## **Annual report 2024** ## **1. Business Model and Background** Leigh Building Preservation Trust (LBPT) is a charity that was incorporated in 2015 with the objective of restoring the Grade II* listed Leigh Spinners Mill, which comprises two mills. ## **The primary goal of LBPT is to create a vibrant community, enterprise, heritage, and cultural hub within the restored mills. This initiative aims to generate various income streams to support the long-term maintenance of the site.** Currently, the mill complex remains under the ownership of the original family that constructed the mills in 1913. They utilise a portion of both mills for the manufacturing of synthetic floor surfaces. While this business segment is successful, it occupies only a small part of the site and lacks the resources to maintain the entire site adequately. Consequently, the buildings have deteriorated over time. The owners of the mills have granted LBPT a long-term lease on part of the site: 125 years for Mill 1 and Mill 2. They have also indicated a willingness, in principle, to transfer ownership to the charity upon securing a major restoration of the mill, provided the manufacturing business can continue to occupy the ground floors rentfree. ## **Legal Structure** Leigh Building Preservation Trust is registered as a charity (number 1164641) and a company (Companies House number 09796346). It operates primarily in the Wigan borough but has a reach across the North West. The Trust holds a125-year lease on Mill 1 and Mill 2. It aims to purchase the mills from the company for a nominal fee. The Trust is currently in a crucial phase of opening up Floor 5, with 85% of the floor completed and 13 tenants ready to move in. The new lift is expected to be completed in four weeks, coinciding with the tenants' lease commencement. The water pump has been installed, restoring water pressure to all floors. Completion of toilets on floors 4 & 5 is pending. While all plasterboards are in place on floor 5, installation of doors, lighting, and skirting boards remains outstanding ## **2. STRENGTHS AND WEAKNESSES** ## **Strengths** Leigh Spinners Mill offers tenants highly affordable space on flexible terms, allowing for individual customization to meet specific needs. These advantages have led to full occupancy of three floors of Mill 2, totalling 60,000 square feet, with 68 tenants currently in residency. The mill has attracted a significant number of potential future tenants, with a waiting list of 50, some of whom will be placed on floor 5. This full occupancy has transformed the complex into a vibrant hub for enterprise, leisure, arts, and culture, providing an enriching experience for the Leigh area and beyond. The rental income and service charges generate substantial annual revenue, approximately £251,000 per year. As a charitable and not-for-profit entity, LBPT reinvests any surplus into the complex's restoration and long-term maintenance, without the pressure of providing returns to shareholders. Additionally, creating a Community Benefit Society has unlocked additional funding sources and fostered collaboration with tenants and co-operative ventures to develop Mill 2 further. LBPT has established strong relationships with external stakeholders, including Wigan Council, the Mayor of Greater Manchester, Historic England, and various grant-giving bodies and potential funders, successfully securing over £2.5 million from diverse sources. The dedication of the board and staff, actively involved in daily operations, brings significant energy and commitment to the project. With a diverse and skilled board boasting strong local connections, LBPT is well-positioned for continued success and sustainable growth. Employing an external professional company for HR, legal, and health and safety operations has enhanced LBPT's operational efficiency. The implementation of digital counters has enabled us to track visitor numbers, with over 2000 visitors recorded weekly. Retail businesses are flourishing on floor 3, offering an independent shopping experience with a record vinyl store, micro-pub, pre-loved clothes shop, independent clothing label, and vintage toys, making the mill a sought-after destination for visitors. ## **Weaknesses** LBPT, being a charitable organization, faces financial constraints that hinder its ability to respond promptly to external challenges, such as fluctuations in interest rates and escalating energy costs. Unexpected expenses related to the installation of a new lift have strained our finances. This includes the fitting and security of a new generator for the lift, as well as the increased costs associated with building control applications required for the project. Delays caused by contractors and material cost increases have impeded our progress, notably on floor 5 where a significant delay has impacted our cash flow projections. Originally planned for tenant occupancy by March 2024, this delay is affecting both current operations and our ability to attract new tenants. The age of the mill presents ongoing financial challenges, necessitating constant upkeep such as addressing window leaks, aged hoppers and drainage systems, and maintenance of the original lift. The operation of the lift alone is a substantial financial burden, costing us up to £1500 monthly in parts and repairs. Issues with access into the mill are also affecting our viability, particularly with the increase in visitor traffic negatively impacting our residential neighbours. Urgent repairs are needed for our car park, as we currently rely on contractor community rubble purchases. Improvements to access and parking are essential for the site's growth and sustainability. Recent restoration projects have not met our expectations and require further repairs, including the west wall windows (completed in 2022) and roof repairs (completed in 2019). Due to budget limitations preventing legal challenges, we are resorting to temporary fixes to keep the mill operational and accommodate our tenants. The slow and fragmented progress in the mill's restoration and reuse is delaying our ability to realize its full income potential. This incremental approach means it will take time before LBPT can fully capitalize on the income-generating opportunities the site offers. ## **4. Team and Governance** The board of LBPT comprises 10 trustees who are all volunteers: - Executive Trustee Paul Costello, Chair of several charities including the Pelican Centre and Leigh Film Society, and a director of For Tyldesley High Street Action Zone. Paul oversees governance and funding bids. Fellow of School of Social Enterprises. - Executive Trustee Tom Dalton, responsible for tenant liaison, previously a welfare rights adviser at Leigh TUC. - Executive Trustee John Morrison, Leigh Spinners Mill Managing Director and shareholder. Construction Liaison Trustee. - Keith Cunliffe, Deputy Leader of Wigan Council and Cabinet member for Adult Services, representing Leigh Central and Higher Folds Ward. Keith has a background in mental health and a strong interest in regeneration and community development. - Executive Trustee Jane Shaw, responsible for heritage and administration, with extensive experience in Human Resources at Wigan Council. Jane is also actively involved in fundraising for LBPT. - Trustee Lesley Edwards, overseeing finance with significant project management and business financial experience. - Trustee Peter Horrocks, providing legal expertise and a connection to Leigh Spinners Ltd, being the grandson of the founder. - Trustee Alan Prescott, a local businessman and