Company Registratlon Number: 5556536 Charity No: 1113010 MORECAMBE Wll¥TER GARDENS PRESERVATION TRUST LIMITED (cor[PANy LLMITED BY GUARANTEE) CONSOLLDATED FINANCIAL STATEMENTS FOR THE TrTAR ENDED 30 MARCH 2025 *AEIIOHZD• 2311212025 COMPANIES HOUSE
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John Potter & Harrison Chartered AccouDlaDts and Slatutory Audilor 1121114 Whitegate Drive Blaekpool Lancydsbire FY3 9XH
MORECAMBE wINfER GARDENS PRESERVATION TRUST LIMITED (CON(PANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS YEAR ENDED 30 MARCH 2025 CONTENTS Page Memb¢r8 of Ihe Board and ProfessloDal Adviser8 Tru8teeJ' Annual Report IDdependent Auditor's Report to the Member¥ 10-13 Statement of FiDaDeiYdl Aetivities (In¢orporgting the ID¢ome and Exp¢Ddlture A¢¢ount) 14 Consolldated Balance Sheet 15 Balance Sheet 16 Statement ofcAab Flow$ 17 Notes to tbe Financial Statements I30
MORECAMBE TER GARDENS PRESERVATION TRUST LIMfrED (CONIPANY LtTrttTED BY GUARANTEE) MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Regislered cbarity Dame: Morecambe Winter Gardens Preservation Trust Limited Charity ttumber: 1113010 Company registration number: 5556536 Registered oifiee: 209 Marine Road West Morecambe Lancashir¢ LA4 4BU Trustees: Professor V Toulmin Mr Paul And¢rton Mr Richard Ryan Mr Steve Matthews Mr M D O'Neil Mr C. S Oktem (resigned 8.9.25) Mr M J Bateson Mr M Ellis Mrs L Quinn (appointed 14.10.25) Auditor: John Potter & Haffison Chartered Accountants and Statutory Auditor 1121114 Whitegate Drive Blackpool Lancashire FY3 9XH Bankers: Santand¢r 28 Penny Street Lancaster Lancashire LAI IUA
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LIMrrED BY GUARANTEE) TRUSTEES, ANNUAL REPORT YEAR ENDED 30 MARCH 2025 The Trustees. who are also dirxtors for the purposes of company law, have pleasure in preseftting their report and the financial statements of the charity for the year ended 31 March 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of R¢commend¢d Practirx applicable to Charities preparing their accounts in accordanc¢ with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019) referred to as the Charities SORP (FRS102) (se¢ond edition - October 2019). Reference aDd admini9trAtlve details Reference and administrative details are shown in the schedule of members of the board and professional advis¢rs on pag¢ l of the financial stat¢ments. Directors and Trustees The Trustexs who served the company during the period and subsequently were as follows: Professor V Toulmin Mr Paul Anderton Mr Richard Ryan Mr Steve Matthew$ Mr M. D. O'Neil Mr C. S. Oktem (resigned 8.9.25) Mr M J Bateson Mr M Ellis Mrs L Quinn (appointed 14.10.25) Stru¢ture• goverDAn¢e and managemeDt: Company oryaDi8ation The company is a charitable company limited by guarantee and does not have a share capital. It was incorporated on 7 September 2005 and registered &s a charity on 16 February 2006. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Organisational structure The board of trustees athninisters the charity. The trustees hold meetings once a month to discuss the op¢ration with Professor Vanessa Toulmin appointed Chair for five years with an option for a further two if required. Related PArties More&wnbe Winter Gardens Limited was incorporated on 20 February 2013 as a trading company. The shar¢ capital of the company is owned entirely by Mor¢¢ambe Winter Gardens Preservalion Trust Limited. Objeelives and aclivitieg for tbe public benefit Th¢ main object of the Charity is the ownership. restoration and operation of Th¢ Morecambe Winter Gardens. a Grade Il* Listed Building. Th¢ Winter Gardens operates as both a perfomianc¢ venue and also an historic building and is open through private hir¢ OT weekends when it is operated by the volunteers as a caféthistoric venue for tours and visitors for fundraising purposes through agreement with the Pres¢rvation Trust Limited.
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (CONIPANY LllTED BY GUARANTEE) TRUSTEES, ANNUAL REPORT YEAR ENDED 30 MARCH 2025 {eontinued) DevelopmeDls aDd acbievements. From April 2024 onwards our deliverables were as follows Complete the temis and conditions of the CDF3 ACE funding lo release both the initial revenue fvnding to enable us to hire project staff which was achiev¢d in April 2024 Recruited project management team and main building architects to satisfy the criteria laid out in th¢ funding Conditions through an open tender process through Bloom. Butress Architects were appointed as the Lead Contractors with Plac¢ Capital appoint¢d Project Managers and Appleyard and Tr¢w, Quantity Surv¢yors. The main parthership agffement was agreed with Lancaster and Morecambe College with the start of the Young Cr¢ativ¢s proj¢ct in April 2024 to bring up to 75 work placements through partnerships across Morecambe and Lancaster. Completed the full planning application for RIBA 3 to Lancaster City Council in September 2024 and to achieved a fully costed projext with th¢ majority of the funding in place for appointment of contractors by March 2025 Completed the two-year UKSPF funding allocation with the installation of new sound and lighting equipment in November 2024 and the procurement and installation of new windows and stage doors in February 2025 to March 2025, In June 2024, appointment of 4 new stsff relating to the revenue component of the CDF on a mixture of .8FTE to .2 FTE for the followin8 posts. Volunteer Coordinator, Events Manag¢r, Project Assistant and also Marketing Support. The Trnst also appointed through the government portal the requisite project team to oversee and implement the capital Proamme. Additional funding was also secured through UK Shared Prosperity Fund through Lancaster City Council saw the appointment of a Young Creatives support officer at Lancaster and Morecambe College .6 FTE to support the partnership with More¢ambe Winter Gardens on the Young Creatives placements throughout the duration of the project. As the original CDF grant was due to start in September 2023 and the final agreements and release of funds started in March 24 the project posts were realigned for a two-y¢ar contract commencing in June 2024 to be completed in June 2026. The UKSPF continued to run alon8side this grant and was completed by March 2025 with an additional funding request for a one•year continuation of £67,000 submitted in January 2025. On¢ of th¢ major achievements through the Revenue programme was in November 2024 when we did our first full scale partnership with the Lan¢ashire Music Hub through Opera Magic from the London Festival Opera Company. Over 2000 children from over 30 different schools across Lancashire came to two days of free shows at the Theatre with an additional ticketed ¢vent on the Saturday op¢n to the public.
