Registered Charity No. 1167316 Registered Company No. 10097955 (England & Wales) St Bartholomew's Heritage Trustees, report and audited financial statements Year ended 30 April 2024
St Bartholomew's Heritage Contents Page Trustees, and charity information Trustees, report Independent auditor's report 15 Statement of financial activities 19 Balance Sheet 20 Statement of cash flows 21 Notes to the financial statements 22
St Bartholomew's Heritage Trustees, and charity information Trustees Clare Maurice (Chairl Michael Smith (resigned December 20231 Sir Marcus Setchell IDeputy Chairl (resigned December 20231 Brendan Finucane KC Iresigned December 2023) Douglas Harmer Dr Robert Treharne Jones Professor Charles Knight OBE Amicia de Moubray Christopher Mark Pemberton OBE Dr Rupert Evenett MBE lappointed December 20231 Antony Hales CBE lappointed December 20231 Eric Reynolds lappointed December 20231 Reglstered address 71 Queen Victoria Street London EC4V 4BE Charity number 1167316 (registered in England & Wales) Company number 10097955 Independent audltor Saffery LLP 71 Queen Victoria Street London EC4V 4BE Accountant/Bookkeeper SPX Oxford Ltd Peace House 19 Paradise Street Oxford OXI ILD Bankers C Hoare & Co 37 Fleet street London EC4P 4DQ Legal Advisers Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH
St Bartholomew's Heritage Trustees, report Year ended 30 Aprll 2024 The trustees (known as directors under company lawl present their annual report and financial statements for the charity for the year ended 30 April 2024. Legal status and constitution St Bartholomew's Heritage (referred to as 'Barts Heritage, or'the charity, is a company limited by guarantee, incorporated in England and Wales. It was incorporated on l April 2016 and is governed by its Memorandum and Articles of Association, as amended on 18 May 2016, 19 August 2020 and 14 September 2022. Its stated mission is to 'advance the education for the public benefit through the preservation, rostoration, and maintenance of the Grade l Listed buildings and structures of historical and/or architectural interest and importance at the hospital 1st Bartholomew'sl and the City of London,. St Bartholomew's Hospital was founded in 1123 to give free medical care to the poor. There 15 no other hospital in the country that can match its record of continuous service on the same site. The modern Hospital is home to the Barts Heart Centre lone of the largest Cardiac centres in Europe) and the Barts Cancer Centre. The Hospital has been part of the NHS since 1948 and is now run by Barts Health NHS Trust. In addition to the church of St Bartholomew-the-Less which dates in part from the 15th century, the hospital site has a number of nationally important historic buildings dating from the 18th and 19th centuries including the Grade I listed Henry Vlll Gatehouse and North Wing (designed by James Gibbs11682-175411 with its spectacular Great Hall and celebrated staircase decorated by two huge canvasses by the leading artist William Hogarth11697-17641. Since the foundation of the NHS, the Hospital has understandably prioritised healthcare and research over the repair and maintenance of its historic buildings. In 2016 St Bartholomew's Heritage was established by Barts Health NHS Trust in response to the growing need to address the deteriorating condition of these heritage assets, to carry through their conservation and repair, and to ensure their long-term futL(re. In June 2021 it signed an Agreement for Lease with Barts Health NHS Trust for the North Wing and Henry Vlll Gatehouse and has launched a major appeal to raise the funds required to repair and renovate both buildings to coincide with the 900th anniversary of the Hospital in 2023. Structurei governance and management The Chief Executive of Barts Heritage. Will Palin, is an architectural writer, campaigner and heritage expert. In May 2023 he oversaw las Chair of the Sheerness Dockyard Trust) a £9.5m scheme to rescue and restore the fire-damaged Dockyard Church on the Isle of Sheppey. Until April 2023 the Trustee board met monthly- since then the meetings have been bi-monthly. Since April 2023 a Working Capital Steering Group has met monthly Isometimes more frequently), this latter group comprises four trustees and the Chief Executive. The Chairman and Chief Executive attend regular meetings with Barts Health NHS Trust, Barts Charity and other key partners and stakeholders to share resources and information and discuss strategy as well as addressing any possible future conflicts in terms of capital works etc. The Barts Heritage trustees who served during the year, and to the date of approval of this report, are shown on page l. The trustees have been appointed according to their relevant expertise to the Charity's aims and objectives. Some have specific skills relating to the planned restoration project and a number also have direct experience of working at the Hospital or with its partner organisations.