property owner, also a member of Rotary Club of Astley. - Trustee Steve Grundy, serving as Project Manager Liaison, with a background in design management for CBES. LBPT are actively seeking skilled members to join the board and have approached former GMCVO and current DHSCO employee, Matt Dickinson to work more on strategic financial areas of the project and advise on social impact and outcomes. We currently employ six staff members: General Manager: Jo Platt, former Member of Parliament for Leigh. Jo oversees policies and procedures and general operations. Admin/Outreach Officer: Deborah Murphy, established business networker. Successful business development role with local company 3D360. Deborah is also doing the accounts and tenants liaison. Part time Gallery Co-ordinator: Angie Ryan. Angie is a member of Factory International, a Greater Manchester venture to put the region on the map. Angie is also an arts educator and qualified curator and is developing the arts and culture offer here at the mill. Part-time Social Media Officer, Art Gallery Coordinator: Elysia Day. As a university graduate with an arts degree, Elysia is developing our social media offer while contributing to our arts and culture floor at the mill. Site Technician and maintenance: Stephen Rosimus. Stephen is a qualified plumber and is now employed to do maintenance and health and safety here at the mill. Communal Spaces Cleaner, Kathy Fleming. Kathy keeps our toilets, corridors, and hireable spaces clean and fresh. The Admin/Outreach Officer and Social Media Officer positions are funded by the Community Lottery for an additional two years, while the Art Gallery Coordinator is funded by the Arts Council. Key operations include General Manager Jo Platt, who oversees staff and governance, and external consultants Croner, responsible for overseeing policies and procedures. Deborah Murphy manages internal accounts, inputting data onto Sage, while Hayes and Company handle accounts submissions to regulatory bodies. The board meets monthly, with the General Manager in attendance. Trustees are actively involved in governance, funding bids, tenant liaison, heritage, and financial procedures. All projects are managed by a dedicated Project Manager. ## **5. Social Impact** Without initially planning for it, our commitment to our vision has resulted in over 60 current tenants at Spinners Mill with a business and enterprise waiting list of over 40. Our current business, heritage and arts not only support each other but also provides a profound sense of accomplishment as they navigate their journeys together, delivering services to their local communities and beyond. Historic buildings like Spinners Mill were originally constructed to provide work and economic growth to the towns they served. Today, we draw inspiration from history and embark on projects like this to ensure that a 100-year-old Mill continues to serve its community, offering opportunities and local economic benefits. As we continue to navigate our journey together, our focus remains on providing a supportive environment where businesses, heritage, and arts intersect to serve local communities and beyond. We are currently monitoring footfall, with over 2000 people accessing our diverse offerings each week, including sports facilities, arts, heritage, and retail, and recognise the profound influence Spinners Mill has in shaping the fabric of Leigh's cultural landscape. We are well aware that our outcomes for each tenant needs to be worked on, and are working alongside potential partners such as Plinth to be able to develop a model where this can be easily monitored. Below are a few example of activities our Tenants and LBPT have provided: |Below are a few example of activities|our Tenants and LBPT have provided:| |---|---| |**Project**|**Description**| |Bedford High Enrichment Day
(November 2023)|200 Bedford High students took part in a Tenant
(business and enterprise offer) where a carousel
of learning activities from 10 businesses within
the mill took place. These businesses ranged
from sports, arts and learning activities.| |Horrocks Gallery – Art Exhibition
(June 2023)|10 schools took part in an Arts exhibition headed
by Golborne High, in order to provide the school
and the children a free yet enriching experience
of exhibiting in a gallery.| |Leigh Film Factory – Pay As You Feel
(Ongoing)|Leigh Film Factory provide a pay as you feel
cinema event during school holidays in order to
provide a cinema experience for those struggling
with finances (open to all)| |Pool Of Life – Boxing
(Ongoing)|Pool of Life is a successful and established
boxing class that works alongside schools to
establish young people who would benefit from
the support of boxing and discipline.| ## **Outcomes:** |**Outcomes:**||| |---|---|---| |Outcome 1: Improved
health as more people are
encouraged to engage in
healthy activities and
fitness.|Measure: Number of
people attending our
gyms and fitness classes.|Target: Increase
attendance by 10%.| |Outcome 2: Improved
Well Being through
Increased opportunities
for people to engage in
cultural and heritage
activities locally through
visiting, using our
facilities, and
volunteering.|Measure: Increase
opening hours of our
Heritage offer and
organize cultural events.|Target: Increase
volunteers and events by
5%.| |Outcome 3: Improved
Economic Performance
through provision of
greater infrastructure to
encourage and host start-
up businesses and social
enterprises.|Measure: Open floor 5
and fully occupy it with
social enterprises.|Target: Secure funding
and increase visitors by
10%.| |Outcome 4: Attraction of
inward investment for
heritage and ongoing
tourism.|Measure: Apply for
Heritage funding for a
welcome centre to
increase visitors to the
Heritage offer.|Target: Secure funding
and increase visitors by
10%.| |Outcome 5: Improved
Community Pride within
the area resulting from
the improvement of the
building and the
increased range of
community facilities
available.|Measure: Community
room and Bale store
increased use by 19%.|Target: Community room
and Bale store increased
use by 19%.| |Outcome 6: More
engaged pupils within
schools from enhanced
educational experiences
leading to increased
ambition and attainment.|Measure: Increase school
visits to the mill by 20% to
include visits to Cinema,
Hackspace, and Heritage
centre.|Target: Increase school
visits to the mill by 20% to
include visits to Cinema,
Hackspace, and Heritage
centre.| ## **BENEFICIARIES** |**BENEFICIARIES**|||| |---|---|---|---| |**Tenants & External Partners Provision**||***Beneficiaries 2023- 2024**|| |**Employment, education and training**
AIM NW, Heart Communities CIC,
Elysium Training Provider, Heritage
Education, Busy Bees, Hackspace,
Wolf-workshop, Step in The Picture, NW
Computer Museum, 3D360, DWP
(Apprenticeships), Supporting Skills and
Futures (Wigan Council), Spinners Tea
Room|13|People experiencing long term unemployment|100| |**Housing and local facilities**|0|Homelesspeople|0| |**Income and financial inclusion**
Wigan Athletic, Wigan Council, Aim NW|3|People living in poverty and/or financial
exclusion|20| |**Physical health**
Northman Gym, Pool of Life Boxing,
Evexia, Roger Gracie Jujitsu, Table
Tennis, Archery, Transcend Tribe, Dash
Fitness, Elderly Fitness Class, AIM NW|10|People with addiction issues
People dealing with dietary concerns|2
35| |**Mental health and well-being**
Heart CIC, Step in the Picture, Aim NW,
Northman Gym, Pool of Life Boxing,
Evexia, Roger Gracie Jujitsu, Table
Tennis, Archery, Transcend Tribe, Dash
Fitness, Elderly Fitness Class,