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT YEAR ENDED 30 MARCH 2025 (continued) Developments and acbievements (contlDued) FiDAneial The Winter Gardens continued to operate and demonstrate profit which is then put back into our funding strategy for ext¢rnal grants. The Limited Company incrwed its r¢v¢nu¢ in the last financial with mor¢ r¢du¢ed events in the main building due to ongoing building work and condition reports required. Volunteer income programme - the main revenue return for the Winter Gardens is achieved through r¢ntal income with new tenants in the shops Eden Morecambe and Lizzie Collins MP, the heritage tours, th¢ weekend trade through the café, merchandise and tombo1 the operational activities of the theatre and the fundrnising instigate through the Board of Trustees and the volunteers. The venue fully reopened for the 2024 SOn in Easter with a continuation of our weekend opening hours of Saturday and Sunday to incre&se revenue due to previous opening restrictions. Our largest non- funded capital expenditure Continues to be the cost of insurance and the now annual cost of the ceiling review undertaken by Hayles and Howe. The volunteers remain an important operational functional function with café income and donations alongside venue hir¢ and grant revenue enabled the operational activities maintained. The financial targets for th¢ revenu¢ continued to increase in line with our projectsd match funding required for the CDF and UKSPF funding arrangements. Stak¢bolder EngagemeDt CDF and ItKSPF W¢ continue to hold re8ular quarterly updates through reports and funder meetings with both our mp4in funders, Arts Council England and Lancaster City Council through the Shared Prosperity Fund. Both funders are supporting a mixture of Capital and r¢venue which make up the £3.2M grant which was secured in 2023 and was then instigated and delivered throughout 2024 to March 2025. Major achievements in this period included the procurement and installation of a new sound and lighting system for the stage in November 2024 which will enable booking of more live music and the installation of new doors and windows to the back of the building and fly tower Our partnernhip with Lancaster and Morecambe College (LMC) started in April 2024 including a four hour session with 121 students ranging from media studies, visual arts and design. engineering and hairdressing and the Young Cr¢atives curated a week in Novemb¢r through our partnership with London Opera Company - LMC appointed the Young Creative post through the UKSPF funding and through out parthership with Lancaster and Morecambe College we did a number of events including 27 students from the Art and Media and Design course. For our parth¢rship with the Association of British Theatre Technicians (ABBD we did n additional ten students from the wider MoTecambe ecolo8y and venues to undergo the Bronze level training to Upskill the freelance technical th¢atre and industy staff in the region. Audieuce Engagenient and Development As part of our ongoing business model and within the ternis and conditions of the CDF grant it was important to develop our audience engagement both to understand our base lin¢ audience the areas of growth and development required and to understand the Current visitor ewlogy. Funding from the Theatres Trust Resilient Theatre Grant enabled ihe appointment of the Visitor Business in December 2023 and important work for the following season which was ¢ontinu¢d from April 2024. This woA£ was completed in May 2024 and resulted in a clear fundraising strategy for future enga8ement with Heritage Lottery Fundin8, created the template for an audience development strategy and a SWOT analysis of future areas of priorities aligned to th¢ funding that would be requir¢d for a full audience engagement strategy. We continued to develop our audience engagement strategy with specifi¢ reference to using the revenue funding within the CDF to programme a wide range of music and genres to understand gaps in our audience policie5.
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LllTED BY GUARAIYTEE) TRUSTEES, ANNUAL REPORT YEAR ENDED 30 MARCH 2025 {conlinued) Developments and achievements (continued) Community and Public Engydgement As part of our continued engagement we received funding for a series of podcasts scripted and put together by th¢ volunteers with support from th¢ University of Sheifi¢ld and local podcasters. These covered the history of the building and will be published later in 2025. The Trust continues to engage with the local creative ecology and cuIwr&l groups via Lancashire Arts Partnership and continues to be active member of the BID. Our partners for the CDF included partnerships and events with Northern Silents. Morecambe Bay Poetry Festival, Deco Publiqu¢ through Vintage by the Sea. We also started a number of new community arrangements and opend the theatre to local community and charity wups and worked with organisations such as the Scouts, Morecamb¢ Art Fayre Morecambe Heritage Centr¢ and of Course Lancaster and Morecambe College.. The Trust oontinu¢$ to hav¢ activ¢ and positive support from Lancaster City Council and Tom Brown in particular and the UKSPF team have been essential in helping us reach the match funding targets required for the project. Th¢ Trust continu¢s to hav¢ activ¢ and positive dialogue with Eden Morecambe project team met with local Community artists, local h¢ritag¢ groups in Morecambe and Lancaster and further afield. Social Media Engagement With the appointment of a freelanc¢ social media coordinator th¢ Winter Gardens has embarked on a strategy of social media engagement. This is a threefold p)licy to.. communicate our funding work on b¢half of our funders; to continue our audience development and engagement by inforniin8 the public of our ongoing restoration work; to increase and maximise our event activity to bring in further r¢venu¢ and increase audience dev¢lopm¢nL Our major forn) of engagement continues to be the Facebook pages which receive monthly views, comments, feedback in the tens of thousands monthly. Currently by the end of March 2025, on Facebook Instagram and all social media platfornis we had over I Millton views on all our platfornis with Facebook being the largest and most prolific of our engagement. At the start of April 2024 to promote the start of the season w¢ published a wide range of posts, ree15 and other promotlonal works which attracted over 124.000 views and this continued throughout the year culminating in our highest engagement figures in October 2024 of over 175,000 views. This translated into over 2300 visitors to our website5 or google engagement an increase of over 10,000, an increase in Facebook followers of nearly l 000 to just over 7000 from 6,122rollowers since the same period last year. This urrent track record, alongside the feedback from users, partners and audiences, has infonned ihe next stag¢s of the development and will continue to be the bench mark for engagement, audience development both in house, in person and online as w¢ progress to the major capital investment and build stsge development in 2025. We have also started to instl8ate paid advertisin8 linked to events and boosting posts to widen our audience beyond our followers and this is proving a successful strategy of engagement. Figures do show that the majority of our viewers are visiting the online posts for heritage related inforniation and as such we are instigating a newsletter and email subsciiption list for event posting to incrcase ticket engagem¢nt. This has prov¢n very successful for the weekend tours in particular with bookings through Ticket Source. Fundraising Our fund-raising strategy covers two aspects, the ongoing revenue costs of the building and prioritising larger capital grants to achieve the necessary grants to instigate major restoration and regeneration of the theatre. Our largest grant being delivered is th¢ CDF grant of which we are at the start of year 2 of the delivery. Further funding initiatives range from smaller grnnts for specific restoration of decorative features, grants to develop our futur¢ capital works and ongoing costs of raising additional costs due to the increases of capital works. The following grants have been highlighted as they fall within this financial period but the delivery of much of the activities will fall into the next financial reports.
