REGISTERED CHARITY NUMBER: 1165547
EVESHAM ABBEY TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 CONTENTS OF THE FINANCIAL STATEMENTS
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Chairman's Report | 2 - 4 |
| Trustees' Annual Report | 5 - 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activites | 9 |
| Statement of Financial Position | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12-16 |
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS
| Name: | Evesham Abbey Trust |
|---|---|
| Address and Location: | 24 Charlton Close |
| Evesham | |
| Worcestershire | |
| WR11 4SL | |
| Trustees: | Barrie Baldelli (Chairman) |
| Christopher Bloomfield | |
| Elizabeth Spencer BED | |
| Michael Hurst | |
| Carmel Langridge | |
| Hugh Banton | |
| Charity Number: | 1165547 |
| Independent Examiner: | G C Accountancy Limited |
| 43 Merstow Green | |
| Evesham | |
| Worcestershire | |
| WR11 4BB | |
| Bankers: | Charity Aid Foundation (CAF) Bank |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent | |
| ME19 4JQ |
PAGE 1
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 CHAIRMAN'S REPORT
Introduction:
I am pleased to present my annual report for the year ending December 31st 2022 on behalf of the Evesham Abbey Trust.
2022 has been a defining year for the Trust. Following the Covid pandemic and all the difficulties associated with the restoration works of the Abbey site fabric together with the demands of running the community engagement this year has seen a remarkable leap forward on all aspects of the Trust’s work.
Programme Progress:
D.A.Cook Ltd., our main contractors have maintained steady progress throughout the year in restoring and conserving the walls and structures. Such was the pace of progress that all the peripheral walls were completed on time and to such a high standard that Historic England inspectors remarked, that: These works stand as an exemplar of good practice and workmanship.
High praise that is well deserved. The Trust wishes to acknowledge the superb level of cooperation, flexibility and sensitivity that D.A.Cook Ltd. and all its staff have demonstrated throughout these works.
This was also a year of discovery when the ground works uncovered the Western end wall of the Abbey nave, which in turn allowed the trust to undertake some additional archaeology. Fortunately Historic England were able to provide some additional funding to enable this feature to be conserved and incorporated into the overall interpretive gardens design for future reference. Other archaeological investigations over the year were undertaken, including a number of community archaeology sessions. Whilst only limited additional discoveries were made the confirmation of preexisting knowledge was useful and will be incorporated in the final archaeological report being prepared by Avon Archaeology.
The Trust was successful in securing the funds to enable a ramp to be installed between the Nave Garden and the Wildflower Garden to facilitate access for those with mobility issues and the design specification for all the access routes throughout the site will incorporate accessible routes for wheelchairs.
The Trust has also successfully obtained additional funding to ensure that the internal walls of the site are conserved and repaired to the same high standard as the peripheral walls. This element had been in some doubt for a time in view of the relatively high cost and the extent of the work involved but thanks to supplementary grant funding from the National Lottery Heritage Fund the cost of this work has now been incorporated into the main NLHF funding stream.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 CHAIRMAN'S REPORT (Continued)
Thanks must go to Nicola Dyer, our Project Manager, for all her hard work in maintaining strict and thorough oversight of the project finances and progress. Her skills and dedication to the task has greatly facilitated the work of the Trust and her enthusiasm and good humour has greatly helped trustees overcome any qualms they might have had at times when the detail needed a calm and reassuring voice.
The gardens design has now been formalised and agreed with Historic England and the Trust has consulted with the Wychavon District Council Parks Department to ensure that it meets the requirement of “low maintenance”. Thanks to the efforts of Philip Belchere, our conservation architect, this design is now agreed and work will be commencing in 2023 on setting out the hard landscaping and the initial planting in early Spring 2023. We have to thank all the dedicated volunteers who have continued to work on the site throughout the year. Their contribution has been invaluable and indispensible. Thank you, each and every one of you!