St Bartholomew's Heritage Trustees, report (continued) Year ended 30 April 2024 New trustees are appointed following a shortlisting process. Candidates are then interviewed by the Chair and a recommendation made to the board for approval. Successful candidates must then complete a Declaration of Interest and a Declaration of Trustee Eligibility and Responsibility. The trustees delegate day to day management of the charity to the Chief Executive. The Chief Executlve is considered to be the key management personnel of the charity. Remuneration of the Chief Executive is agreed by the Board of Trustees with reference to industry benchmarking and the specialist skills required for the role. This is subject to annual review. Clare Maurice (Chairman) is a former Chair of Barts Charity (then known as the Special Trusteesl. During her time as Chair, she oversaw the merger of the Barts Special Trustees with the Royal London Special Trltstees. She also brings valuable legal experience. In 2009 she founded Maurice Turnor Gardner LLP of which she is a Senior Partner. Her main specialism is international tax and estate planning. Clare also has considerable experience in advising charity trustees and acting as a charity trustee. Michael Smith was the former Chairman of Barts Charity and so is familiar with the Hospital and the recent history of the management of the historic buildings and collections. He is a former Chairman of Nuffield Health, the largest trading charity in the UK. Sir Marcus Setchell (deputy Chairman) has been associated with St Bartholomew's for over 50 years and has been instrumental in ensuring the long-term future of the North Wing through a negotiated planning agreement between the Hospital, the Maggie's Centre and the City of London. He is a leading obstetrician and gynaecologist and former Surgeon-Gynaecologist to Queen Elizabeth11'5 Royal Household. Profe550r Charles Knight OBE is Chief Executive of St Bartholomew's Hospital London. He is a Consultant Cardiologist and Honorary Professor at the William Harvey Research Institute, Queen Mary University of London. In 2020 he was seconded for a period to Chief Executive at NHS Nightingale Hospital London as part of the Covid response. Given that the Grade l Listed buildings to be leased to Barts Heritage are on the hospital site Charles's involvement is crucial to ensure good collaboration between our charity and the Health Trust. Brendan Flnucane KC has been involved with Barts for a number of years. Through his involvement at the Royal Academy, the Art Fund and other arts organisations he provide5 expertise in the sectors of arts and heritage. He is a retired Judge having spent 46 years practising in the field of criminal law and 15 now undertaking an MA in Art History at the Warburg Institute. Mark Pemberton OBE was previously Director of National Collections for English Heritage. He is Chairman of the Ironbridge Gorge Museum Trust and of the Waltham Abbey Royal Gunpowder Mills Charitable Foundation and a Trustee of the National Museum of the Royal Navy Operations Company. He brings experience in the operational management of heritage properties and collections. Dr Robert Treharne Jones was trained at st Bartholomew's Hospital and worked as a GP before founding a health informatics company. Robert has responsibility for looking after the Friends of Barts Heritage, which includes hundreds of member5 who support the initiative to restore the Great Hall and preserve its collections. Amicia de Moubray has a long career in arts and heritage having worked previously at the National Trust and the Victorian Society. She has written and edited a number of publications including Twentieth Century British Castles120131. She brings a wealth of experience in the field of fundraising, most recently helping to secure £3m of match funding for the Lottery-supported Sheerness Dockyard Church project in North Kent.