MORECAKBE WINTER GARDENS PRESERVATION TRUST LItTED (coTrtPANY LtfvirrED BY GUARAIYTEE) TRUSTEES, ANNUAL REPORT YEAR ENDED 30 MARCH 2025 (contlnued) Developments and aehievements (eontinued) UKSPF. In Febnwy 2024 an Expression of Interest and Business Case for continued project delivery for the UK Shared Prosperity Fund (UKSPF) was submitted to Lancaster City Council with a successful confirn]ation of award reived on 6 March 2025 for £67,500. The grant rJ)mmences on the 4 April 2025 and is split into £43,000 revenue (towards event costs, the continuation of the Young Creatives with LMC, the continuation of ABB T training initiatives of which part of this is matched to the CDF award and £17,500 capital for new initiatives. The capital costs will contribute towards the restoration of the 5tained-glass windows in the th¢atre and essential work to the fly tower with all work starttng from April 2025 and being completed by March 2026. Morecambe TOWD CouDciI. In January 2025 an application to Morecamb¢ Town Council Community Fund was submitted for funding towards the restoration of the stained-glass within ihe Winter Gardens. A fully costed report was submitted by Pendl¢ Glass with an award of £7405 being successfully awarded at the end of March 2025 for work to be undertak¢n from April 2025. Tbealres Trust. Award of £8760 to Morecambe Winter Gardens Preservation Trust Ltd for work to support accessibility development at Morecambe Winter Gardens was confirnied in March 2025. The grant award is to fund the work to create an a¢c¢ssibility development strategy for Morecambe Winter Gardens including a fwst safety plan and tratning for staff, volunteers and trustees. This funding will be committed and delivered in the following financial period. Building Management The major part of the building matntenance in 2024 was the range of surveys required for the fvll building regulations, Gontinuation of the weekly maintenance through the maintenance volunteers and to continue our statutory reports r¢ the plter, f¢ regulations and ¢¢rtification. Hayles and Howe continued their annual maintenance insPtion of the ceiling and plaster work and reported no furth¢r ingress currently, the LODA testing certification was also undertaken and ¢l¢ared with additional testing and replacement of some of the lighting bars on the CA1¢ and Upper Ixvels. Full r¢ports were und¢rtaken through the CDF grants and iThclud¢ structural surveys, geological investigations for the new building and further investigations on the issues facing the Void. Inforniation reived during the full fwe report on the building initiat¢d further investigation within the Void with th¢ additional structural work r¢sulting in a further £750,000 of additional wsts on th¢ project to incorporate this into ihe full scherne. This become the main priority and necessitated a full risk analysis of the CDF project to enable us to Continue thé ongoing project but with a risk register that incorporated these issues and the areas of the building which would not be part of the new enhanced capacity. Herilage at Risk Historic England new fund was announced in March 2025 with a submission for Eol in April 2025. The Preservation Trust will be submitting a bid to this fund in order to achieve the necessary funding gaps and additional costs found through structural issues in the Void as reported earlier. This very competitive fvnd has a turnaround of six weeks from Eol to full submission and if successful we will be infornied in July 2025.
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES? ANNUAL REPORT YEAR ENDED 30 MARCH 2025 (continued) Developments and achievements (continued) Event Management The Winter Gardens opened again in Easter 2024 with new op¢ning hours of 12pm to 4pm and additional hours relating to specific events. The tours retnained at twice daily per weekend with additional tour guides trained up to take the increased demand. As part of our UKSPF and CDF funding we put together a community-based arrangement with local organisations able to make us¢ of th¢ building during our weekly opening hours in the main season including Morecambe Bay Art Fair in the first weekend in July (1&2) which saw over 40 local and r¢gional artists s¢lling their artwork over the weekend period. Mor¢camb¢ Winter Gardens events in 2024. key happenings included th¢ "SileDts by tbe Sea" festival An June and the 20 November both featuring classic silent films with live music, hosted with Northern Silents with the November shows including Laurel and Hardy, and Battleship Pokemkin. W¢ also Continud our bi-monthly organ perfonnance by our resident volunteer Mr Peter Jetson whose Sunday afternoon eoncerts increased visitors and enabled a free perfom)ance for tourists and residents alike. Our free largest events in this p¢riod in t¢rn]s of income, visitor numbers or profile included the Continued partn¢rship with Vintage by the Sea {31St August to 1$1 S¢pt¢mb¢r) with enhanc¢d programming enabling a wide range of content curated by Deco Publiqu¢ over the weekend which attracted over 7000 visitors. September ¢ontinued to be our busiest month with over 14.000 visitors recorded including the third Morecambe Po¢ty Festival held from 19th to the 22nd September which included poets such as Pam Ayres, Lemm Sissay, Henry Nonnal, Mike Harding, Donna Ashworth, Robin Ince and many more. Radio 4 also broadcast two shows from the Poety Festival with Key Radio 41BBC ConDe¢tions: 08e Ends Re¢ording: The festival opened with a special recording of BBC Radio 4's Loose Ends at the Winter Gardens, featuring host Nihal Arthanayake and perforniers Henry Nonnal, Donna Ashworth, Mike Harding, and The Lovely E88s. The Verb Recordlng: Henry Nornial also recorded a set for anoth¢r BBC Radio 4 show, The Verb, during the festival. Festival Coverage: Local radio ststions lik¢ B¢yond Radio highlighted the BBC'S SI1r1¢ant presence and coverage of the event. Continuing our successful tour and afternoon tea offer from 2023 for specific special interest groups saw the visits of the Blackpool Civic Trust, the Lancaster Civic Trust but bookings had been reduced in anticipation of the building work being started. Due to the delays in the building contracts the venue then reopened briefly in February 2024 for the third annual Baylight Festival which attracted just under 4000 visitors. The Winter Gardens was th¢ main festival venue with large installations on both th¢ ¢xt¢rior and in th¢ interior OV¢T the shorter 2-day period. Total visitor numb¢r from April 2024 to March 2025 was 51,125 with the split between free enty, tours and live ticketed events as follows - Theatre Tours (340), Young Creatives {27) Events (35,281) and weekend visitors non spexial events (15,477), a major increase on the previous year. GoverDance Reserves poliey• risk management and going con¢erD The Trust currently employs three staff through external funding criteria so the present need for reserves is minimal and building focused. These areas will be examined wh¢n funding streams from th¢ CDF3 relating to revenue and staffing ar¢ finished in June 2026. The main object of the charity is the ownership and upkeep of the Morecambe Winter Gardens. As the building has been empty for some time the interior, prior to the ownership of the Trus¢ had fallen into a state of disr¢pair. As outlined our main goals were to increase revenue, enable greater ons¢rvation and maintenance through Want funding
