity. Income and endowments All income is recognised once the charity has entitiement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donatlons and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until elther those condltlons are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 12
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 Grants racelvable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perf0rrnan conditions are attached to the grant and are yet to be met, the income is recognised as a liablllty and included on the balance sheet as deferred Income to be released. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expéndlture All expenditure is recognised once there Is a legal or constructive obligation to that expendlture, it is probable settlement is required and Ihe amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that C8tegory. Where costs cannot be directly attributed to particular headlngs they have been allocated on a basis consistent with the use of resources, wlth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs Sncurred in attractlng voluntsry income, the management of investments and those incurred in tradlng activities that ralse funds. Charitable activities Charitsble expenditure comprises those costs incurred by the charity in the dellvery of its activities and services for its beneficiaries. It includes both costs that can be allocated dlrectly to such actlvlties and those costs of an indlrect nature necessary to support them. Support costs Support costs Include central functlons and have been allocated to actlvlty cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, stsff costs by the time spent and other costs by their usage. Taxation The charlty is considered to Pass the tests set out In Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore it meets the deflnition o! a charitable company for UK corporation tax purposes. Accordingly, the charity is potentl8lly exempt from taxation in respect of income or capital gains received withSn categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Gains Act 1992. to the extent that such income or gains are applled exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £2,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Page 13
The Worcester Heritsge and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 Depreciation and amortisatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Fixtures and frttlngs Equipment Depreciation method and rate 25°A reducing balance 250/0 reducing balance Stock stod( is valued at the lower of cost and estimated selling pri less costs to complete and sell. after due regard for obsolete and slow moving stocks. Cost is determined using the first-in. first-out (FIFO). Cash and Cash equivalents Cash and cash equivalènts comprise cash on hand and call deposits. and other short-t8rm hlghly liquid Investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in valua. Fund structure Unrestricted income fiJnds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a partlcular area or for specific purposes. the use of which is restricted to that area or purpose. Flnancial instruments Classlfication Fin8ndal assets and financial liabilities 8re recognised when the charity becomes a paty to the contractual provisions of the instrumenl. Financial liabilities and equity instruments are dassified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 14
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 Recognltlon and maasurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets. classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified In the contract is discharged. cancelled or expires. 3 Income from donatlons and legacles Unrestricted funds General Restrictad funds Total 2024 Donations and legacies; Rental Income Appeals and donations Grants, Including capital grants. Grants 7,000 10,210 7.000 10.210 41,740 41,740 17.210 41,740 58,950 Unrestricted funds General Restricted funds Total 2023 Donations and legacies., Rental income Appeals and donations Grants, induding capital grants. Grants 7,000 8,482 7,000 8,482 10,668 28,962 39.630 26,150 28,962 55,112 Page 15
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 4 Income from other tradlng activitiès Unrestricted funds General Total 2024 Sale of purchased goods other Income 20.726 10,551 20,726 10,551 31,277 31,277 Unrestricted funds General Total 2023 Sale of purchased goods Other Income 17,927 9,956 17,927 9.956 27,883 27,883 S Investment income Unrestrlcted funds General Total 2024 Interest receivable and similar Income; Interest re1vable on bank deposits 3,593 3,593 3,593 3,593 Unrestricted funds General Total 2023 Interest receivable and similar income. Interest receivable Dn bank deposits 1,038 1,038 1,038 1,038 Page 16
