LAdbury Places For ts Ye8r Eth 318t March 2025 Rè3lstw&J Company Number. 09079970 (Engla￿1 Wales) Regthred Charty Numbw. 1162108 Contents of tha Finan¢io18tstements For the year ended 31st March 2025 Page ReFQrt ofthe Truste85 1to3 IndeFendent Examiner'8 Report Statern£nl of Financial Activit Balance Sheet ' Notes to th8 Fina￿￿91 Statements 7t013 Detalled Statement of Financial Activities 14 For ts Yw ErvJed 31st Marth 2025 REPOFrr OF THE TRLISTEES For the year e￿ 31st Ma￿h 2￿25 The trustses who are also diredors ofthg thority for the pu￿08eS of the Ccthpani88 Acl 2006. present their report wrth the financial statements of the charity krfthe year endeAJ 30 March 2025. The counts have been prepared in acts)rdance wth the provi5￿n$ applicabte to the small compan regime and n accordance with FRS1W2 Statement of ReCOrN￿ Practi¢e ISORP) applicab￿ to charities preparing their xcoun18 in xcordance with the Financial RepthThJ Stsndard {FRS) 102. REFERENCE AND ADMINISTrATIVE DEfAILS Reglstergd Company nUm￿r 09079970 IEngk3rvJ and Wales) R•giJtsr•d Charlty numb 11V2108 1A The Homend Ledbury Herefordshlro HR8 IBN Tru•t• Th• foll¢ylng Dlrect(n and Tru*ees •epMd duiing ￿ y A 8fthwarte ML Hawker Imigned 3111 March 2(r25) S Houghton C Jupp L Klng (re8tgned 3111 March 20251 M Li8ter P Shaw C Tustin (r08iJned 29th 2025) M V¥aller Ind•p•ndent examlner Luke Keegan Chartered Managem¢rt ￿¢￿ntart 1A The Homend Ledbury HR8 1BN Ladbury Places For the Year Endad 31st 2025 REPORT OF THE TRUSTEES (CONT) OBJECTIVES AND ACTMTIES Ob￿ctIve1 and alm• To pieserve for the benefft of th? people of the town of Ledbury and of the nat*)n the historical, arthilectural and constructional herltage that exists in and around Ledbury In buildings lincludirrfj any 8truclure or construction or any part of a building) of particular beouty or hi8torical or constructional inter88t. To promote and facilltate edUca￿On concernlng the 8oclal, economic and 8rchltectural h18tory arvj heritag& of Ladbury aThJ 8urroundlng a￿. To promolo and faGilttate for the b8n&fft of the publlc, regeneralion.wi are￿ of 8fxI81 and eo)noml¢ deprivation In and around the area. Publk B•n•fit The IruBlee8 have con8hlered the Charlty Comm1881on'8 guidanco on publk benofflL Includlng tho guldance°Public benefit.. Tunnlng a charty IPB21° ACHIEVEMENT8 AND PERFORMANCE Maln Achl•vomont• The Charity continue8 to remaln In d08e 888odallon wlth foundlng bodl88', Th8 Ledbury and Dl8lrict Soclety TTUSt Llmited (knob￿ as Ledbury Cfvic SOCWI, Ledbury Town Councll and the Ledbury and Area Development Tru8t Llmkod. A6 pr8vl)u81y reported Ledbury Pootry contlnued lo 0￿UPY the Barrett Brownlng Insthuta bulldlng on thre&year le888 with effect from 1 April 2023. The Project Overslghl Commhte8 continues lo m86t on a regukar ba618 to over8fj9 the pLanning of the major refurbi$hm8nl of the Barrett Browning In8titute with the bng-term elm for Ledbury Poetry to elthw pu￿h880 the building or lake on a long4emi tonancy once complete. Tru81ee8 continued work at the Old Gr8mmar School to refurblsh the mu80um exhlbh8 and dl$play• and have been fortunate to racelve Several gr8nt8 to ensble th[8 work to proceed. Fundirwa from AIM enabled Ledbury Place8 to pKKeed with worklng on a new High Street Iw68t