MORECAMBE WINfER GARDENS PRESERVATION TRUST LITrtrrED (COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT AR ENDED 30 IVIARCH 2025 (contiDued) Governance (eontinued) Reserves pollry) rlsk mADagement and gofing eoncern (conllnued) The risks identified in the operational model we inherited have now been reviewed and fire assessments, health and safety documents and event policies have been implemented successfully resulting in increas¢ revenue, greater public trust and funding awards. All have continued to b¢ updated in lin¢ with ¢urr¢nt legislations and incorporated into any future activities planned for the building. The volunteers and all Trustees involved in the building operate under the Code of Conduct, and all inductions necessary for working with ihe Charity. All individuals who did not or will not comply will no longer be a5so¢iated with the Charity and w¢ have now implemented the following procedures and safeguards. Trustee meetings to consider and revi¢w the risks the charity may face. Written Systems and procedures to mitigate those risks identified. The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise. Purpose of the ebarity's funds The charity operates two types of funds:. The Unrestricted Fund is ud for operating the Charity. Some of the unrestricted fund can be allocated by the trustees for specifie purposes. The trustees have set up a d¢signat¢d fixed asset fund to match th¢ book value of f¢d assets l¢ss loans secured on them. Restricted Funds are s¢t up for specific purposes and moni¢s received may only b¢ used for that purpose. Funds may typically be generated from sponsorships, donations and lottery grants. PIAns for future perfods Complete tender and appoint a construction company for the large capital build Finalise all planning conditions required in the final planning and submission of RJBA 6 Develop a strategy for any funding deficits especially in light of delays with the project • Develop event strategy alongside a strong community offer and continue to programme a mixture of ommunity and ¢omm¢r¢ial cvents Be an active part of larger festivals within th¢ town including Morecamb¢ Music F¢stival Continue to operate and deliver the revenue programme and Young Cr¢atives as part of the UKSPF and CDF with Lancast¢r and Morecambe College the process of EOI for Heritag¢ Lottery bas on the successful work done by lh¢ Visitor Busin¢ss Encr¢as¢ r¢v¢nu¢ to ensure our matching fund targets for the CDF of £50.000 is within target. RespoDsibilitieg of the tnistees The truste¢s (who ar¢ also th¢ directors of Mor¢camb¢ Winter Gardens Preservation Trust Limited for the purposes of company law) ar¢ r¢sponsible for preparing the Trustees Annual Report and the financial statem¢nts in accordancx with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aecept¢d Accounting Practice).
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIlkUTED (COMPANY LzTED BY GUAII4NTEE) TRUSTEESP ANNUAL REPORT YEAR ENDED 30 MARCH 2025 (continued) Responsibilltieg of the trustees (continued) Company law and law applicable to ¢harities in England and Wales requires the trustees to prepar¢ financial statements for each financial year which give a true and fair view of the stat¢ of affairs of the charitable company and of the incoming r¢sour¢es and application of resources, including the income and expenditure, of the haritable company for that period. In preparing these financial statements, the trustees are required to'_ Select suitable cOUntIng policies and then apply them consistently. observe the methods and principles in th¢ Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicabl¢ UK Accounting Standards have been followed, subject to any material deparfures disclosed and explain¢d in the financial statements; prepare the financial ststem¢nts on the going concern basi$ unless it is inappropriate to presume that th¢ charitable company will continue in operation. The trustees are responsibl¢ for keeping proper accounting record5 that disclose with reasonable accuracy at any time the financial position of th¢ charitable company and enable them to ensure that the financtal statements comply with the Compani¢s Act 2006 and the Charities Act 2011. The trustees are also responsible for safeguarding the ass¢ts of the Charitable company and hence for taking reasonable steps for the prevention and detextion of fraud and other irregularities. The Trust is currently recruiting two &dditional Trustee5 and will be working with Voluntary Acton Lancaster on reviewing and recruitment of these posts subject to volunteer expansion. In $0 far as the tslee8 are aware at the time of approving our trustees, annual report: there is no rcl¢vant audit inforniation of which th¢ charitable company's auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to estsblish that the auditor is aware of that infonnation.. Audilors A resolution to re-appoint John Potter & Harrison as auditors for the ensuing year will be proposed at the annual genernl meeting in accordance with Section 487(2) of the Companies Act 2006. Small Company Prnvisions and Approval This Report has been prepared in accordance with the provisions applicable to companies entitled to the small compani¢s exemption. Approved by the Board nistees and signed on its behalf by: Trustee Date: Registsred Office: 209 Marine Road West Morecambe Laneashire LA4 4BU Company registration number: 5556536
MORECAMBE wIwfER GARDEIYS PRESERVATION TRUST LIMITED (coTrtPANY LIMITED BY GUARANTEE) ll¥DEPENDE AUDITOR'S REPORT TO THE MEMBERS OF MORECAMBE wINfER GARDENS PRESERVATION TRUST LlllTED Oplnlon We have audited the ftnancial stst¢ments of Morecambe Winter Gardens Preservation Trust for the year ended 30 March 2025 which comprise the gTOUP Statement of financial activities, the group and parent company statement of financial position and the notes to the ffftancial statements. including a summary of significant oUnting policies. The financial reporting framework that h&8 been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accountin8 practi). In our opinion, subject to the matters reported on by exception b¢low, the fmancial statements: give a tru¢ and fair view of th¢ stat¢ of th¢ group's and of the Charitable company's affairs as at 30 March 2025 and of its incomin8 resources and application of resources for the period then ended; have been properly prepared in a¢cordanL with United Kin8dom Generally Accepted A¢countin8 Practice; and have b¢en prepared in cOrdance with the r¢quir¢ments of the Companies Act 2006. Basly for oplnlon We conducted our audit in a¢cordanc¢ with applicable law and International Standards on Auditing (UK) (ISAS (UK)). Our responsibilities under those standards are further describ¢d in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and Charitable company in accordance with the ethical requirements that are relevant to our audit of the financtal statements in the UK. includin8 the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requir¢ments. We believ¢ that the audit ¢vid¢nce we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions relatiDg to golng ¢oncern In auditing the financial statements. we have Concluded that the trustees, use of the going concern basis of aoUntIng in the preparntion of th¢ financial slatements is appropriate. Based on the work we have perfornied, we have not identified any material uncRrtainties relating to events or conditions thaL individually or coll¢¢tiv¢ly may cast signifx¢ant doubt on the charitable company's ability to continue as a 80in8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with resp1 to going concern are described in th¢ relevant sections of this report Other iDformatlOD The other inforniation comprises the infonnation included in the annual report, other than the fmancial statements and our auditor's report thereon. The tTUStees are responsible for the other inforniation. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in. our repor( w¢ do not ¢xpr¢ss any forni of assurance conclusion thereon. 10