St Bartholomew's Heritage Trustees, report Icontlnuedl Year ended 30 April 2024 Douglas Harmer is the Co-founder of Oakwell Capital Limited which provides strategic and financial advice to corporates, management teams and high net worth individuals with a particular focus on the sports and leisure sectors. He brings essential financial and accountancy'expertise and is a qualified Chartered Accountant. Rupert Evenett MBE is an experienced Chair and board member in the charity and education sectors, after a career in corporate f inance. He is currently Chair of John Wallis Academy in Kent, and ha5 previous been Chair of London sixth form college, Christ the King Sixth Forms, and Finance and Audit Chair of Goldsmiths, University of London. In the charity sector, roles have included Chair of The Conservation Volunteers, Chair of Audit at Alzheimer's Research UK, and Chair of Finance and Audit of the Old Royal Naval College, Greenwich. He has specialised in organisations undergoing growth, change or major projects in heritage, volunteering, education and impact investing. He was awarded an MBE in 2023. Antony Hales CBE is Chair of the Associated Board of the Royal Schools of Music and NAAFI Pension Trustees. He was previously Chief Executive of Allied Domecq and Chair of Workspace plc, NAAFI, British Waterways, the Canal and River Trust and the Greenwich Foundation for the Old Royal Naval College and the Senior Independent Director of Aston Villa. Erlc Reynolds is a property developer who has set up and run some of the most loved people places in London including Camden Lock Market, Merton Abbey Mills, Spitalfields Old Fruit & Vegetable Market, Gabriels, Wharf and Bishopsgate Goodsyard. Since 1998 he has been running Trinity Buoy Wharf which has a mix of historic and new buildings. Eric played a key role in saving Smithfield Market, London and is the Chair of SAVE Britain's Heritage. In 2012 he was awarded the Regeneration & Renewal 'Lifetime Achievement Award, for Regeneration. Under the chority's constitution the Barts Health NHS Trust moy appoint one Trustee. Professor Charles Knight is the current nppointee, Objectlves and activities The charity's object5 are.. The advancemont of education for the public benefit through the preservation, restoration and maintenance of buildings and structures of historical andlor architectural interest or importance at the Hospital and elsewhere in the City of London, and through such other means as the directors think f it,. and Such other exclusively charitable object5 and purposes as the directors may in their discretion think fit. In planning the activities of the charity, the trustees have given due regard to the Charity Commission's guidance on public benefit. The trustees were satisfied that all the objectives were achieved during the year.
St Bartholomew's Heritage Trustees, report (continued) Year ended 30 April 2024 Key achievements and performance durlng the financial year The year up to 30 April 2024 was momentous, with Barts Heritage moving from the planning to the delivery stage of the major Shoring Historic Barts restoration project. The period also witnessed the f inal burst of activity around the 900th anniversary of the hospital. The key achievements were.. Completion of RIBA Stage 4 design report by project architects, Purcell Tendering and appointment of our main contractor and painting conservators Insurance cover obtained for building works and existing structure of North Wing and Gatehouse staging of the Summer Feast- the Barts Heritage 900th anniversary fundraising dinner. Appointment of three new trustees Successful application for grant uplift from National Lottery Heritage Fund INLHFI Completion of leases of North Wing and Gatehouse Completion of asbestos removal works Refurbishment of Gatehouse as contractor base Successful discharge of pre-construction planning conditions Commencement of capital works Barts Heritage office relocation to ground floor of North Wing Incorporation of Barts Heritage Trading Ltd as trading subsidiary of charity Recruitment of administrator and engagement team Confirmation of the continuing Patronage of His Majesty King Charles111 Sharing Historic Barts Project Capital Works The early part of the f inancial year saw the finalisation of our design report and the tender document for our main contractor, issued in May. June saw the final major event in the Great Hall, the Barts Heritage Summer Feast followed by a last hurrah in July with a farewell drinks reception for our supporters. The Great Hall closed in July and work then began to decant furniture and other items ahead of start of works. The procurement proces5 for our main contractor was completed in September, with a Letter of Intent issued to Coniston Ltd in November. That month, after a long perlod of negotiation, full insurance cover both for the existing structure of the North Wing and Gatehouse, and for the contracted works, was finally secured via broker BLW. This, alongside an agreement to pay the Health Trust a yearly contribution towards