Community Involvement:
The range and scope of our community involvement through the year has met all the programme objectives and in many cases exceeded expectation. Natalie Hanson, our Community Engagement Worker has diligently worked to ensure that all the objectives which were set out as part of the programme agreed with the Heritage Lottery Fund were achieved. The Trust was involved in numerous local public events, developed funding opportunities, engaged with local schools, clubs and societies and organised talks, site tours and walks. Alongside these events Natalie manned the Trust Hub office in the local shopping centre and acted as the day to day community link.
Particular mention must be made of the schools engagement programme. The Trust has actively involved over 30 local schools in the work of the Trust though site visits, talks in schools, archaeological teaching sessions, musical and visual art works and hands on activities on site thanks to cooperation from our main contractors. One of the highlights of these activities was the production and distribution of specially written illustrated histories of Evesham Abbey designed for Key Stage 1 and 2 readers alongside an adult history book.
An Artist in Residence has been working with local schools and is producing artworks based on children’s illustrations for exhibition. A musical composer was commissioned to write a suite of “Music From The Abbey” which was given its premier by over 100 children from 12 different schools coming together to perform this unique piece.
In cooperation with a local Rotary Club an Evesham History Tapestry is being sewn for exhibition in 2023. This activity has bought together a significant number of people who have met in the Trust Hub to create this artwork for public exhibition.
The Trust has to thank the many people who have contributed to the success of our community engagement programme. That so much has been achieved is testament to their commitment to the project, their enthusiasm and unfailing good humour.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 CHAIRMAN'S REPORT (Continued)
Our thanks go in particular, to Natalie Hanson for undertaking her duties so well, and to Elizabeth Spencer, our Vice Chairman of Trustees, for her dedication to the schools engagement programme. Her knowledge and enthusiasm for the schools work was invaluable.
Financial Statement:
I am pleased to recommend to you the adoption and approval of the financial report prepared by our accountants G C Accountancy Limited. (Copies available at the Annual General Meeting and by request)
As in past years our finances have always relied heavily on grants and donations and we are very grateful for all the contributions we have received over this past twelve months, large or small. We are particularly grateful for the ongoing support of the National Lottery Heritage Fund and Historic England and the additional funding they have provided when required. We also recognise the funding support we have received from numerous sources to fund the gardens development. It has always been particularly difficult to secure funding for new gardens but the trust is optimistic that it now has secured sufficient funding to create the framework of the gardens within budget during 2023. But as ever we will continue to seek more support, in cash or plant donations, to further enhance this area of work.
Overall the financial situation of the Trust is secure and well managed. Thanks to the diligent work of Gill Pawson in looking after our books and accounts we have a firm grasp of our financial assets and liabilities which combined with the work of our project manager Nicola Dyer in monitoring the project costs we have been able to maintain a reasonable surplus in our bank account and absorb the demands of large construction bills. Our thanks to both of them for their diligence and hard work.
In 2023 the Trust will enter a more challenging period as we seek to develop the gardens and face a very short period where funding retentions are applied whilst the project is completed. We also have to re-pay the Wychavon District Council underwrite as soon as possible, subject to negotiation in transferring ownership once the project is completed. The Trust has started these negotiations and hopes to complete them in 2023.
May I thank all my fellow Trustees, our loyal volunteers and helpers, donors and supporters for their continuing support of the Evesham Abbey Trust. That so much has been achieved over the past twelve months is a testament to their faith, loyalty and hard work. I look forward to welcoming you all to our official opening in 2023 and celebrating the culmination of all the years of commitment and dedication.
…..................... Barrie Baldelli
Chairman, Evesham Abbey Trust
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 REPORT OF THE TRUSTEES
The Trustees present their annual report and financial statements for the charity for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities (FRS102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies as set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by update Bulletin 1 published on 2 February 2016).
Governance
The charity is governed by an unmodified constitution for a Charitable Incorporated Organisation (CIO) who's only voting members are its charity trustees (Foundation Model) as published by the Charity Commission. The constitution was adopted on 24 October 2015 and amended, following advice from the Charity Commission, on 6 February 2016. Once the application was approved and recorded, the trust was incorporated.