The Worcester Heritage and Amenity Trust Limited Notes to tha Financial Statements for the Year Ended 30 Aprll 2024 6 Expendlture on raislng funds a) Costs of trading activities Unrestricted funds General Total 2024 Costs of goods sold 16,308 16,308 16.308 16,308 Unrestricted funds General Total 2023 Costs of goods sold 7,306 7.306 7,306 7,306 7 Expendlture on charitable activities Unrestricted funds General Restricted fund8 Total 2024 Note Charitable activities Allocated support costs 9,220 24,678 33,898 36,838 46,058 24.678 36,838 70,736 Unrestricted funds General Restricted funds Total 2023 Note Charitable activities Allocated support costs 10,532 25,177 35,451 45,983 25,177 35,709 35,451 71,160 Page 17
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 8 Analysis of support costs Charitable activities expenditure Unrestricted funds General Total 2024 Total 2023 Premises General Office Finance costs Accountancy and Independent examination fees Depreciation Advertlslng Cleaning 13.104 3,838 1,419 13,104 3.838 1.419 13.963 5,300 1,168 i]., 1.153 450 1,695 3,019 1,153 450 1,695 3,019 24,678 1,048 601 722 2,375 24,678 25,177 9 Net incomlngloutgolng rnsources Net incomlng resources for the year include: 2024 2023 Depreciation of fixed assets 450 601 10 Trustees remuneration and expenses No trustees. nor any pensons connected with them, have received any remuneration from the charlty during the year. No trustees have received any reimbursed expenses or any other benefts from the charfty during the year. 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 35,241 675 32.423 574 35,916 32,997 Page 18
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 No 2023 No Museum staff No employee received emoluments of more than £60.000 durlng the year. 12 Independent examiner's remuneration 2024 2023 Independent examination fees 1,050 970 13 Taxation The charity is a reglstered charity and is therefore exempt from tsxation. 14 Tangibl• fixed assets Flxtures and flttlngs Equlpment Totsl Cost At 1 May 2023 At 30 April 2024 12.715 3,348 16,063 12,715 3,348 16,063 Dapreciation At 1 May 2023 Charge for the year At 30 April 2024 Net b¢)ok value 11,116 399 3,148 51 14,264 450 11,515 3.199 14,714 At 30 April 2024 1,200 149 1,349 At 30 April 2023 1,599 200 1,799 15 Stock 2024 2023 stocks 1,307 2,164 Page 19
The Worcester Heritage and Amenity Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 16 Debtors 2024 2023 Trade debtors Other debtors 450 921 921 450 17 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals 2.011 343 130 1.043 2.270 320 117 970 3.527 3.677 18 Funds Balance at 1May 2023 Balance at 30 April 2024 Incoming Resources resources expended Transfers Unrestricted funds General General Funds Operations reseNe 61,166 50.000 111,166 52,080 (50,206) 5,824 68,864 50,000 52,080 (50,206) 5,824 118,864 Restricted funds Bedfellows Project Worcester Municipal Charities 922 {922) 41,740 35,916) (36,838) (5.824) (5.824) 922 41.740 Total funds 112.088 93,820 (87,044) 118.864 Page 20
The Worcester Herltage and Amenity Trust Llmited Notes to the Financlal Statements for the Year Ended 30 April 2024 Balance at 1May 2022 Balance at 30 April 2023 Incoming Resources resources expended Transfers Unrestricted funds General General Funds Operations reserve 54,811 50,000 55.071 (43,015) (5,701) 61,166 50,000 104.811 55,071 (43,015) (5,701) 111,166 Restricted funds Reveal the Past Bedfellows Project wOrster Municipal Charities Cafe 1,269 (1,269) (788) 1,710 922 26,693 1,000 28.962 (32,554) (840) (35,451) 5,861 (160) 5,701 1,710 922 Total funds 106,521 84,033 {78,466) 112.088 The Trustees have agreed a policy of retalnlng a reserve equivalent to 12 months, basis operating costs, to enable business continuity in the event of a signfficant reduction in income. The speclfic purposes for which the funds are to be applied are as follows: Bedellows Project and SOS Collectlon relate to funds received from the Arts Council for specific projects. Worcester Municipal Charities - to fund the Salary for the WHAT manager and Education officer. Thls is on going. In 2023 a transfer was made from the unrestricted genera5 reserve to the Worcester Municipal Charities restricted reserve to cover the expenditure in excess of income. This was due to a timing difference of when the expenditure was incurred and when the income was received. The income has been received in the current year and so this transfer has been reversed, as this restricted reserve should not have a balance as the income and expenditure are matched. 19 Analysis of net assets between funds Unrestricted funds General Total funds at 30 April 2024 Tangible fixed assets Current assets Current liabilities 1,349 121,042 3,527) 118,864 1.349 121,042 3,527 Total net assets 118,864 Page 21
The Worcester Heritage and Amenlty Trust Limited Notes to the Financial Statements for the Year Ended 30 April 2024 Unrestrlcted funds General Total funds at 30 April 2023 Restricted funds Tangible fixed assets Current assets Current liabilities 1,799 113,044 (3.677) 111.166 1.799 113,966 3,677 922 Total net assets 922 112,088 20 Related party transactions Margaret Panter is both a trustee of Ihe Worcester Heritage and Amenity Trust Limited and Worcester Municipal Charities. The wOrster Heritage and Amenlty Trust Limited have reiVed grants totalling £41,740 (2023: £26.693) and also the rent free use of the premises and principal Offi at 3842 Friar Street from Worcester Municipal Charities. Page 22