St Bartholomew's Heritage Trustees, report {continued) Year ended 30 April 2024 the cost of historic works in the Nuffield building, enabled the leases for North Wing and the Gatehouse agreed in 2020 - to be completed. By this point, given the proximity to Christmas, it was decided to postpone the start of works until the January 2024. The City of London approved the discharge of pre-commencement planning conditions in December, removing the last obstacle to commencing full contract works. In December and January, the Henry Vlll Gatehouse was refurbished as a site office for our main Contractor allowing them to start enabling works in the North Wing, including the moving and protection of art works and the removal of asbestos (completed in early January). Inside the Great Hall, the oak floorboards, laid in the 1960s, were carefully taken up and stored. The secondary pine floor (probably the originall was also taken up allowing new services to be laid. Opening-up works also l - continued in other areas of the North Wing. SHARING HisfoiucBAIiTS , Meanwhile, discussions were underway to finalise the scaffolding design. Following discussions with our structural engineers, the scaffolding was adapted to allow for a 'bird cage, arrangement, where the internal framework, with public access deck, was run through the windows of the Great Hall and supported by the external Scaffolding. The main scaffolding Structure was in turn adapted to spread its weight, allowing for unknown ground conditions around the North Wing. Scaffold build began in March, a delay of some 8 weeks - which was not predicted to impact the overall programme. The North Wing, underscoffolding. April 2024 Key moments in the project so far have included the removal of the 17th-century Chartor Window in the Great Hall for conservation at Wells, Somerset, and the dismantling of the clock, again for restoration, this time by the firm Thwaites & Reed (the original manufacturers). As works proceeded in the Hall, various 'mementos' including signed panels and cigarette packets were discovered. Similarly, signatures of previous restorers for the 18th and 19th centuries were found on the stained glass panels in the Charter Window. The Charter Wlndow Is removedfrom Èhe Gre17t H1711for cc)nservation Iphoto.. Motthew Andrewsl
St Bartholomew's Heritage Trustees, report {contlnued) Year ended 30 April 2024 The treatment and presentation of the timber panelling in the Great Hall, and the balustrade and panelling in the Hogarth Stair, was discussed at length, with trials prepared in various locations. This Ilowed the team to asse55 finishes against the paint samples which had been applied in the Great Hall, in 2023. With works underway, it was crucially important that the archive areas in the basement of the North Wing were properly protected. Our specialist consultants worked with the archive team to install environmental monitoring sensors in these spaces. These would provide data on temperature and humidity providing an early warning system, allowing for mitigating measures to be put in place. Work begins on lifting the[loor of the Greot Holl to ollow new services to be installed (Photo.. MuÈthewAndrewsJ At the end of the financial year capital works, including the scaffolding built, were ongoing with the projected completion date of July 2025 remaining unchanged. Our publlc conseTVQtlon tours hove included access to the Hogarth Stt7irc(Fse (PhoÈo.' Matthew Andrews)