slde) p8norama dlsplay over the wlnter months wdy for dlsplay frorn Aprtl 2025. The second phase of UKSPF fundlng for the delivery of an educational programme was used to produce a printed edu¢ational workbook, Thom￿,6 Tudor Lrfe, tor 8chcds. For the year Aprll 2024 to March 2025 the Heritage Centre once again OFened for four day$ a week from18te March 2024 to the end of October 2024. The decision to have tsvo volunteef8 par 8e88ion, 80 improving vi8ltor experience and malntalning a safe ￿VIrOnMent was continu￿. Despite a small number of new volunlaers being recruited, a number had left due to111 health or other ccmmitments. 11 was agreed that the Heritage Centre would open from our birthday weekend 15th116th March in 2025. Ledbury Plg¢9s were delighted lo work vlth Rotherwa8 Munrtions and host thair FVJ-up 'Factory Fashion, exhibrtion in the Upper Floor from 20 March 2025 when the Heritage Centre opened. Ak)ng with the exhibition tall(8 woukl ba arranged a8 well as a farn1￿ 6eath day of munition8 record8. Lgdbury Places were also approached by Herefordshire Museum SeNic8 to partner with them on 'Revealing our Rool8'. A collections-based community engagement prolect lo reconnect peopb wth their ILxal heritage through th8 Herefordshire Hoard. It was hopad that the pro1￿1 woukt Stsrt in late $umm8rlearty autumn 2￿26. Forthe Year 31st M¥th 2tr25 FINANCIAL REVIEW Rovlew ol the charlty's flnanclal posltlon atth• •nd of th• y•ar The Charty receNed th8 folkywiNJ grants during financial year 2￿24r25 and along with (%)n8tlon8 and sales through the Heritage Centre Museum, these were the main sources of incomè: £1,900 Lejjbury Town &wncil-watercour8e improveme £9.￿0 from UKSPF fty dolivary ofeducat¥)n prOgr￿me8. £3.850 from AIM for Stred8 through tIry￿, pha8e 2 £450 frcm L&Jbury Town C￿n￿l mairrtenance ofthe t(Y￿ ckK £500 fr¢¥n Ledbury Trp*n council for franing of indwrture REPORT OF THE TRU8TEE8 (comr) RMorv•8 Policy During the year the Tru8tee8 agreed to amolgarnate the dwrwted re8eN88 and to bring them into the general fund. This is 9h￿ in tran8fw cl Current assets in th& rths to ts xcwnt8. The Tru8te88 have ad¢)Pted a reserves policy with the ain to hold fro& reserves to the adMin￿tratIOn of the charity and oblb]abOr￿ of vwning the buildings ¢)V6r yw (£10,000). The g•nwd fund Bu￿luS at the eTh8 ofthè year ¥Ms £51.858 (2024: £10,364). Thè Tru8tee8 ￿rOfUl￿ con•wJered tha CharW8 finarthl ￿rtIon and satsfied that it remaln• a ng concam. 8TRUCTURE. GOVERNANCE AND MA14AGEMENT Tho charity rd controlled ty ts Menv)raThlum and Articlej ofA88cKi8knon arAY wnstilules a limlted company, liM￿ed ty guarante8. a• d8fined ty thg Compan188 Aca 21Th. Th• Mabllity crf eoch ￿rnber 18 limitwj lo £10. Ro¢rullmonl and appolntm•rt ol n•w tn*t• Directors are elacted at a Genornl Meding. Tho wJanlsalhM8, whllo they are merfthrs of Ledbury P18ce8 are entitl&l to nrminate di￿￿￿ (number ofd￿l¢[S ¥hv4m In brackets): Ledbury T¢yMI Council {2), Lediwry ar￿ Dlgtrict Socty Trust Umlted12). Baffett 8rrx¥nlng In•titule11) arAI Ledbury and Area Development Trust Limrted {1). InduGUon and tralnlng of now tr￿t￿8 On 8Fpointrnont tho trustee8 recefr40 a copy of Ihe go¥eming tknjnwrts aThY Charity Ccffim1881on documents regardln9 trusteeship. trustee8 ar8 