Hackspace (Men’s Shed)|12|People with long-term health conditions/life
threatening or terminal illness
People with mental health needs|30
40| |**Family, friends and relationships**
Heart CIC, Wolk-workshop, Step in The
Picture|3|People with learning disabilities|50| |**Citizenship and community**
The Community Room, Scouts group,
Veterans Hub|2|Scouts x 2 groups|80| |**Arts, heritage**
All artists, The Horrocks Gallery, Gallery
Co-ordinator, The Heritage Centre and
volunteers, Leigh Film Factory (cinema),
The Music Centre,|35|Access to arts and heritage
Voluntary carers / Vulnerable parents|2000
50| |**Conservation of the natural**
**environment**
Leigh Ornithological Society, Hive and
Honey, Gardening Volunteers, Wild
Wings Birds of Prey, Step in the Picture,|6|Scout groups and school visits to the garden
and allotment area.|20| |Other||Vulnerable children (including looked after
children)|50| |_If other, type your outcome categories here:_||Vulnerableyoung people and NEETs|20| |||Olderpeople(including people with dementia)|20| |||Veterans|10| |||People who have experienced crime or abuse|5| *Beneficiaries are an estimate from service users accessing Tenants and partners provision within the mill ## **6. Trading Income Generation** LBPT have two main areas of income generation. 1. Rental: Regular monthly payments from tenants 2. Events: Bookable meeting rooms for hire, exhibitions and other hireable spaces **These figures are potential earnings on all spaces available in the mill and not actual earnings.** |**FLOOR 2**|||||||||| |---|---|---|---|---|---|---|---|---|---| |**RENTAL/SQFT**||**RENT**
**ANNUAL**||**RENT MONTH**||**SERVICE**
**CHARGE PA**||**SERVICE**
**CHARGE**
**MONTH**|**Total**| |£4.00||£630.00||£52.50||£157.50||£13.13|£840.00| |£4.00||£2,520.00||£210.00||£1,260.00||£105.00|£3,990.00| |£2.50||£2,500.00||£208.33||£500.00||£41.67|£3,208.33| |£2.50||£3,900.00||£325.00||£780.00||£65.00|£5,005.00| |£2.50||£2,500.00||£208.33||£500.00||£41.67|£3,208.33| |£2.50||£8,250.00||£687.50||£1,650.00||£137.50|£10,587.50| |£2.50||£5,765.00||£480.42||£1,153.00||£96.08|£7,398.42| |£2.50||£14,242.50||£1,186.88||£2,848.50||£237.38|£18,277.88| |£2.50||£5,000.00||£416.67||£1,000.00||£83.33|£6,416.67| |£2.50||£11,550.00||£962.50||£2,310.00||£192.50|£14,822.50| ||||||||||| |**£2.50**||**£56,857.50**||**£4,738.13**||**£12,159.00**||**£3,208.33**|**£73,754.63**| ||||||||||| |**FLOOR 3**|||||||||| |**RENTAL/SQFT**||**RENT**
**ANNUAL**||**RENT MONTH**||**SERVICE**
**CHARGE PA**||**SERVICE**
**CHARGE**
**MONTH**|**Total**| |£2.75||£8,052.00||£671.00||£2,013.00||£167.75|£10,736.00| |£2.75||£3,476.00||£289.67||£869.00||£72.42|£4,634.67| |£2.75||£1,848.00||£154.00||£462.00||£38.50|£2,464.00| |£2.75||£3,476.00||£289.67||£869.00||£72.42|£4,634.67| |£2.75||£0.00||£0.00||£0.00||£0.00|£0.00| |£2.75||£3,437.50||£286.46||£859.38||£71.61|£4,583.33| |£3.10||£3,906.00||£325.50||£976.50||£81.38|£5,208.00| |£3.60||£576.00||£48.00||£144.00||£12.00|£768.00| |£2.75||£1,210.00||£100.83||£302.50||£25.21|£1,613.33| |£5.00||£1,550.00||£129.17||£387.50||£32.29|£2,066.67| |£2.75||£3,267.00||£272.25||£816.75||£68.06|£4,356.00| |£2.75||£3,063.50||£255.29||£765.88||£63.82|£4,084.67| |---|---|---|---|---|---|---|---|---|---| |£2.75||£8,052.00||£671.00||£2,013.00||£167.75|£10,736.00| |£2.75||£16,131.50||£1,344.29||£4,032.88||£336.07|£21,508.67| |£2.75||£1,430.00||£119.17||£357.50||£29.79|£1,906.67| |£2.75||£907.50||£75.63||£226.88||£18.91|£1,210.00| |£3.50||£1,155.00||£96.25||£288.75||£24.06|£1,540.00| |£3.95||£1,327.20||£110.60||£331.80||£27.65|£1,769.60| |£2.75||£924.00||£77.00||£231.00||£19.25|£1,232.00| |£2.75||£924.00||£77.00||£231.00||£19.25|£1,232.00| |£2.86||£960.96||£80.08||£240.24||£20.02|£1,281.28| |£3.20||£1,075.20||£89.60||£268.80||£22.40|£1,433.60| |£2.75||£2,200.00||£183.33||£550.00||£45.83|£2,933.33| ||||||||||| |**£2.75**||**£68,949.36**||**£5,745.78**||**£17,237.34**||**£1,436.45**|| ||||||||||| |**FLOOR 4**|||||||||| |**RENTAL/SQFT**||**RENT**
**ANNUAL**||**RENT MONTH**||**SERVICE**
**CHARGE PA**||**SERVICE**
**CHARGE**
**MONTH**|**Total**| |£3.95||£1,200.80||£100.07||£240.16||£20.01|£1,541.03| |£3.95||£1,200.80||£100.07||£240.16||£20.01|£1,541.03| |£3.95||£1,200.80||£100.07||£240.16||£20.01|£1,541.03| |£3.95||£1,200.80||£100.07||£240.16||£20.01|£1,541.03| |£3.95||£1,200.80||£100.07||£240.16||£20.01|£1,541.03| |£3.95||£2,883.50||£240.29||£576.70||£48.06|£3,700.49| |£3.60||£540.00||£45.00||£108.00||£9.00|£693.00| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.94||£1,075.62||£89.64||£215.12||£17.93|£1,380.38| |£3.95||£553.00||£46.08||£110.60||£9.22|£709.68| |£3.95||£2,923.00||£243.58||£584.60||£48.72|£3,751.18| |£3.57||£7,472.01||£622.67||£1,494.40||£124.53|£9,589.08| |£3.57||£8,539.44||£711.62||£1,707.89||£142.32|£10,958.95| |£3.57||£10,981.32||£915.11||£2,196.26||£183.02|£14,092.69| |£3.57||£4,641.00||£386.75||£928.20||£77.35|£5,955.95| |£3.57||£4,641.00||£386.75||£928.20||£77.35|£5,955.95| |£3.57||£2,356.20||£196.35||£471.24||£39.27|£3,023.79| |£3.57||£1,178.10||£98.18||£235.62||£19.64|£1,511.90| |£5.69||£1,502.16||£125.18||£300.43||£25.04|£1,927.77| ||£3.75|£1,237.50|£103.13|£247.50|£20.63|£1,588.13| |---|---|---|---|---|---|---| ||£3.57|£3,570.00|£297.50|£714.00|£59.50|£4,581.50| ||£3.60|£504.00|£42.00|£100.80|£8.40|£646.80| ||£3.60|£504.00|£42.00|£100.80|£8.40|£646.80| ||£3.60|£504.00|£42.00|£100.80|£8.40|£646.80| ||£3.60|£684.00|£57.00|£136.80|£11.40|£877.80| ||£3.40|£1,122.00|£93.50|£224.40|£18.70|£1,439.90| ||£3.60|£504.00|£42.00|£100.80|£8.40|£646.80| ||£3.60|£504.00|£42.00|£100.80|£8.40|£646.80| ||**£3.57**|**£67,188.85**|**£5,599.07**|**£13,437.77**|**£1,119.81**|| |||||||| ||**TOTAL**|**£192,995.71**|**£16,082.98**|**£42,834.11**|**£5,764.59**|**£325,667.42**| ## **Events and Hire Costs** |**Events and Hire Costs**|| |---|---| |**Hireable Space**|**Cost to Hire**| |Community Room|£40.00 for the first hour, then £10 per hour thereafter| |Gallery – Outside
Organisations|£800 per month
£450 per 2 weeks
£250 per day
£150 per day| |Gallery – Tenants|£600 per month
£350 per 2 weeks
£200 per week
£100 per day| |Project Room – Outside
Organisations|£40 am
£40 pm
£70 all day| |Project Room – Tenants|£25 am
£25 pm
£40 all day| ## **Projected Rentals for Floor 5** |**FLOOR**
**5**|||||||||| |---|---|---|---|---|---|---|---|---|---| |**Cost**
**per sq**
**ft**||**RENT**
**ANNUAL**||**RENT**
**MONTH**||**SERVICE**
**CHARGE**
**PA**||**SERVIC**
**E**
**CHARGE**
**MONTH**|**TENANT AND USAGE**| |£5.00||£2,000.00||£166.67||£500.00||£41.67|Green Room| |£5.00||£1,650.00||£137.50||£412.50||£34.38|Cloth Ears, Cosplay designer| |£5.00||£1,650.00||£137.50||£412.50||£34.38|
Cloth Ears, Cosplay designer| |£5.00||£2,475.00||£206.25||£618.75||£51.56|
Sarah Ellis, Home educator| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|Stephen Neary, childrens
entertainment| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|Via Verde, retail health and well
being shop| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|
AIM NW, domestic violence charity| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|
Ula Fung, artist| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|
Elycium Training and Skills| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|
Elycium Training and Skills| |£5.00||£4,725.00||£393.75||£1,181.25||£98.44|
Elycium Training and Skills| |£5.00||£1,650.00||£137.50||£412.50||£34.38|
Cloth Ears, Cosplay designe| |£5.00||£1,650.00||£137.50||£412.50||£34.38|
Elvis Eckdhart, recruitment company| |£5.00||£1,650.00||£137.50||£412.50||£34.38|
Storage / local scouts group| |£3.20||£3,168.00||£264.00||£792.00||£66.00|