St Bartholomew's Heritage Trustees, report Icontinuedl Year ended 30 April 2024 Public Engagement Early 2024 saw the recruitment of our engagement team who are tasked with the delivery of our pioneering programme of activities set out in our NLHF submission. Our Heritage and Health Engagement Manager, Caroline Hamson, started with us in February 2024. She has worked previously at the Society of Anaesthetists and brought considerable experience of working in the overlapping areas of health and cuSture. Caroline was joined by part time Interpretation Research Associate Kate So, who came to us from the Old Operating Theatre at Guy's Hospital. A third f member ofthe team, Fay McDermott, was appointed in March as our Heritage and Health Engagement Officer. Fay joined from 2 Temple Place where, as programme coordinator, she managed the volunteer programme. The priority for the engagement team was to develop and deliver the public access scaffold tours- one key elements of our activity plan. The tours, led by trained volunteers, will include talks and demonstrations by conservation specialists. and access to the high-level deck in the Great Hall. Two tours a day are planned for from July 2024 until the end of January 2025 - with a target of 5,000 visitors. A new introductory video has been commissioned along with a handling collection of plaster ornamental details and wood carving samples. Engagement Officer Fuy leading a refresher tourfor tourguides A Bart5 Herit(Fge volunteer leads a conservotion tour in the Greot Holl (Photo.. MLTtthewAndrewsJ
St Bartholomew's Heritage Trustees, report (continued) Year ended 30 Aprll 2024 Admin & Governance Vicki Whitehead joined as the new full-time Executive Assistant in May 2023. In January 2024 Barts Heritage relocated its off ices to the ground f loor of the North Wing- which has become our new base for all activities relating to the Sharing Historic Barts project- including staff and volunteer training. Three new trustees, Eric Reynolds, Tony Hales CBE and Rupert Evenett MBE were formally appointed to the board on 19 December 2023. Three existing trustees Sir Marcus Setchell, Brendan Finucane KC and Michael Smith retired as directors that same month. Events and Visits The Barts 900 book was launched in the Great Hall in May 2023. In June, a facsimile of Adam Dant's monumental art work, 900 Years in 900 Stories, was installed in the Hospital foyer, replacing the original. In August a smaller-size print was made available via Adam's gallery TAG Fine arts. The City Music Foundation held its 'Medicine and Music, gala event in the Great Hall on 14 June, with narration written land performed) by Simon Callow and Donald Mcleod including new music commissions from Derri Lewis. The evening featured a sung tribute to the donor boards in the Great Hall, The Barts Summer Feast gala dinner was held in the Great Hall on 29 June, with a reception in the Pathology Museum. It was attended by 160 people, including the President of the Hospital HRH The Duke of Gloucester, and finished with an auction conducted by Clementine Sinclair, Old Master5 Specialist at Christie's. A separate drinks reception was held in the Great Hall on 6 July. A new version of our promotional film was commissioned for the event. Before the closure of the North Wing, we hosted vi51ts f rom the Courtauld Patrons; the Friends of Colonial Williamsburg,. and the Merchant Taylors. special reception was held at Charterhou5e on 12 March 2024 to celebrate the end of the 900th anniversary year. Barts Heritage hosted the Lord Mayor and Lady Mayoress on in April 2024 as part of a visit to the Hospital. Also in April Will Palin and Robert Treharne Jones presented a webinar for the friends on giving an update on the North Wing project works. 8 April 2024 was View Day at the Hospital - there were various activities in The Square lincluding a Barts Heritage stand) during the day followed by the Service at St Bartholomew the Great and reception at Haberdasher's Hall. Away from the Hospital, Will Palin made several appearances as a guest speaker. He chaired a discussion on the legacy of Sir Christopher Wren at the Royal Hospital Chelsea; gave the address at the League of Nurses AGM at Guildhall land the 'class of '65, nurses at a separate eventl,. presented on the Sh(yring Historic Barts project for the Senior Physicians society lat the Royal College of Physiciansl,. spoke to the friends Temple Bar Trust at Temple 8ar in the City of London; contributed to a conference on Health and Hospitals at Glaziers Hall. Barts Heritage Trading Ltd Barts Heritage Trading Ltd IBHTLI, a trading subsidiary of 8art5 Herltage, wa5 incorporated in December 2023, with Will Palin and Mark Pemberton as the f irst directors. Susan Holding was later confirmed as an independent director. The trading company has been working with consultant Simon Cope on the selection and appointment of our sole caterer later in 2024. BHTL was dormant in the year ended 30 April 2024.