briefed on history. background and V￿rk ol the charity. DECLARATIONS Th• c(¥npary ha8 taken •Jwl4e ofthe smal cse5 ofccxrpany law) are resrmlble for the preparation of the acC￿nts. The chsritls trusiees that an audri is not required for this year (under Sed¢on 144(21 of the Charities 2011 (the 2011 Ad)) a￿1 that an ithpendwrt examination is required. Having satiSf￿d myseltthat the charity ￿ nrA subj￿1 to a￿JIt under ccthpany and is elvib￿ for irKlependent examinatw)n, it 15 my respcmsi)ilJty to: examine the acccAmts under Se(kn 145 oftr* 2011 Ad to follrhv the prc¢gJures LaAd d(ywn in the Generab DireclK>n8 given by the Charity CL¥nmisston (under SedK>n 14q5}(b) of the 2011 Act): and Ba81s of the h*ndent examlnerfs report examinath)n vrds carl￿d ¢yJt in aC£C￿lan￿ with the General DireCtV￿ grrfen by the Charity C(xnmi8sK)n. An examinati￿ indudes 8 revvw ofthe xcounting re￿rdS kept by the chwity WKI a comparison of Ihe at¢ounts wesenbj wth those ￿OrdS. It 8L80 indudes eonsiderntion of any unU￿al items cy d￿su￿ in the *o)unts. and seekrKJ expLanat￿)ft$ from you as trustees ¢oncemirig ary SLth mattgfs. Tr pro¢edures urKlertaken do nol provfvJe all the evhjence that woukl be required in an audit. and conwuentty no Lwinion 18 gDHI as to bvthether th& accounts prgsenl a Irue and I￿r view. and the retxjt Is limitwj to ttvxe matt•5 set oul in the statttnents belcw. Independenl examlneffs slatement (1) Companies Act 2c￿. and to prewe acC￿nts whth actfjrd with the ￿￿fiting conwty with the accountirKJ requirWr￿S of S￿1￿$ 394 and 395 ofthe Crynies 20C6 and wlh the methods and w1￿1pleS of the Statenwrt of Reccrfmwnded P￿tKa. Accounting and Roportiry by Chartt have not been met: or 12) to whth, n my opinion, att￿tIlY¢ shoukl be dr￿• in order to ￿￿ble a proper urthfstandirnj ofthe &ccKtnts to be Luke Kwan, Charterwj Management A0￿nIan1 1A TheH¢ Ledbwy Herefo￿h￿e, HR8 1BN LL Yw Erthd 31st 2025 Statement of flnancw activiti•8 {Ind￿lIng summary Income and exp•ndtturg aGG(wDt) Recommended categorfeg by 2024 Donati)n$ arKI legxi8S Charitable activbties Herrtag? Centre Barrdl BrcwnirKJ Instilule Burgage Hall 14,899 14.989 19,681 11,5(KJ 6,887 11.500 6.089 5,658 1,723 Other Income Total 20.285 35.184 33,150 E¥pendlture charitab￿ aclpiibes Heri1&3e Cents Barrett BrcAvning In5tiiute Bu[g￿e Hall ConNnunty Lottery FuThJ New Stories NwMAud￿ce EducatK)n Project Street Panorama T¢xn Council Projects Admin and Supwt 8.782 1,363 8.782 10.940 923 1,723 10.524 10,399 6.297 1,809 877 9.353 2.473 2.473 1,876 9.464 15.808 15.808 Total 13.347 $2.146 Tran8fer8 beiween funds (83) Net movemert in fund5 .$59 5.924 18.996 Reconclliation of fvnds: Total funds brought foTh¥ard Totsl funds carried forward 191. 191,860 185 936 210,856 191.860 Ledbury Pbc For th* Year Endgd 3131 Marth 2￿25 Balance sheet Unyestricted Restrlcted funds nds 2025 2024 H8ritage a88ets Tot•1 fuod assets 140 002 Current a88ets Stocks Debtors Cash at bank and in hand Totsl current •s80ts 3,265 9,118 35,296 47.679 4,120 9,293 38.444 9,118 Credltor8: amoun18 falllng due wlthln OM y￿r 11,415) (330) {1,745) Not ¢urrnnt ass&t6llliabilltles 302 Total assets10s8 curront liabilities 1.635 185,936 191860 Funds of the Charlty Restricled income funds Unrestrfcted fund8 Total fund8 1.635 1,835 