Transcend Tribe, health and
wellbeing| |£5.00||£6,600.00||£550.00||£1,650.00||£137.50|Transcend Tribe, health and
wellbeing| |£5.00||£2,475.00||£206.25||£618.75||£51.56|Transcend Tribe, health and
wellbeing| |£5.00||£2,475.00||£206.25||£618.75||£51.56|Jamie Lawson, music artist| |£5.00||£2,475.00||£206.25||£618.75||£51.56|FilmdHit, filmmaker| ||||||||||HERITAGE STORE AND OFFICE| ||||||||||EVENTS SPACE| ||||||||||| |**TOTAL**||**£62,993.0**
**0**||**£5,249.4**
**2**||**£15,748.2**
**5**||**£1,312.3**
**5**|| NB: Our square footage rate is set at £5.00 for floor 5. This will be a fixed rental Part of our cash flow projections incorporate all floors to work up to this rate. We understand that some tenants, particularly our larger units on floor 2 will find it hard to increase this rental, however, we will continue to work with them and others to ensure that each tenant is supported through us or statutory partners in order for them to continue their work for the mill and the wider community of Leigh. ## **7. Financial Projections:** Please see attached (separate to this document) for the financial projections for LBPT for the next 3 years, excluding capital grants and capital expenditure: The monthly financial projections for Leigh Building Preservation Trust (LBPT) over the next three years showcase a positive and sustainable revenue outlook, excluding capital grants and capital expenditure. These projections are vital for understanding LBPT's financial health and sustainability, especially concerning the reopening of the mill and the potential for increased service charge income and occupancy rates on the fifth floor of Mill 2. These projections highlight LBPT's financial resilience and ability to generate surplus income, especially as occupancy rates and service charge income improve. It is important to note that these figures are projections and may vary due to the actual flow of cash, but they indicate a positive trajectory for LBPT's financial position once the mill reopens and operational activities resume. - It is assumed that Floor 5 will have 85% occupation by June 2024. It is also assumed that any tenants choosing not to take up tenancy to the mill are replaced. (There is currently a waiting list of 30 potential tenants). - Rents remain unchanged for the next 12 months due to the cost of living crisis at which point most current tenants will be subject to a rent review as per their original tenancy agreement. - The total amount of service charge income from all tenants increases by **at least 10** % from April 2025. - Other hire income, events and visitor income is assumed to be £30,000 per annum with the new event space on floor 5 being available. However, LBPT are looking at other revenue streams for the events space on floor 5 so we are not reliant on events booking for this space. For example, potential tenant taking the whole space. - The monthly projections below do not constitute a cash flow forecast and as such, the actual flow of cash will be much more variable on a month by month basis. ## **Financial History** Since 2015, LBPT has engaged in extensive planning, design, consultation, and feasibility work. They have successfully raised over £2.6 million in external funding, which has been utilised for refurbishment works on Mill 2, the engine house, and the steam engine. Several floors within Mill 2 have been fitted out to attract tenants, leading to a successful occupancy rate with 68 tenants generating rental and service charge income exceeding £250,000 per annum. The diverse range of tenants includes sports clubs, fitness studios, a café, a music school, artists, a toy shop, a drama group, a cinema, artisans, craftspeople, skilled tradesmen, and an arts education project for young people. Additionally, LBPT has received interest from numerous potential occupiers and maintains a growing waiting list. The site also welcomes heritage visitors, specialist tours, and schools. Floor 5 is set to open in June 2024, adding 21 new tenants and a large event space, with projected annual income of £120,000. LBPT is currently undertaking a broader project to restore the remaining parts of the site, requiring approximately £4 million in funding. Despite an unsuccessful bid to the National Lottery Heritage Fund in autumn 2019, LBPT has been encouraged to reapply and is pursuing smaller grants, including a successful award of £238,500 from the National Lottery Community Fund. Unfortunately, three major issues have impacted LBPT's progress: the Cost of Living, the need for a second lift to enable occupation of floor 5, and the installation of a new water tank to ensure adequate water pressure throughout the mill. However, LBPT successfully obtained blended finance totalling £750,000 from GMCVO, Charity Bank, and Thrive, enabling the completion of Mill 2 by June 2024 with 88 tenants in place. ## **Loan Breakdown** |**Loan**
**Amount**|**Monthly**|**Term**|**Outstanding**| |---|---|---|---| |Thrive
£150,000|£754.02
increasing to £2,299.30
in January‘25|Until 1 December
2029|Paid £2894.32
O/s £147,105.68| |GMCVO
£350,000|£5,935.07 from April ‘24|Nov 2029|Paid £44,893.76
O/s £280,106.24| |Charity Bank
£250,000|£1,643.84
Interest only for 3 years
from 18th July 2023|10 years|Paid £12,263.68
O/s £237,736.32| ## **8. Use of Investment** The investment received will be strategically allocated to our cash-flow to address critical financial needs and operational challenges and will be instrumental in mitigating constraints arising from various factors, notably the failure of the Mill 3 roof, the installation of a new lift, which necessitates additional expenses and to minimise the contractual delays that have impeded the completion of Floor 5, delaying tenant occupancy and rental income. ## **The full amount required is £50,000.00** **By strategically allocating these funds, LBPT aims to alleviate financial strains, expedite the completion of Floor 5, and facilitate tenant occupancy, ultimately enhancing revenue streams which can be alleviated by deposits / rents from floor 5 tenants.** The strategic allocation of investment funds is poised to yield significant benefits for the business, particularly in terms of enhancing cash flow, expediting project completion, and bolstering revenue generation. By addressing immediate financial challenges and facilitating the timely completion of Floor 5, the business can attract tenants, thereby expanding rental income and bolstering overall financial stability. Ultimately, the careful utilisation of funds aligns with LBPT’s overarching goal of achieving financial sustainability and fostering long-term growth and prosperity. No new products or services are planned to be introduced with the allocated investment; instead, the focus remains on addressing existing operational challenges and optimising revenue generation through strategic financial management and project completion. ## **9. The Market we operate in: (PESTEL)** **Political** – the project to restore the Leigh Spinners Mill and to create enterprise and employment is perfectly aligned with the current Conservative Government’s ‘levelling up approach’ and particular since Leigh was a ‘win’ for the Conservative party. A general election is due this year and if there is a change in government the emphasis will still be on levelling up and the growth of Co-Ops and social enterprises. At a Greater Manchester level, the Mayor of Greater Manchester is a strong supporter of the project having been the Labour MP for Leigh between 2001 and 2017 and is an Ambassador for the project. Jo Platt (Labour MP for Leigh between 