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LIMrrED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORECAMBE WINTER GARDENS PRESERVATION TRUST LtMrrED (continued) Otber information (continued) In connection with our audit of the financial statements. our responsibility is to read the other inforniation and. in doing so, consider whether the other inforniation is materially ineonsistent with the financial statements or our knowledge obtained in th¢ audit or otherwise appears to b¢ materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misststement of the other inforniation. If, based on the work we have perfornied. we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions OD Other matters prescribed by tbe Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: th¢ inforniation given in the trustees, report (incoTporatAng the dir¢¢tors' report) for th¢ fJnan¢ial period for which the financial statements are prepar¢d is Consistent wilh th¢ fjnancial statements. and the truste¢s' report has been prepared in accordance with applicable legal requirements. Matters on which we Are required to report by exceptlon In the light of our knowledge and understanding of the group charitable company and its environment obtained in the course of the audit. we have not identifi¢d misstatements in the trustees, report. We hav¢ nothing to report in respect of the following matters in r¢lation to which th¢ Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or the group financial statements are not in awment with the accounting r¢cords and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit" or th¢ trustees were not entitled to prepare the financial stat¢ments in accordance with the small compani¢s' regime and take advantag¢ of the small companies ex¢mptions in preparing the trustees, report and from the r¢quirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement (set out on pages 7-8). the tnistees (who are also the directors of the charitable company for th¢ purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a tru¢ and fair view. and for such internal control as the trustees deterniine is necessary to ¢nabl¢ th¢ preparation of group financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statsments, the trustees ar¢ responsible for assessing the group charitable company's ability to aintinue as a going, concern, disclosing. as applicable, matters related to going conc¢rn and using the going concern basis of accounting unless the trustees either intend to liquidate the group charitable company or to cease op¢rations, or hav¢ no realistic alternatiiie but to do so. 11
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LIllTED BY GUARAiYfEE) INDEPENDENT AUDITOR'S REPORT TO THE 1mBERs OF MORECAMBE wIwfER GARDENS PRESERVATION TRUST LIMITED (Continued) Auditor's respon8ibilities for the audll of the financi418latements Our obj¢¢tiv¢s are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarant¢e that an audit ndUCted in a¢cordanc¢ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in th¢ aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with law$ and regulations. We design procedures in line with our responsibilities, outlined above, to detect matertal misstatements in respect of irregularities, including fraud. Th¢ specific procedures for this engagement and the extent to which these are capable of detecting irregularities. including fraud is detailed below. Our approach to identtfying and &ssessing the risks in respect of irregularities and non-compliance with laws and regulations, was as follows.. th¢ senior statutory auditor ensured that the engagement team colle¢tively had the appropriate competenc¢, Capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identifted the laws and regulations applicable to the company through discussion$ with the trustexs and other management; w¢ focus¢d on specific laws and regulations which we considered may have a direct mat¢rial eff¢¢t on the fancial stst¢ments or the operations of the company, including the Companies Act 2006, th¢ Charities Act 201 I, taxation legislation and data protection, anti-brib¢ry, ¢mploym¢nL environmental aftd health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence. and identified laws and regulations were communicated within the audit t¢am r¢gularly and th¢ team remained alert to Instan of non-compliance throughout the audit. We assessed the Susceptibility of the charity's fancial statement to material misstatemenL including obtaining an understanding of how fraud might occur, by: making enquires of trustees as to where they considered there was susceptibility to fraud. their knowl¢d8e of actual and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through trustee bias and override of ntrolS, we". perfornied analytical procedur¢s to identify any unusual or unexpected relationships; and investigated the rationale behind significant or unusual transactions. 12
MORECAMBE wIKfER GARDENS PRESERVATION TRUST LIMLTED (COMPANY LtMITED BY GUARANTEE) YDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORECAMBE wIwfER GARDENS PRESERVATION TRUST LIMITED (continued) Auditor's regponsibilities for the audit of tbe financial statements (continued) In r¢spons¢ to the risk of irregularities and non-compliance with laws and regulations, w¢ d¢signed procedures which included, but were not limited to: agr¢¢ing the financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of trustees as to the actual and potenti81 litigation claims; and r¢vi¢wing correspond¢nc¢ with relevant regulators. No instances of material non-complianc¢ wer¢ identified. Because of the inherent limitations of an audit, there is a tisk that we will iiut detect all irrogularities, includin8 those leading to a material misstatement in th¢ financial stst¢m¢nts or non-compliance wtth regulation. This risk increases the more that compliance with a law or regulation is r¢mov¢d from the events and tranStionS reflected in the fmancial statements, as we will be less likely to becom¢ aware of instances of non-¢ompliance. The risk is also greater regarding irregularities occurring due to fraud rather than ¢rror, a5 fraud involv¢s int¢ntional coneealmen¢ forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial stat¢m¢nts is located on th¢ Financial Report Council's website at.. www .uk/au it This description forn)s part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members thos¢ matters w¢ ar¢ required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for theo nio we have fo Ifdn Riding F.C A. (Se For and on behalf of John Potter & Harrison Chartered Accountants & Statutory Auditor 1121114 Whitegate Drive Blackpool LaDcashire FY3 9XH or Statutory Auditor) Date: 13