184.302 184.302 The Gompany was enlmed to exemptbjn from audit under 847T ofthe Companies Act 20C6 relating to small eompanies. The memberyJ have not requlred the company to obtain an aLKJit in accordanGe with 8ectKJn 476 of thfy Companie5 Act 2006. The directors ackn¢Mledge their responsibilitses for complying with the requirements of tho Ctsnpanies Act wth Tespgct to accounting re￿rdS and the preparati¢)n of accounts. These accounts have been prepared In accordance wlth the provlslons applicable to small ccrfnpanies subject lo the small companm regime and in accordan¢e with FRS102 SORP. Sw3ned by M Wall zs I ,/Z&Z{ Yow Ended 31st March 2025 Notes to tho accounts Basis of pr•paratlon 1.1 B•$ls of xcounting These accounts have b88n pre[￿￿ undef the cost wlth ￿8M8 racogni5ed ai cnst or I￿a￿on v￿u6 unless ctheprn 818tgJ in the reknnt rnte(sl to the8e ￿lUnt8. The accounts have been prepared in accorda￿? *ith: Statement of Recommended Prydctu: A￿O￿nting aNJ Reporting by CharitEs preparing their C￿nts in *cord8nc& wth the FinwKial Reportin9 Starbjard applicable in the UK and RepublK of Ireland IFRS 1021 effe(live from 1* January 2019 end with the FinarKial Reporting Standard applicabla in thè United Kintylcrfn aThJ af Ireiand (FRS 1021 and th8 Charrt￿* Act 2011. chwlty cL¥wtit￿•S a publk bMefft 88 defined ty FRS 102. 2 A¢¢ountlng Olcle• 11 Incom• Ro¢ognlllon of Incom• are trdudod In th8 Stthnent of Flnandal A(Ilvllio8 (SOFA) 7then'. the charity bfKOW entitled to the resourceB', i8 more likety than not that the tfU8t888 wlll receh*e tho r88cwrce8,' the t)Ym•tary valu6 Can bg mga8ur&J Suff￿lent rdlability. There has beon no offsetting ol assets and llabllM88. or Ir￿m6 and expenses, Un￿8$ rnquired or pemiitted by the FRS 102 SORP or FRS 102. Gr•nts •nd donatlon• Grart• and donat￿$ arg onty Ind￿jad kn tho WA when the genwal In¢¢r￿ rwiition crleria are m8t15.10 to 5.12 FRS102 SORP). G¢)¥•Mn￿rf grant• The ¢h¥lty has gvrferrffi￿ grant in the reporting porlod Donat•d ••rvlc4• and fadllt Dtywted seNKes and faolitth are IrKlUd￿ in the SOFA ￿en rKelv6d at the value of the gift to charity provided th8 of the gift can be a8Uf8d reliabty. Volunt•er help The value of any voluntary he￿> ￿1Ved * not irtluded In ts ac¢ount8 but 18 de8uibed in the trustees, annual rerK Income from m•mber•hlp 8ub8CriPtm in It* natum ofa gilt are reCogn￿d in $ub#crlptlons Z2 Expendilur• and Liabllltles Llablllty r•cognltlon Liabilibes are rwni5ed where it is Thye lTri ely than not thal the￿ 18 gal or CCI￿rU(*ve ￿)liq8￿n cornmfttiry the charity to pay out resources arKJ the artK￿rrt of the oblyatN)n can be measured wrth reasonable certainty. Ledbury Places For the Year Ended 318t MaTch 2025 Not•s to th• AcGounts l¢ont) Govemance and 8UPPOrt Support CO8t8 have been allocated behyeen g¢)vernance costs and other 8UPPOrt. Govemance costs comprise all costs involving public vLcountsbility of the charity and its cc4npliance with reguiati)n and g¢)od practice. Support ty)sts include ontral functKTh arKI have been reported sep8ratdy to charitable activit￿¥. The SUPFQrt costs incurred are 811 In relatlon to meeting the aims and objectNes of th& charity. 