2017 and 2019) and is the General Manager of the site and has an excellent network of contacts at various political levels including Westminster, Greater Manchester and locally at Wigan Council. At a local level, Wigan Council is a big supporter of the project having provided various grant funds and the current deputy leader of the council is on the board of trustees of LBPT. **Economic** - the full economic impact and effects of COVID-19 are still unclear, but it is entirely possible that the economy could enter a recession within the next twelve months. Unemployment could bring about an aggregate reduction in disposable income and discretionary expenditure which could have some impact on the leisure/cultural elements of the mill. However, unemployment could bring about more self- employment, lifestyle businesses and start-ups. Inexpensive, flexible premises could be very appealing in a recession. Since 2010, the number of micro-businesses (employing between 0 and 9 people) in Leigh has grown by 23% with 530 more businesses in 2019 than in 2010. Similarly, the proportion of people who are self-employed in Leigh has grown significantly over the last ten years. 14.2% of the workforce in Leigh are self-employed compared to 9.8% in the North West and 10.8% nationally. These local trends are encouraging for LBPT in the context of an unknown economic outlook where cheap, flexible, customisable space will be sought after. **Social** – there has been much speculation in recent months, about how we will live and work and the extent to which some of the changes in lifestyle and behaviour patterns of the last few months will prove to be permanent. However, many of the shifts in lifestyle and work habits that have been exacerbated by COVID-19 have actually been slowly materialising over the last decade as a result of vast improvements in technology and communications, an increased awareness of our carbon footprint and a desire for better work life balance. It is therefore very likely that there will be significantly less business travel in future, far more flexible working and many more people avoiding the daily commute to cities. This could present a very real opportunity for Leigh Spinners Mill in being able to offer low cost, flexible spaces to meet new demands (excellent broadband connections will be necessary). **Technological** – advances in technology will continue to accelerate over the next decade with rapid increases in the use of artificial intelligence, big data, cloud computing and process automation. To take advantage of potential opportunities arising out of economic and social change (described above), the Leigh Spinners Mill needs to have very fast broadband connectivity to add to its core competence of inexpensive, flexible, customisable space. **Environmental** – in spite of some resistance and vested interests, the general global consensus to reduce carbon emissions and deal with climate change will come into sharper focus over the next decade. Sustainability is fast becoming a prerequisite for businesses as more and more people value efforts to reduce waste, lower carbon emissions and minimise the use of natural resources. Leigh Spinners Mill should get ahead of the curve and embed sustainability into all its operations to a) reduce costs and remain inexpensive for tenants, b) attract tenants and visitors for whom sustainability is important, c) avoid reputational damage, d) be ahead of any legal changes and e) because it’s the ethical thing to do. **Legal** – complying with health and safety legislation is the most pressing and urgent issue facing the LBPT at the present time. On the back of poor external/professional advice they have fully complied with all building control and fire authority regulations making a fire office comment that it is one of the safest mills in the North West. The trust sought new, professional advice on making the premises fully compliant, safe and secure. The appointment of the general manager and appointment of admin/outreach officer has brought in additional resource to the day to day operations. The Trust have an external contract with Croner to ensure that the trust is on top of all health and safety legislation and guidance. ## **10. Risk Analysis:** In assessing the viability and sustainability of the business proposal, a comprehensive risk analysis and sensitivity analysis have been conducted to anticipate and mitigate potential challenges that may arise. Key risks identified include financial constraints stemming from unforeseen expenses related to lift installation, contractual delays, and breakdown of existing infrastructure, which could impede cash flow and jeopardize loan repayment. Pinch points in the business model, such as dependence on energy supplies and timely delivery from key suppliers, pose significant risks to operational continuity and financial stability. To address these risks, a detailed Risk and Mitigation matrix has been formulated (below), outlining proactive measures to prevent and manage potential disruptions. LBPT has implemented robust policies and procedures, including the appointment of Croner, a health and safety and HR organisation, to ensure compliance and mitigate operational risks. Financial management practices, including the utilisation of accounting software Sage, are used in conjunction with our appointed Accountant, this ensures accuracy, and efficiency in financial operations. If the investment were not secured, the business would face significant challenges in addressing operational needs. Without the necessary financial infusion, the completion of critical projects, could be delayed, impacting tenant occupancy and rental income generation. Moreover, cash flow constraints may exacerbate, hindering the ability to cover operational expenses and manage unforeseen costs effectively. While alternative financing options could be explored, such as bank loans or equity financing, securing these avenues may entail higher costs or stricter terms, potentially further straining financial resources. Additionally, the business may need to reassess its priorities and potentially scale back on certain initiatives to align with available funds, which could impede growth prospects and competitive positioning in the market. However, proactive cost-management strategies and potential renegotiation of contracts with suppliers could be leveraged to mitigate the adverse effects of funding shortfall and sustain operations in the short term. ## **Risk Matrix:** |**Risk Matrix:**||||| |---|---|---|---|---| |**Risk Event**|**Likelihood**|**Impact**|**Risk**
**Level**|**Mitigation Strategy**| |Contractual
Delays|High|High|High|Future appointment of
Project Manager. Conduct
regular progress reviews
with contractors to
establish clear milestones,
and enforce penalties for
delays.Un| |Unforeseen
Circumstances|Medium|High|High|Maintain contingency fund
for unexpected costs,
conduct thorough
feasibility studies before
project initiation.| |Dependence on
Suppliers|High|Medium|High|Diversify supplier base,
establish backup suppliers,
and negotiate favourable
contract terms with primary
suppliers. Adhere to our
procurement policy.| |Cash Flow
Constraints|High|High|High|Implement stringent cash
flow management, explore
short-term financing
options, and negotiate
extended payment terms
with creditors.| |Regulatory
Changes|Medium|Medium|Medium|Stay updated on regulatory
developments, maintain
compliance with relevant
laws and regulations,
engage legally for
guidance.| |Market
Competition|Low|Low|Low|Conduct research to
identify competitors.