MORECAMBE wER GARDENS PRESERVATION TRUST LITrtITED (COMPANY LINIITED BY GuAREE) CONSOLIDATED STATEMENT OF FllYANCIAL ACTIVITIES (INCORPORATtNG THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 MARCH 2025 Totsl Funds 2025 Total Funds 2024 Unrestri¢ted Re8tri¢ted fund fund Note Income: Donations and legacies Income from charitable activities: Operation of a theatre Income from other trading activities: Commercial trading operation 40,566 40,566 36,678 30.955 538,698 569,653 76.708 55,389 55,389 52,134 Totsl Incomlng resources 126.910 538,698 665,608 165,520 Expenditure: Costs of raising funds: Commercial trading operation Expenditure on charitable activities: Operation of a theatre (11,016) (11,016) (6,917) (56,911) (95,618) (152,529) (108,856) Totsl reJoureeJ expended (67,927) (95,618) (163,545) (115,773) Net IDgoiDyI(outgoing) resources before transfers 58,983 443,080 502,063 49,747 Transfer between funds Net incomel(expended) re80urce8 for the perlod 58,983 443,080 502,063 49,747 Total funds brought forw 457, 126 777,615 1,234,741 1,184,994 Totsl funds carried forwanl 516,109 1,220,695 1,736,804 1,234,741 The stat¢m¢nt of Financial Activities includes all gains and loss in the period and therefore a statement of total recognised gains and losses has not been prepared. All the above amounts relate to ntinUIng activities. The nol&¥ on pages 18 to 30 fonn part of tbtse fiDJn¢ial statements 14
MORECAMBE WllYTER GARDENS PRESERVATION TRUST LIMITED {coiItPANY LllVIITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET AS AT 30 TrL4RCH 2025 2025 2024 Note Fixed assets Heritage asset Tangible assets 10 1,692,926 1,217,121 8.611 4,477 J,701,537 1,221,598 Current assets Debtors Cash at bank 13 53,739 183,562 12,000 242,884 237,301 (l14,965) 254,884 (146,835) , Creditor8: Amounts falling due within one year 14 Net current asgets 122,336 108,049 Tolal assets less current liabilities Creditors: Amounts falling due after one year 1,823,873 1,329,647 (87,069) (94,906) 15 Net a&gets 1,736,804 1,234,741 Fundj Morecambe Winter Gardens Limited Restricted income funds Unrestricted income fid$ 16 17 1.220.695 516.108 777,615 457,125 Tolal funds 18 1.736,804 1,234,741 The lJustees have prepared group accounts in accordance with Section 398 of th¢ Companies Act 2006 and Section l38 of the Chariti¢s Act 201 l. These aLYounts are ptEpared in accordanrx with the special provision5 of part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and ar¢ for Circulation to members of the LMpany. The fmancial statements were approv b¢half by: the members of the commitr on Truslee: V 49L Company Registration Number: 5556536 The notes on pages 18 to 30 forni part of these financial statements 15
MORECAMBE WINTER GARDENS PRESERVATJON TRUST LIMITED (COMPANY LIMITED BY GUARAIYTEE) CHARITY BALANCE SHEET AS AT 30 fvI4RCH 2025 2025 2024 Note Fixed assets Heritage asset Tangibl¢ assets tnvestm¢nts 10 1,692.926 1,217,121 8,611 4,477 100 100 12 1,701,637 1,221,698 CurreDt wets Debtors Cash at bank 59,717 177,483 57,116 197,667 237,200 (114,965) 254,783 (146.835) Credltors: Amounts falling due within one year Net current asgets 122,235 107,948 Total &9gets less current liabilities 1,823,872 1,329,646 Credllon: Amounts fallin8 dug after one year (87,069) (94,906) Net &8gets 1,736,803 1,234,740 Funds Restricted income funds Unrestricted income funds I,220.695 516,108 777,615 457,125 Total fuDds 1,736,803 1,234,740 Thes¢ fmancial ststements hav¢ been prepared in ordanCe with the provisions applicable to companies subject to the small company regirn¢ and in accordance with FRS102 "The Financial Reporting Stsrtdard applicable in the UK and R¢publi¢ of Ir¢land" The financial statem their behalf by: were approved by th¢ members of th¢ Committee on .............. ..and are signed on Company Registration Numb¢r: 5556536 The notes on pages 18 10 30 forni part of tbese financial slatements 16
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMrrED (COMPANY LllllTfED BY GUARANfEE) STATEMENT OF CASH FLOWS YEAR ENDED 30 MARCH 2025 2025 2024 Casb lknvs from operating activitie8 Net income 502.063 49,747 Adjustments for: Depreciation of tangible fixed assets Other interest receivable and similar income 2,871 1,492 Changes in: Trade and other debtors Trade and other creditors (41,739) (31,963) 46,669 124,685 Cash generated from operations 431,232 222,593 Interest received Net cash from operating activities 431,232 222,593 Casb tIow8 from investlDg Capital exp¢nditure (482,810) {44,248) Cash flows from finan¢iDg Loan payments (7,744) (7,164) Net (de¢re&geyincrease in c&sb ADd equivalents Cash and cash equivalents at beginning of year (59,322) 242,884 71,703 Cash and Cash equlvaleDts at end of year . l83,562 242,884 The notes on pages 18 to 30 forni part of tbese financial statements 17
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIM]TED (COMPANY LIhifrED BY GUARANfEE) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 MARCH 2025 General information The charity is a public benefit entity and a privat¢ company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 209 Marine Road West, mOaMbe, LA4 4BU. Statement of complianee These fancIal ststements have been prepar¢d in Compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Aeeountlng pollcies Bul$ of preparatlOD The financial ststements have been prepared on the historical cost basis, as modified by the revaluation of certain fmancial assets and liabilities and investment properties measured at fair value through in¢om¢ or expenditure. The financial statements are prepared in stsrlin& which is ih¢ functional currency of th¢ entity. Group financial stAtements The financial statements consolidate the results of the Charity and its wholly owned subsidiary Morexambe Winter Gardens Limitsd on a line by line basis. A separate stat¢ment of financial activities and income and expenditure account for the Charity h&s not been presented because the Charity has taken advantage of the exemption afforded by Section 408 of th¢ Companies Act 2006. Golng eoncern There are no material un¢¢rtatnti¢s about th¢ charity's ability to ¢ontinu¢. Judgements and key sources of estirnation un¢ertaiDty The preparation of the financial statem¢nts requires management to make judgements, estimates and assumptions that affect the amounts reported. Th¢s¢ estimates and judgements ar¢ continually reviewed and are based on experience and other factors, including ex¢tationS of futur¢ events that are believed to be reasonable under th¢ Circumstances. 18