The Trust is a corporate body, with limited liability, formed under charity law, and registered solely with the charity regulator (the Charity Commission).
Structure and Management
The trust is managed by its trustees who communicate regularly and meet formally at least once a month.
Appointment of Trustees
Potential new trustees are identified by formal discussion at trust meetings bearing in mind the experience and skills of that person and the future requirement of the Trust. If that person is considered suitable then an existing trustee is nominated to contact that person and discuss the work of the Trust and their possible role. If they agree, then the matter is formally raised and voted on at a subsequent trust meeting.
Background
Evesham Abbey, founded C.710, was dissolved by King Henry VIII in 1540.
From 1664 to 2017 the site was owned by the Rudge family. In 2014, following discussions for a possible cloister garden on part of the site, the Rudge family offered for public benefit the freehold of the Abbey site (comprising the site of the view nave and claustral ranges). The Trust took on the freehold of the "Abbey site" in May 2017 for a nominal sum with a view to undertaking fabric conservation, selected archaeological investigations and development of the site as public gardens for the benefit of Evesham.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 REPORT OF THE TRUSTEES (CONTINUED)
Objectives and activities for the public benefit
Objectives
The trustees have complied with the duty on Section 17 (5) of the 2011 Charities Act to have due regard to guidance on public benefit, published by the Charity Commission.
The charitable object of the Trust is to conserve, preserve and improve for the public benefit the natural and man-made heritage contained within the site and environs of Evesham Abbey, Evesham, Worcestershire.
The charitable purposes of the Trust relate to the advancement of education, and the advancement of heritage (within the meaning of the Charities Act).
The public benefit is preservation and conservation.
The beneficiaries of the charity are the general public.
The geographical area are of the charity's benefit is Evesham, Worcestershire.
The charity does not work with children or vulnerable adults.
The areas covered by the Trust are: Arts/ Culture/ Heritage and Environment/ Conservation/ Heritage.
Achievements and performance
Activities
The Trust performs the following activities:
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1) Commission and undertake repair, restoration and conservation work.
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2) Commission and undertake archaeological and historical research.
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3) Commission and undertake public engagement activities.
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4) Commission and undertake garden development and maintenance.
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5) Undertake fund-raising for the above activities.
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6) Management and administration activities.
Since the trust accepted the freehold for the Abbey site in May 2017 it has continued to develop its volunteer base. The trust has also been active in promoting opportunities for a better understanding of the significance of Evesham Abbey, and promoted the work of the Trust through involvement in local festivals and events, providing organised talks and lectures at local societies and social groups, as well as organising opportunities for active volunteer activity.
The Chairman's report details the achievements during the year.
Financial Review
The total funds of the Abbey have decreased during the year by £46,862 (2021: Increase of £27,568) leaving reserves of £2,134 of which £4,881 are restricted funds.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 REPORT OF THE TRUSTEES (CONTINUED)
The bank balance at 31 December 2022 was £53,764. The trustees consider the level of funds to be appropriate based on the future requirements of the project.
Future Developments
As stated in the Chairmans report, the next 12 months will include the completion of the delivery phase of the project. The Challenge of the Gradens will then be well underway, with the next 12 months hopefully including secured funding for the remainder of the garden project.
Reserves Policy
Reserves are held to fund maintenance, investigation and development of the Abbey site. Reserves are also held to ensure the ongoing operation of the trust itself.
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting standards. The applicable law in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the Income and Expenditure for that period. In preparing the financial statements the trustees are required to:
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Select suitable accounting policies and apply them consistently;
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Observe the methods and principles of the applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether accounting standards have been followed and disclose any material departures;
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Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
The trustees are responsible for keeping proper accounting records and for safeguarding the assets of the charity, and taking reasonable steps for the prevention and detection of fraud or other irregularities.