2.3 Assots The buildings that the charity thvn$ have been wuired in the fU￿lIment of the charity objectives. Heritage assets are carried at eost for purchased assets, there are no ¢t￿parable market based tran¥actrJns atwhKh to assess a fair value. The Baffett Browning Institute is a donated as￿ and is carrl&J at the 2017 Market Value. The valuation was determined by an RICS Surveyor. Thi5 was treated as iv5 deem8d Cost. The asset is impaired in value and this was r8cognised in the 2017 valuali)n. It 13 Considered thal all of the buildings uwned by the charty have Indeflnite arbj wlll not be depredated. Stocks and work In progress stctks held for salg a$ part of charllable activlty are measured at the lov of eo8t or rbet realwble valu8. Debtors Debtor8 (induding trade debtors and to8n$ ￿ceIV3b1e) are measured on Initial recognition at sdllem8nt amount after any trade discounts or amount advanc•d by the charity. Subs4uently. they are measured at the cash or other consideration expected to be reGgNgd. Ftythe Year ETrJod 31st 2025 3 Incomo Analy￿ of inc4)me funds 2025 2024 Analysls of D(￿atiOnS Donattons and legacles: UK Shared Prc6wity FurKI Ledbury Tuttn Coun¢il Community Lcty FuThJ A$s￿￿￿)n of In(kpendent Museums 9,272 9.272 6,297 2.400 10.000 4,677 919 65 14899 14989 19.681 Analysis of Charitable Activities: VL8itor Sales v￿lIor Donatio Hire of Rooms 7,211 7,211 4.158 1,756 175 089 495 495 11,500 6.887 6.887 5.658 Burgag& HalL" Renv cost rbymbursem*rt 1.723 20,195 20,195 13,469 TOTAL INCOAIE 14,899 36.184 33,151 Expendithr• Analysh of oxp•ndltyre funds 2025 8,782 8.782 1,363 1.809 877 9.353 Actlvlty by fund Barrett Browning Institu type: Burgage Hall Ngw Stories AudprK Edu&ition ProJ￿t Communty Lcltery FuTrJ StreE* Panora c￿n￿l Funded Prci&ts 10.940 23 1,723 10.399 6,297 10.524 877 2,473 2,473 1,876 15.808 15.808 27.762 13,347 41.108 52,146 F(f the Year Erthd 31st 2￿25 Notes to the accounts (cont) Analysls of Support Costs Analysis of expendlth funds Marragern￿t and Admini8traion 15.238 15.238 Legal A£fvicelFe88 E>xminer F*s 570 $70 15.808 1&808 9064 H•ritage Burgage Total Brovmln9 At the beginning of the At $nd ofthe year 140.¢J)O 140.CK)O 140,002 140.002 The Barrett Browning Instilule vrds (*)nated to ￿bury Plxe5 by thè fomier Barrett Browning Institute charity. It ￿ carried ai the 2017 Yaluation. The buildiro was v81ued on a commerc'HI basis by an RICS Survey¢x. The Her* Centre and the Burg*Je Hall were purchawj at a u)st of£1 fr￿n Herefc*tshtre C￿nCil stock Horitage Centre stock: The itern8 for sal8 in the l*e Centre have valL*d at purchase ccAt 3.265 Clo8lng 3,265 Totsl provlous y• 4,120 2025 2024 Tr&Je Det*ors Grants R￿e1￿&1@ 127 8,991 9,118 1TI 9.118 9,293 10 F¢xthe Ytsr End&J 31st Klarth 2025 Nolos to the accounts {contl Crodltorn Trade Creditor8 Total 1.745 1.745 io Charfty funds 10.1 D•tall• of matsrfal fund• held and ftM>vwMnts durfng tho CURREKf roporting p•rlod F￿d Purp(Ko and ￿lIn¢ Fund b•lan¢4• ¢anl•d Typ• Fund nam l activty for Barrett BrvAmi Institute l activity for tho Herrtago Centre Burggge Hdl Barrétt Browning Institute 140.ofA) 6.887 (1.363) 145.524 Herltag8 Corrtro Burgago Hall AIM New Storie8 Educ8tk>n prqact AIM Street Panaorama Town Council Funded Prcl￿th General 11.5 (8.782) (1,809) (877) (9,353) 2.719 1.597 9.272 T21 (2.473) 950 (644) (15,808} 51,858 1821 38,058 Total Fund• ts