MORECAMBE wnyTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LINllTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (¢oDtinued) YEAR EIYDED 30 MARCH 2025 Aec.ovnting policie$ (continued) Income tax The company ts considered to pass the tests set out in Sch. 6. para. l of the Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation tax purposes. Aecordingly, the company is potentially exempt from taxation in respect of in¢om¢ or capital gains received within categories covered by Pt. I I, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. DoDatlons and graDts Income from donations and grants, including capital grants, is inelud¥d iii incornin8 resources whp.n thes¢ ar¢ receivable. Fund a¢eouDtiDg Funds held by the charity ar¢ eith¢r: Unrestricted Funds - these are funds which can be used in accordance with the charitable objects at the discretion of the dtr¢ctorsltruste¢s. Restricted Funds - these are funds that can only be used for particular restricted purpose5 within the objects of the charity. Restrictions arise wh¢n specifi¢d by the donor or when funds are raised for specific restricted purposes. Further explanation of the nature and purpose of each funds is included in the notes to the Accounts. Resources expended Costa of generating fimds Costs of generating funds includes all ¢xp¢nditure directly related to the incoming resources from activities for generating funds together with those costs associated with supporting these activities, including staff costs. Charitable activities expenditure Charitable activities expenditure includ¢s all expenditure directly related to the provision of advisory services under the objects of the charity together with those costs associated with supporting these activities. including staff, ¢stablishm¢nt and other overhead cost. Thes¢ support costs are shown s¢parat¢ly within the notes to those accounts. Governance costs These are the costs associated with ihe governance arrangem¢nts of th¢ Charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitsble activity. Th¢s¢ costs will norn)ally include audi( legal advice for trustees and costs associated with constitutional and statutory requirements. 19
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LlllITED BY GUARANTEE) NOTES TO THE FINANCL4L STATEMENTS (eontinued) YEAR ENDED 30 MARCH 2025 Accounting policies (eontiDued) Resourees eipeDded (continued) Pension costs The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activiti¢s. Heritage asaet The Morecambe Winter Gardens is a grade 2 listed building record¢d at cost. It is the policy of th¢ trust to improve and maintain this asset and accordingly in the opinion of the trust¢¢s the life of this ass¢t is so lon8 and the residual value so high that its depreciation is not $i1f1cant. Flxed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to WTite off th¢ cost of an asseL l¢ss its ¢stimated residual value, over the useful economic life of that asset as follows.. Fixtures, fittings and equipment- 250/0 p.a. reducing balance Impalnnent of red asgets A review for indicators of impairn)ent is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amoun( the asset is impaired accordingly. Prior impairmtnts are also reviewed for possible reversal at each reporting date. For the purposes of impairnient testing when it is not possible to estimate th¢ rwoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-gen¢rating unit to which th¢ asset b¢longs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and g¢n¢rates cash inflows that are largely independent of the cash inflows from oth¢r ass¢ts or group of assets. 20
MORECAMBE WINTER GARDEIYS PRESERVATION TRUST LllkllTED (COMPANY Lll1[[ED BY GUARArEE} NOTES TO THE Fll¥ANCIAL STATEMENTS (continued) YEAR EIYDED 30 MARCH 2025 Accounting policie8 (continued) Flnancial iDslruments A financial asset or a financial liability is reLognis¢d only when the charity b¢comes a paty to the contractual provisions of the instrument. Basic fmancial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the Cash or other consideration expected to be paid or received and not discounted. D¢bt instrum¢nts are subsequently measured at amortis¢d costs. Other financial instruments are initially recognised at fair value, unless payThent for an asset is deferred beyond nornlal business ternis or financed at a rate of interest that is not a market rat¢, in which cas¢ the asset is m¢asured at th¢ present value of the future payments discount¢d at a market rat¢ of interest for a similar debt in5trum¢nt. Financial ass¢ts thal are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objectiv¢ evidence of impairnient, an impainnent loss is recognised under the appropriate heading in th¢ statement of financial activities in which the initial gain w&8 recognised. For all ¢quity instnlln¢nts regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairnient. Other fanCIal &8sets are either assess¢d individually or grouped on the basis of similar credit risk charnct¢ristics. Any reversals of impaiment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairn]¢nt not pr¢viously been recognised. Defined CODlribution plan8 Contributions to defined contribution plans are recognised as an expense tn the period in which the related services 15 provided. Prepaid contributions are recognised as an asset to the extent that the repayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which th¢ employees r¢nd¢r th¢ fflated service, the liability is measured on a discounted present day value basis. The unwinding of the discount is recognis¢d as an ¢xp¢nse in the period in which it arises. 21
MORECAMBE wINfER GARDENS PRESERVATION TRUST LlllITED (COMPANY LIlITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (eontinued) YEAR ENDED 30 MARCH 2025 AceouDting policies (¢oDtinued) Company limited by guarnntee Morecambe Winter Gardens Preservation Trust Limited is a company limited by guarantee and accordingly does not have a share capital. The TteeS (who are also directors) are named on page l. In the event of the charity being wound up, the liability in respect of the guarante¢ is limited to £10 per member of the charity. Turnover Turnover comprises the amounts receivable from donations, events, rents, theatre hir¢ and other fundraising activities during th¢ period. aft¢r deduction of VAT wh¢r¢ applicable. In the opinion of the trnstees, none of the turnover of the company is attributable to geographical markets outside the UK. Donations and legacie4 Total Funds 2025 Total Funds 2024 Unrestricted Reslrieted FuDd$ Funds Donations: Crowd funding Other donations Legacy 8,311 18,367 i 0,000 11,066 29,500 11,066 29,500 40,566 40,566 36,678 22
MORECAMBE WINTER GARDENS PRESERVATIOIY TRUST LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 MARCH 202S S. Commercial trading operntions The commercial trading company is Morecambe Winter Gardens Limited who operate the bar and catering facilities within the theatre. A summary of its trading results is shown below: 2025 2024 Fund raising Donation 53.439 1,950 51.734 400 5S,389 Cost of sal¢s Barth charg¢$ Sundry 10,193 6.657 79 181 823 11,Ol6 6,917 44,373 44,373 45,217 45,217 Amount gifted to company The ass¢ts and liabilities of the subsidiary company were: Current assets Cr¢ditors: amounts falling due within one year 6,079 45,217 (5,978) (45,116) 101 Aggregate share capital and r¢s¢rves 23