Approved by the Trustees on the …................. and signed on their behalf by:
Barrie Baldelli, Chairman of the Trustees
PAGE 7
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EVESHAM ABBEY TRUST
I report on the accounts for the year ended 31 December 2022, for Charity number 1165547, set out on pages 9 to 15.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the charities act") and that an independent examination is needed.
It is my responsibility to:
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Examine the Accounts under section 145 of the Charities act,
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To follow procedures laid down in the general directions given by the Charity Commission (under section 145 (5)(b) of the Charities act), and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts prepare a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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The accounting records were not kept in accordance with Section 130 of the charities act; or
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The accounts did not accord with the accounting records; or
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The accounts did not comply with the applicable requirements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Lewis G C Accountancy Limited 43 Merstow Green
Evesham Worcestershire WR11 4BB
PAGE 8
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL ACTIVITES
| Total Funds Carried Forward Net Incoming/ (Outgoing) Transfer Between funds Net Movement in Funds Total Resources Expended Total Funds Brought Forward Charitable Activities Charitable Other Resources Expended Total Incoming Resources Resources Expended Incoming Resources Donations Other Income External Grant Funding |
Unrestricted Funds Restricted Funds Total Funds Total Funds 2022 2022 2022 2021 £ £ £ £ 250 600 850 138 4,788 - 4,788 9,725 608,553 3,500 612,053 250,586 613,591 4,100 617,691 260,449 664,553 - 664,553 232,880 - - - - 664,553 - 664,553 232,880 50,962 - 4,100 46,862 - 27,569 - - (50,962) 4,100 46,862 - 27,569 53,096 781 53,877 26,308 2,134 4,881 7,015 53,877 |
|---|---|
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL POSITION
| Notes Fixed Assets Heritage Assets Current Assets Debtors Cash at bank Current Liabilities Creditors Bank Loan Net Current Assets Net Assets Funds Unrestricted Funds Restricted Funds |
2022 2021 £ £ 5,000 5,000 13,151 13,149 53,764 100,508 66,915 113,657 900 780 64,000 64,000 64,900 64,780 2,015 48,877 7,015 53,877 2,134 93,273 4,881 (66,964) 7,015 26,309 |
|---|---|
These financial statements were approved and authorised for issue by Evesham Abbey Trust on …...............
Signed on behalf of the board of trustees:
….........................
Barrie Baldelli, Chairman
PAGE 10
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 STATEMENT OF CASH FLOWS
| Cashflows from Operating Activities Adjustments for: Movement in Debtors Movement in Creditors Net Cash Generated from operations Cash flows from Financing Activities New Bank Loans Change in Cash and Cash Equivalents in the Period Cash and Cash Equivalents at the beginning of the period Cash and Cash Equivalents at the end of the period Net (Expenditure) / Income for the reporting period as per the Statement of Financial Position |
31.12.2022 31.12.2021 £ £ (46,862) 27,568 (2) (11,494) 120 420 (46,744) 16,494 0 30,000 (46,744) 46,494 100,508 54,014 53,764 100,508 |
|---|---|
Page 11
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 Notes to the Financial Statements
1 Summary of significant accounting policies
General information and basis of preparation
Evesham Abbey Trust is a Charity in England and Wales. The location of the Abbey is given in the charity information on page 1 of these financial statements. The nature of the charity's operation and principal activities are described on the Report of the Trustees on pages 2 to 4.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement if Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying for FRS 102 Section 1A.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, such as investments. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Funds
Restricted funds represent donations or grants received for a specific object. The funds may only be expended on the specific object for which they were given and any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.
Unrestricted funds are general funds which can be used for ordinary purposes.
Income Recognition
All incoming resources are included in the Statement of Financial Activities when the Trust becomes legally entitled to the income and the amount can be quantified with reasonable accuracy.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 Notes to the Financial Statements (continued)
Income from Donations and Grants
Income from donations and grants, including capital grants, are included in incoming resources when receivable, that is, when the Trust is legally entitled to the amounts due, except as follows:
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When the donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
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When donors impose conditions, which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in the incoming resources until the preconditions for use have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
Income tax recoverable
Income tax recoverable on gift aid donations is recognised when the income is recognised.