p•r bnlanco •hort 191,860 34184 (41,108) 92 Detall• of mat•rfal fund¥ hekl and MOV•￿tr dyrfng th• PREVIOUS r•portlNJ porfod 186,936 Fund Pun>0￿ •nd b￿•1b¢•• R••trlGtion• brought Fund b•S•ne•• c•rrf•d Typ• Fund nam Barrett Br(Y￿nIng Institute Barrt Brrmnkng 198.258 5,658 1¥23) (62,9921 140,OCKI All aclfvty for thè Herrta98 Centre 2,416 6,089 (10,940) Burgw Hall 1.723 (1.723) Héritage Centre BUrg￿e Hall AIM New Sp&es. new a￿d￿nce Education Pro1￿1 Comfflunity Lottery Fund Ledbury Tv*n Coun￿1 Projects eral 919 (10,399) 6297 (8,29n 10,(M)0 (10,524) 524 (1.876) {524) (9.464) 60.556 Gener* fvnd 701 51,858 Totsl Funds as per ￿lane• ¥h•8t 210,854 33.140 162,146) 191,860 11 For Yw 31st M8r)12025 Notss to th• accounts (cont) 11 Tanglble N•t current assets I aM•ts (liabllitl••) A68ets Unr•8trlcted fund• General 36.0 36,058 Barrett erowning Institute Heritage Centre Burgage Hall 140,￿0 5.524 2.718 145.524 2.719 Rfjstrlctod Funds New Stories New Audie M Street Panorama Ledbury Tuwn Councll ProJec18 721 607 721 306 140,C¢)2 41933 186,93S Pr•vlou• year T•nglbl• N•t ¢urr•nt Net •890ts l A886t• (Ilabllltl••) lJnvwtrlGW fund8 Gonor81 51.857 51,858 140.oc 140.LNX) Heritage Centre Burgage H811 Restrlcl8d Hentage Lthry Furwj New Stories ALKliorte Heritage Centre D'jsp 140,002 61.867 191,880 12 For the Year EThJ9d 31st M¥rch 202S Notes to the accounts l¢ont) 12 None ofthe trustees been ￿ any remur*rnt¥)n any cther benefft8 from an employn*nl wlih chwity or a related ￿tity The only expenses paid to Tmstees during the Yearw￿e tsthe ThmbUrs￿tht of out of p(tht expenses while undertaking ¥Dlunlary aclivibes ts the dlarty. experw fortra￿, 8ubsi8terKe or xc(xnmodation were in￿rred. 113 Tran8action{s) wllh relatsd partles 13 Employees The charity had no wk¥¥h3yeeg during the year. 14 Company Limitod by guarantee The ccryany is lThnited by gLHrantee and has rn share capital. Every member ofthe ¢ornpany uThJertakes to wntrllxrte to the assets ofthe ecthpany, in the •￿nt of it wir¥thng up, suth an arrthnt as WAY b8 fW4uYed, n(* axc*ling £10. General Infommtion Ledbury Places, is a priv*e c¢MipaTry, fmited by guarantee. bnc(XF￿r￿ed in EnglarKI Wales, regist8red nurrts 0￿79970. The registered address is 1A The Hthyvwj. Ledbury. Hwefc*tshire. HR8 1BN 15 13 L8dbury PLqces For Yaar Ended 31st March 2025 Detalled Statement of Flnanclal Actlvities 2026 2024 INCOhlE AND ENDOWMENT Donatlons and logaclos Grants Recelvable Subscriptions 14,899 90 14,989 19,616 19,681 Charftablo actlvlt166 Visitor Sal•slDonation8 Hir8 Of Rooms 11,005 9,190 20,196 5,914 7,555 13A69 Other Income Total In¢omlng r•oour¢e• 36,184 33,150 EXPENDITURE Charltable actlvltl•s Major Refurbishments Malertals and Stod Opening Stock Purchase Le$8 c1￿1r0 Stock RepaiTB and MainlenarK• utilili Water Ttrbphone Sundry ￿ema Insurance Con8utsncy Fee8 Other project Expendrturo 883 4.120 5.296 2,772 2,590 13,2651 14,1201 1.908 3,183 3,586 271 1,809 1,140 12,484 28.301 4,457 29.096 42,682 SUPPORT COST8 Manag8m•nt Admin Support Sundry Website Member8hip Fegs In8uranc& Accountancy Bank Charge8 7,197 291 393 4,023 555 434 35 3.TTe 18 8,849 349 159 15.238 .Govgminc• co•ts Examinern F Legal Fe•5 570 570 070 670 Total rn8ourceB frxpondod 41,108 52,146 Net Incomel{Expendllurel {0.924) I18,9￿> 14