Collaborate with different
providers to enhance our
unique offer.| |Economic
Downturn|High|High|High|Maintain diverse revenue
streams, such as events
and consultancy.
Implement costs cutting
measures.| |Natural Disasters|High|High|Medium|Develop recovery plans in
relation to things out of our| control, such as weather, leaks etc. This matrix outlines various potential risks, including their likelihood and impact on LBPT and our tenants, as well as corresponding mitigation strategies to address each risk effectively. REGISTERED COMPANY NUMBER: 09796346 (England and Wales) REGISTERED CHARITY NUMBER: 1164641 REPORT OF THE TRUSTEES AI¥D UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR LEIGH BUILDIF4G PRESERVATION TRUST LIMITED Hay0% & Co Suite 2 Beswid( House Greenfold W Leigh WN7 3XJ LEIGH BUILDING PRESERVATION TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 S¢pternber 2024 Report of the Trustees IndependeDt Examine￿5 Report Statement of Finaneial Actlvitles Balance Sheet Notes to the Financial Statements 7 to 13 DetaiIed StatwD¢nt of FiDaDcial Aetivitles 14 to 15 LEIGH BtJlLDING PRESERVATION TRUST LIMITED REPORT OF THE TRUSTEES for the ye8r ended 30 September 2024 The tnTStees who ar¢ also directors of the charity for the purposes of the Companies Aet 2006, ryeseni their report with the fjnancial s￿ements of the charity for the year ended 30 SepÉernber 2024. The tnjstees bave adopted provisions of A¢¢ounling and Reporting by Charities.. Statement of Recommended Pradice applicable to charities preparing their accounts ￿ a¢cordance with the Financial Reportin8 St4TLdard applicable in the UK and Republic of Ireland (FRS I￿2) (effective l January 2019). ORJECTIVES AND ACTIVITIES Objeetiyes and airns The objects of the charity are to preserve for the benefit of the people of Greater Manch¢5ter and th¢ nation, the historical, architectural and Constr￿tional heritage that may exist in and around Greater Manchester in Buildin (including any strn¢￿re or erectio￿ and any part of a building &8 so defined) of particular beauty or historical or constructional interest. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Th¢ ¢harity i5 controlled by its goveming documenL a deed of tru51, and constitutes a limited company, limited by guarantee, as def]ned by the Companies Act 21X)6. REFERENCE AND ADMINISTRATIVE DETAILS Registered CompaDy nurnber 09796346 (England and Wales) Registered Charity number 1164641 Registered offitt L£igh Spinners Mill Park Lan¢ L¢igh Gtr Manchester WN7 2LB Trustees P A Costello Retired K Cunliffe Retired T Dalton Cornpany Director (resigned 1.525) P D Horrocks Managing Director J S Morrison Managing Director F Nhakani50 Charity Worker (re5ign¢d 10.124) J Shaw LocaI Government Officer L E Edwards Company Dir¢¢tor A J Prescott Property Management S Gnmdy Project Manager D M Radley (appointed I l.11.24) Cornpany Se¢r¢tsry J Shaw Independent Examlner Hayes & Co Chartered Accountant5 Suite 2 B¢swi¢k House Greenfold Way Leigh Lancashire WN7 3XJ Page I LEIGH BUILDING PRESERVATION TRUST LIMITED REPORT OF THE TRUSTEES for the year ended 30 September 2024 Approv¢d by ord¢r of th¢ board of t￿￿te¢S on ............. .......... .................. alld signed on its behalf by: Jsh - Secretary Page 2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEIGH BUILDING PRESERVATION TRUST LIMITED Independent examiner's report to the trustees of L*lgh Bullding Preservation Trust Limited ('the CornwaDy') report to the charity trustees on my examination of the accout]ts of the Company for the year ended 30 S¢pt¢tnb¢r 2024. Respottsibilities and basis of report As ih¢ ¢harity's ttwle¢s of the Company (and also its directors for the purposes of company law) you ar¢ r¢5pousible for the prepatation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 A¢t'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of th¢ 2006 Act and are eligtble for independent examination, I report in respect of my examination of your Ch￿ity'S accounts as carried out under Section 145 of the Charities Act 2011 Cthe 2011 Act,). tn ca￿￿ng out my ex&nination I have followed the Directions given by the Charity Commission under Sextion 145(5) (b) of the 2011 Ac*. Independent examiner's ststemeDt Sirt¢e your ¢haritys wss income exceeded r250.000 your examiner must be a member of a li$ted body. I can ¢onfirni that l am qualified to undertake the examinalion b¢cause l arn a member of the Association of Chartered Certified Accountants which is on¢ of the listed bodies. I have completed rny examit￿tion. l ¢onfimi that no matters have come to my att¢ntion in connection with the exam[[￿tion gÉving me cause to ￿lieve. accounting rewrds wer¢ noi kept in r¢sp¢ct of the Cornpany a5 f¢quiT¢d by Se￿10￿ 386 of the 2(X)6 Act. or th¢ ￿Ount$ do not accord with tkne records" ¢x the accounts do Dot comply with the accounting requirements of Section 396 of the 2006 Acl oth¢r than any r¢quirem¢nt that th¢ a¢¢ounts give atrue and fair vi¢w whi¢h is no¢ a matter ¢onsidered as p•t of all independent examiJJation; or the a¢¢ounts have not be¢n prepared in accordanc¢ with the m¢thods and prin¢ipl¢s of the Statement of Recornmended Practice for aecouthting and re￿rtIng by charities (applicable to charities preparing their accounts in accordance with the Finan¢ial R¢wJrting Standard appli¢obl¢ in th¢ UK and R¢public of Iretand (FRS 102)}. I have no ¢on¢erns and hav¢ ¢om¢ across no thher matters in connection WTth the ¢xamination to which attrntion should be draMTJ in this report in order to enable a proper understanding of the aCCo￿ts to be reache Ian Bums Hayes & Co Chartered Accountants Suite 2 Beswick House Greenfold Way I£igh WN7 3XJ Page 3 LEIGH BUILDING PRESERVATION TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31J September 2024 2024 Tottl fvnds 2¢r23 Total funds Unr¢stricted Restricted fitnd fund Notes ¥COME AND ENDOWMENTS FROM tJ)n&ions and legacies 13211 13211 175J97 Othertrading activities Investsnent in¢ome Other income 529 182.749 25J73 529 182,749 