Volunteer Time
The value of time donated by general volunteers is not included (FRS102 S6.18).
Expenditure recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an Accruals basis and has been classified under headings that aggregate all costs related to the category.
Taxation
The Trust has charitable statute and this is exempt from taxation of its income and gains falling within section 505 of the Taxes Act 1988, to the extent that they are applied to their charitable objectives.
Heritage Assets
A heritage asset is a tangible or intangible asset with historical, artistic, scientific, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.
Heritage assets are measured initially at either their cost or valuation if donated.
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EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022
Notes to the Financial Statements (continued)
2 INCOME FROM CHARITABLE ACTIVITIES
| Activity Grants Charitable Allotment Fees Charitable Pilgrim Walk Fees Charitable Book Sales Charitable Christmas Card Sales Charitable Other Income Charitable Concert Income Charitable Donations Charitable |
31.12.2022 31.12.2021 £ £ 612,053 250,586 - 735 - 92 338 30 275 1,014 3,219 1,026 956 - 850 - 615,885 253,483 |
|---|---|
3
CHARITABLE ACTIVITIES COSTS
4
5
| Direct Costs (See Note 4) Support Costs (See Note 5 £ £ Charitable 663,653 900 DIRECT COSTS OF CHARITABLE ACTIVITIES Staff Costs Cost of Fundraising Advertising & Promotion Insurance Repairs & Maintenance Archaeology Surveying & Architecture Office Costs Computer Costs Bank Charges Other Administration Costs Sundry Expenses SUPPORT COSTS Charitable PAGE 13 |
Total £ 664,553 31.12.2022 £ 25,658 1,341 7,194 727 - 6,309 620,712 144 501 81 987 - 663,653 |
31.12.2021 £ 24,683 2,828 1,107 689 422 11,097 186,131 144 204 102 4,218 475 232,100 Governance Costs £ 900 |
|---|---|---|
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022 Notes to the Financial Statements (continued)
6 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
7 STAFF COSTS
The average monthly number of employees during the year was as follows:
| **31.12.2022 ** | 31.12.2021 |
|---|---|
| 1 | 0 |
No employees received emoluments in excess of £60,000
8
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and Legacies Charitable Activities Charitable Activities Total EXPENDITURE ON Charitable Activities Charitable Activities NET INCOME Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Fund Restricted Funds Total Funds £ £ £ 9,863 - 9,863 240,840 9,745 250,585 250,703 9,745 260,448 232,880 - 232,880 17,823 9,745 27,568 58,000 - 58,000 - 40,177 - 67,745 27,568 93,273 (66,964) 26,309 53,096 781 53,877 |
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9 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
EVESHAM ABBEY TRUST YEAR ENDED 31 DECEMBER 2022
Notes to the Financial Statements (continued)
| **31.12.2022 ** | 31.12.2021 | ||
|---|---|---|---|
| £ | £ | ||
| Other Debtors & Prepayments | 13,151 | 13,149 | |
| 10 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals |
31.12.2022 £ 900 |
31.12.2021 £ 780 |
| 11 | CREDITORS: AMOUNTS FALLING DUE OVER ONE YEAR Loan |
31.12.2022 £ 64,000 |
31.12.2021 £ 64,000 |
The Trust has been advanced £Nil (2021: £30,000) by Wychavon District Council as an underwriting loan to guarantee cashflows throughout the project period. This balance is interest free for the first 3 years, with the interest rate increasing to 3% + BOE Base Rate after the initial interest free period.
12 LEGAL CHARGES
The National Lottery Heritage Fund has a legal charge over the freehold of the Abbey site for the duration of the project. Once the project is complete, the charge will be satisfied.
13 RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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