MORECAMBE WThTER GARDENS PRESERVATION TRUST LIMITED (COlklPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 MARCH 2025 6. Operallon ora theatre Total Funds 2025 Total Funds 2024 UDreslrieted Restricted Funds Funds Grants: . Theatres Trust Arts Council En8land Lancaster City Council University of Sheffield Pilgritn Trust Moreeambe BID Rents re£%ivable Hire of theatre Ticket sales 4,836 348,578 180,819 2,465 4.836 348.578 180,819 2.465 6,157 33.732 4,786 12,000 2,000 2,(K)O 16,400 l3,066 I,489 16,400 13,066 1,489 13,533 6,500 30,955 538,698 569,653 76,708 7. Analysis of expenditure on ¢baritable activities Total Funds 2025 Total Funds 2024 Unrestrieted Restricted Funds Fundj Wages and salaries Pension Lxists Event costs Repairs and maintenance Premises costs Office costs Accountancy fees Audit fees Sundry expenses Bank charges Loon interest Depreciation Professional fees 47,509 648 8,116 2,000 47,509 648 8,116 10,643 35,589 10,280 2,200 1,000 1,794 29 2,929 2,871 28,921 8,643 35,589 3,484 2,200 1.000 1,794 29 2,929 I,243 10202 34,098 2,719 1,400 600 7,619 l7 3,625 1,492 47,084 6,796 l.628 28.921 56,911 95,618 152,529 108,856 24
MORECAMA BE WINTER GARDENS PRESERVATXON TRUST LIMrrED (COMPANY L]MtTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 MARCH 2025 Net incoming resources for the period This is stated after Charging: 202S 2024 D¢preciation Bank loan interest Auditor&' remuneration: - accountancy - audit of the fffiancial statements 2,871 2,929 1,492 3,625 2,200 I,000 1.400 600 9. Staff costs The total staff costs and ¢rnployee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security Costs Employ¢r contributions to p¢nsion plans 47,509 648 48,157 The average head count of employees during the year was 3 (2024: Nil). 10. Corporatlon tax No provision for taxation is made in these accounts as the company, being a r¢8lSt¢red charity, is ¢x¢mpt from UK corporation tax. 25
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMtTED (COMPANY LIMED BY GUARAiYfEE) IYOTES TO THE FINANCIAL STATEMENTS {eoDlinued) YEAR ENDED 30 MARCH 2025 I l. Heritage asset Freehold A¢qui8ltlon Property Costs Totsl Cost At 31 March 2024 Additions Disposals 1.213.943 475,805 3,178 1,217,121 475,805 At 30 March 2025 1,689,748 3.178 1,692,926 DepreclatloD At 31 March 2024 Charge for the period At 30 March 2025 Net book valu¢ At 30 Mareb 2025 1,689,748 3,178 1,692,926 Iyet book value of restrieted wets 1,243,322 1,248,322 At 30 Marcb 2024 1,213,943 3,178 1,217,121 Summary Analyglg of Herllage asset trnnsactloo 2025 2024 2023 2022 2021 PUrchS 475,805 44,248 46,747 472,760 301,499 The Arts Council hav¢ agreed to grant capital funding secured by a fwst fixed legal charge over the freehold interest in the property. 26
MORECAMBE WllYTER GARDENS PRESERVATION TRUST LIMITED (COMPANY LllITED BY GUARANTEE) NOTES TO THE FtNANCL4L STATEMENTS (contlDued) YEAR ENDED 30 MARCH 2025 12. Tangible fixed assets Fixtures Fittings & EquipmeDt Total Cost At 31 March 2024 Additions Disposals 20,876 7,005 20,876 7,005 At 30 Marcb 2025 27,881 27.881 Depreciation At 31 March 2024 Char8e for the period 16,399 2,871 16,399 2,871 At 30 March 2025 19,270 19,270 Net book value At 30 MArch 2025 8,611 8,611 Net book value of restrlcled assets 4,883 4,883 At 30 Mgrth 2024 4,477 4,477 13. Investments 2025 2024 Sha$ held in Morecambe Winter Gardens Limited 100 100 The charity holds 100 ordinary shares of £1 each in its wholly owned trading subsidiary company Morecambe Winter Gardens Limited which w&$ incorporated in the United Kingdom on 20 February 2013. The principal activity of Morecambe Winter Gardens Limited is th¢ provision of fund rdising facilities for Morecamb¢ Winter Gardens which is operated by Morecambe Winter Gardens Preservation TNst Limited. 14. Debtors 2025 21n4 Other debtors 53,739 12.000 53.739 12,000 27
MORECAMBE WINTER GARDENS PRESERVATION TRUST LIMtTED (coTrtPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR EIWED 30 NIARCH 2025 15. Creditors: Amounts fallin% due withiD one yeAr 2025 2024 Loan: Lancaster City Council Santander Deferred income Other taxation and social security A¢cruals 3,143 4.600 68,594 1,937 36,691 3,050 4.600 82,597 2,713 53,875 114,965 146,835 The loan from Lancaster City Council is secured by a 0ndary fed legal charge over the freehold interest in the propety. 16. Credllors: Amounts falling due after one year 2025 2024 Unsecured bank loan (falling due in less tlwi 5 y¢ars) S¢cur¢d bank loan (falling due in less than 5 years) Secured bank loan (falling due aft¢r 5 years) 827 l2,572 73,670 5,427 12,200 77,279 87,069 94,906 17. Restricted iD¢ome funds Balance at 31.03.24 Incomlllg resources Outgolng Balance At expended 30.03.25 Theatres Trust Historic England Architsctural Heritage Arts Council of England Lancaster City Council University of Sh¢ffi¢ld Coastal Communities Fund Pilgrim Trust Crowd Funding and donations Legacy Morecambe BID 199 585,899 25,000 4.836 (4.836) l99 585,899 25,000 287.288 155.792 348,578 180,819 2,465 (61,290) (25.027) (2,465) 96,220 12.000 53.297 5,000 96,220 12,000 53,297 5,000 2.000 (2,000) 777,615 538.698 (95.618) 1,220,695 28
, MORECAMBE wER GARDENS PRESERVATION TRUST LIllTED (COMPANY LIMrfED BY GUARAKfEE) NOTES TO THE FINANCIAL STATEMEiYfs (continued) YEAR ENDED 30 MARCH 2025 18. Unrestricted iDeome fuDd8 Balante at Incoming Outgoing 31.03.24 resources expended Transfers Balance at 30.03.25 Fixed assets purchased from general funds to date General funds remaining 351,454 105,671 7,493 358,947 157,161 126,910 (75,420) 457,125 126,910 (75,420) 7,493 516,108 The red asset part of the fund reprexnts the net book value of tangible fixed assets not held in restricted funds less any loans secured on the assets. Each year an amount is transfetTed to or from the fund to reflect the current value of the tangibl¢ fixed assets not held in restricted funds at the year end, The amount r¢mainin8 in gen¢ral funds represents the funds remaining available for future expenditure. 19. AnAtysis of net &&sets between funds Net Tanglble Current fixed asse1 asgets Oiabilitie8) Total Restricted income funds: Theatres Trust Historic England Architectural HeriL9ge Co&stal Communiti¢s fund Pl1lM Trust Crowd Funding L¢gacy Arts Council of England Lancaster City Council 199 585.899 25,000 96.220 12,000 53.297 5,000 287,288 155,792 585.899 25,000 96.220 12.000 53,297 5,000 287.288 155,792 1,220.695 1,220,695 Unre41rlcled income funds: Morecambe Wint¢r Gardens Limited Desiated funds G¢n¢rnl funds 358,947 358.947 157,161 157,161 358.947 157,162 516.109 Total funds 1,579,642 157,162 1,736.804 29
MORECAMBE WR GARDENS PRESERVATION TRUST LIllTED (COMPANY LllklED BY GUARANTEE) NOTES TO THE FINANCL4L STATEMENTS (continued) YEAR ENDED 30 MARCH 2025 20. Capltal eommitmeDts The Charity is committed to a capital project of enhancement to the theatre which is being funded by the Arts Council of England and Lanc&8ter City Council. 21. Related party transactions No tnistee nor any persons rA>nnect¢d with them have received any remuneration from the Charity. The charity has not paid any ¢xp¢ns¢s Incurr by th¢ trustees for services provided to th¢ ¢harity (2024: £NIL). 30