75297 3,034 164.265 ),151 49.724 Total 222,062 49,724 271,786 432,847 EXPENDITURE ON Raising fiJt 183,867 49,724 233,591 262.586 134.689 134,689 85.035 Totsl 31Q556 49,724 368,280 347.021 NET INCOMEI(EXPENDITURE) (96.494) (96,494) 85226 RECONCILIATION OF FUNDS Totsl fjjnds brought forward 316.462 55.327 371,789 286.563 TOTAL FUNDS CARIUED FORWARD 219,968 55,327 275.295 371,789 The notes forn] part of these fllwicial #atements Pag¢ 4 LEIGH BUILDING PRESERVATION TRUST LIMITED BALANCE SHEET 30 September 2024 2024 Totsl funds 2023 Totsl futtds Unrestrtcted fund Restrictsd fund Notes FIXED ASSETS Tangible &ssets 713.960 1.584.502 2298,462 2,025.790 CURREIYT A&SETS Debtors Cash at bank and in hand 10 63,406 1.841 63,406 1,841 81.256 299.701 65247 65,247 380.957 CREDITORS Amimtnts falling due within one year (138,097) (124,795) (262,892) (536.701} NET CURIIENT ASSETS (72,850) (124.795) (197,645) (155,744) TOTAL ASSETS LE&S CURRENT LIABILITIES 041.110 1.459,707 2,1(M),817 1.870.046 CREDITORS Amounts falling due after more than one year 12 (421.142) (356,742) (777.884) (039,661) ACCRUALS AND DEFERRED INCOME 14 (1,047,638) (1,047,638) (858,596) NET A&SETS 219,968 55.327 275,295 371,789 FUNDS Unrestricted Restricted fimds 15 219.968 55,327 316.462 55,327 TOTAL FufiDS 275295 371.789 Th¢ ¢haritabl¢ ¢otnpaDy is entitled to exemoion audit under Section 477 of th¢ Companies Act 2006 for the year ended 30 September2024. The members have not T¢quir¢d the cornpany to obthin an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies A¢t 2006. The trustees &knowledge their responsibiltties for (a) ensuring thai the charitable company keeps accounting records that colnply with Sections 386 and 387 of the Companies Act 2006 and preparing f￿￿)¢]81 statements which give a true and fair view of the sthte of affain of the Ch￿itable ￿MpanY as at the end of each financial year and of its surplus or deficit for each f]nancial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatiti8 to fjnancial statementy so faras applicable to the charitable ¢ompwy. (b) The notes fomi part of th¢s¢ fman¢ial statemaits Page 5 ontinued... LEIGH BUILDING PRESERVATION TRusf LIMITED BALANCE SHEET- coD*ino¢d 30 September 2024 These fjnkncial statements have been prepared in accordance with the provisions aFvlicable to charitable companies subject to the small companies r¢gim¢. The finan men were approved by the Board of Tn￿e¢S and authorised for issue .. and wer¢ sig￿1 i)n its behalf by: P A Cost¢llo- Tn￿¢e The notes fomi part of these financial st4t•nents Page 6 LEIGH BUILDING PRESERVATION TRUST LIMITED P41yfES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024 ACCOUNTING POLICIES Basis of prep8riDg the financial statements The fIn￿CIal statements of the ¢harilabl¢ company, which is a public benefit entity under FRS 102, have been pr¢par¢d ID arcordance with th¢ Charities SOIIP IFRS 102) 'kn¢ounting and Re￿rt[￿g by Charities.. Statement of Aecommended Practice applicable to charities preparing their accounts in arcordanr¢ with the FitLancia] Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard appli¢able in the UK and Republic of Ireland, and the Companies Act 2￿6. The financial statements have been prepared under ihe hi4ori¢al ¢ost ¢onvention. 14¢ome All income is recow)ised in the Statement of Fit]ancial Activities once the charity has entitlement to the fvnds. it is probable that the income will be received and the Amount can be measured tEliably. Expenditure Liabilities are ￿OgnISed as expenditure a5 soon a5 there is a legal or con5¢rnctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required tn s¢ttlement and the atDounl of th¢ obligation can be rnfasured reliably. Exp¢nditur¢ 15 accounted for on an accruals basis and has b¢en clas5ifi¢d und¢r headings that awegate all cost related to th¢ category. Where costs catmot be directly attributed to particular I￿adIngS they have been allocated to activities on a basis consis1￿t with th¢ us¢ of res0￿CeS. Tangible r￿ed assets Depreciation is provided at the followimg annual rates in order to write off each asset over its ¢5timated usefi life. Long leasehold Plant and machinery Motor vehicles 2Yo on cost 200/0 on cost 250/0 OD Cost Taxatlo The chatity is exempt from coryoration lax on its ctwitable activities. Fund accounting Ut]restrtcied ￿ndS can be ￿Sed in aecordartce with the eharitable objectives at the discretion of the tTUStees. Restricted funds can only Ix used for particular restricted purposes within the objects of the charity. Restri¢tions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included ID the notes to the financial statemen Pensioll eos¢s and other po$t-re¢ir¢ment b¢llefJts Th¢ ¢haritabl¢ ¢ompany operates a def￿￿ contribution pension s¢heme. ContnThutions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the ￿n(MI to which they r¢lat¢. Pag¢ 7 continued.. LEIGH BUILDING PRESERVATION TRUST LtMITED OTES TO THE FllYANCIAL STATEMENTS- eontlnued for the yegr ended 30 September 2024 OTHER T114DING ACTIVITIES 2024 2023 Event income 529 3,034 INVESTMENT INCOME 2024 2023 Remts re¢eived Interest tt¢eivable- fdding 182.572 177 164,265 182,749 164.265 NET INCOMFJ(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)'. 2024 2023 Depreciation- owned &ssets 68,388 47.272 TRUSTEES, RE1￿UNERATIoN AND BENEFITS Th¢re were no tnthes, remuneration or other benefits for the year ended 30 S¢pi¢mber 2024 nor for the y¢8r ended 30 September 2023. Trknstees, expenses There were no trustees, expetLses paid for the year ended 30 September 2024 nor for the year ¢nded 30 September 2023. STAFF COSTS The av¢rag¢ monthly Durntrrtr of employees during the year was as follows.. 2024 2tr23 Athninistration No employees received enK)luments in excess of£60,(M)O. Page 8 continued... LEIGH BUILDII¥G PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 30 Sept¢mber 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legaci¢s 175,397 175.397 Other trading activities Investment income Other income 3.034 164,265 62,581 3,034 164,265 90,151 27,570 Total 405.277 27,570 432,847 EXPENDITURE ON Raising funds 235.016 27,570 262,586 Other 85,035 85.035 Total 320,051 27,570 347,621 NET INCOME 85,226 85226 RECONCILIATION OF FUNDS Totsl fun(b brought forward 231,236 55,327 286.563 TOTAL FUNDS CARRIED FORWARD 316,462 35,327 371,789 GRANT ￿CoME RECEIVED Gratlls received in the year in relation to capital expenditure Carried forward ¢0 the following years to the extent they are not credited in the Statement of Financial Activities agaillst the wriie domffjldepreciation of the fixed ass¢ts. Totsl grant income received by the company in the year. in¢luding revenue grants included in the Statement of Finan¢ial Activities wer< £268,746. Pag¢ 9 continueiL.. LEIGH BUILDING PRESERVATION TRUST LIMITED LYOTES TO THE FINATrICIAL STATEMENTS- continued for tbe year ended 30 September 2024 TAIYGIBLE FIXED ASSETS Long leasehold Plant and machinery Motor vehicles Totsls COST At l October 2023 Additions 2,146.051 257,618 9.880 83.442 9,500 2.165.431 341,(￿0 At 30 September 2024 2.403,669 93.322 9.500 2.506,491 DEPRECIATION At l October 2023 Charge foryear 124,807 48.074 8,303 17,939 6,531 2,375 139.641 68.388 At 30 September 2024 172,881 26,242 8,906 208,029 NET BOOK VALUE At 30 September 2024 2,230,788 67,080 594 2298.462 At 30 September 2023 2,021,244 1,577 2,969 2,025,790 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prerdyments 20.610 5,000 17.656 20.140 21,995 1.766 57.495 63,406 81,256 ii. CREDITORS: Amouiyfs FALLJNG DUE wrrHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 13) Other loans (see note 13) Trdde creditors Social 5ecwity and other taxes VAT Other creditors Accru￿ expenses 233,837 71.797 214,764 1,967 11.675 65,775 185,981 3,508 4.753 2,875 2.450 262,892 536.701 Pa8¢ 10 continued.. LEIGH BUILDING PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMETrrfs- Continued for the year ended 30 Septejnber 2024 12. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Other loan$ (see no* 13) 777,884 639,661 13. LOANS An anatysis of the maturity of loan8 1$ given below.. 2024 2023 Amounts fdlling due within one year on demand.. Bank overdrafts Other l(WL5 233,837 71.797 65,775 65.775 305,634 Amounts falling du¢ b¢tw¢en two and fiv¢ ye￿5.. Other loans- 2-5 years 777,884 639,661 14. ACCRUALS AI¥D DEFERRED INCOME 2024 2023 DefetTed grant5 I,IM7,638 858,596 15. MOVEMEiYf IN FUNDS Net movement in fimds At 1.1023 At 30.9.24 Unre8trleted funds General fut 316,462 (96,494) 219.968 Restrieted funds R¢stri¢t¢d 55.327 55,327 TOTAL FUNDS 371,789 (96,494) 275,295 Net movement in ￿nds, included in the above are as follows: Res0￿¢¢$ expended Movement in fvnds T¢sourc¢s Ullrestr￿d funds Genera] fund 222,062 {318,556) (96.494) Restricted funds Restricted 49,724 (49.724} TOTAL FUNDS 271,786 (368,280) (96.494) Page 11 ¢ontinu¢d... LEIGH BUILDII¥G PRESERVATION TRUST LIMITED NOTLS TO THE FtNANCIAL STATEMENTS- Continued for the year ended 30 September 2024 15. MOVEMENT IN FUNDS- con¢inued Compar*tives for rnovement in funds Net movement in funds At 1.10.22 At 30.9.23 Unwtrlcted tsttd$ Genernl fund 231,236 85.226 316,462 Restrided funds Restricted 55.327 55,327 TOTAL FUNDS 286.563 85,226 371,789 Comparative nd mov¢m¢nt in fimds. in¢luded ill the aknve ue ￿ follows: Incoming resouwes R¢sourc¢s expended MoY¢rnent in fjjnds Unrestricted fllDds General fund 405277 (320,051) 85.226 Restricted funds Restticted 27,570 {27.570) TOTAL FUNDS 43?,847 (347.621) 85.226 A CU￿¢nt year 12 months and prior year 12 months Combin￿ posititin 1$ as follows.. Net movement in funds At 1.10.22 At 30.9.24 Unrestricted funds General fund 231236 (11,268) 219.968 Restrleted funds Restrict 55J27 55,327 TOTAL FUNDS 286,563 (11,268) 275.295 Page 12 nlinu¢iL.. LEIGH BUILDING PRESERVATION TRUST LIMITED NOTES TO THE FINANCtAL STATEMENTS- eontlnued for the year eDded 30 September 2024 15. MOVEMELYf IN FUL4IDS- continued A cutTent year 12 months and prior year 12 months combined net movem¢nt in fuD(i%, included in the above are folloTh5". Incoming resowces Re50urc¢s move1n￿t expended in fi￿dS Unrestricted funds General fi￿d 627,339 (638,607) {11268) Restrieted funds Restricted 77,294 (77,294) TOTAL FUNDS 704,633 (715.9011 (11268) RELATED PARTY DISCLOSURES Leigh Building Preservation Tnjst Limited has been grdnt¢d a long lea5¢ in re5pecÈ of Spinners Milll, a property owned by Leigh Spinners Limited. P D fj Horrocks and J S Morrison are tn￿1¢¢5 of L£igh Building Preservation Ttvst Limited are also directors of Spinners Mill LimitfAJ. Page 13 LEIGH BUILDING PRESERVATION TRUST LIMITED DETAILED STATEMENf OF FINANCIAL ACTIVITIES for the year ended 30 September 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 13211 175,397 Other trndlng aetfivltles Event income 529 3.034 Inveslm¢nt In￿me Rents received Interest receivable- trading 182.572 177 164265 182,749 164,265 Oth¢r inco￿t Grants r¢ff ived 75297 90,151 Totsl kn¢omlng resourees 271.786 432,847 EXPENDITURE Other tr¥4ding activities Event costs Light & heat Cleaning Telephone Printing postsge & ￿atIonery Insuran¢e RepaiT$ and maint¢nan¢e Equipment hire Compuier software Swidry AccountaDCy Legal & professional fees Advertising & promotional Alarni rental Itnprovements to propety Plant and machinery Motor vehicles 361 18,581 7,216 4,635 933 2.498 44,495 10,635 605 2,404 6.005 22.650 1,5 41.122 48,074 17.939 2,375 756 18.750 8,576 1577 679 947 54,936 4(Ml 1018 1,732 3,950 31,417 60 87,681 42.921 1,976 2,375 232,118 261,751 Other Wages Art PTOj¢Ct ¢¢>ordinator 74,567 8,177 51,945 55,023 28,955 134,689 83.978 This pag¢ does Ilot form part of the statJJtory financial ststements Pag¢ 14 LEJGH BUILDING PRESERVATION TRusf LIMITED DETAILED STATEMENT OF FJNANCIAL ACTMTIES for the yearended 30 September2024 2024 2023 Supwrt ￿)Sts Pensions 1215 1,057 FltsaDce Bank charyes 813 Other2 PAYE interest 149 Totsl r¢50urces ¢xpended 368,280 347,621 Net (expelldltsr¢yln¢ome (96,494) 85226 This page does no¢ forni part of th¢ sthtutory finallcial statements Page 15