St Bartholomew's Heritage Trustees, report {continued) Year ended 30 April 2024 An updated draft business plan with 5 year Profit & Loss spreadsheet was produced by Simon Cope in April 2024- working with Mark Pemberton and with input from other trustees. Fundraising practice disclosure The Chief Executive is responsible for raising both unrestricted income and funds for the Sharing Historic Barts project and is supported by a professional fundraiser working on a freelance basis. Barts Heritage does not seek to secure donations through direct marketing or other unsolicited means. Our approach is to expand the donor pool through our networks, promoting the goals of the charity and growing the visibility of the North Wing and our project. An important contributor to our revonue fundraising activity is the Barts Heritage Patrons Circle whose members contribute annually and enjoy a rolling programme of events and visits. We monitor benefit levels of this group and benchmark them with other similar schemes run by other cultural organisations. The professional fundraiser contracted by Barts Heritage works to a specific brief, reporting regularly to the Chief Executive, and attending Board meetings as required to report on progress. We adhere to the principles of the Code of Fundraising Practice and our Gift Acceptance Policy has been in place since the start of our fundraising activity in 2020 to guide our due diligence procedures in respect of funding sources. Barts Heritage uses the NowDonate platform accessed via its website which has an opt-in approach in relation to personal data. We comply with the General Data Protection Regulations and our privacy policy is available tshoi--!aAi.ofo:iij< / We keep in regular touch with donors and f unders to keep them updated on the project's progress and we adhere to all grant conditions and reporting required by grant-givers. No complaints have been received in relation to fundraising. riijac Fundraising update Our capital fundraising campaign for Sharing Historic Barts has been the primary focus for fundraising over the last three years, and we reached our target during the course of 2023. Major grants from charitable trusts and family foundations provided 80°A of the £4.5 million we needed to match the major grant from the National Lottery Heritage Fund. The remaining 20Q/o came through gifts from individual donors, many of whom are from the Barts alumni community. We acknowledge and greatly appreciate thatthe project was supported by The City of London Corporation's Community Infrastructure Levy Neighbourhood Fund ICILNFI. A crucial factor in our success was the support we received from Dr Geoffrey and Mrs Kate Guy over 2020 to 2023,. this enabled us to focus entirely on securing the project funding we needed, and without it, we would not have been able to begin the restoration of the North Wing in the 900, anniversary year of 2023. CITY LONDON We are enormously grateful to all those who have supported the project, and to many others who contribute each year to Barts Heritage. The Barts Heritage Patrons Circle continued to flourish. Visits during 2023 included a curator-led evening tour of Kenwood House on 20 April,. a visit to a privately-owned 17th-century house in Cloth Fair, Smithfield,. a tour of the private apartments at Knole by Sir Robert Sackville-west,. an introduction to the painting conservation studios at the Courtauld Institute of Art,. a 'Shakespeare and Hogarth, evening at Sir John Soane's Museum,. a tour of Bethlem Museum of the Mind,. a visit to the Old Operating Theatre at Guy's Hospltal,. a Christmas drinks party at Terrets Place, Islington,. a tour of the Institute of Anaesthetists in Portland Place. and a special visit Westminster Abbey. Fundraising continues to be a priority, to secure the funding we need to operate through the project programme, and to raise the funds we will need to thrive once we are fully open to the public in 2025. This will include support through legacies, and we were fortunate to receive two significant pledges of gifts in io
St Bartholomew's Heritage Trustees, report {continuedl Year ended 30 Aprll 2024 Wills this year. Income from f undraising will support our annual programmes of cultural, education and wellbeing activities as well as helping us maintain the building through the decades to come. Royal Patronage In May we received the excellent news that His Majesty King Charles 111 would continue as Patron of Barts Heritage, a role he took up in 2021 a5 The Prince of Wales. Summary of progress since financial year end The Chorter Window under conservutAOn in We115, Somerset, und jrightl the re-pointed hondsfrom thefamous Nort Wing clock. Since April 2024 works to the North Wing have been progressing well. In May, the external scaffolding was completed, complete with smart 'shrink wrapping, and hoarding with applled graphics. The cleaned and repaired f loorboards of the Great Hall were re-laid following the installation of new seNices. The internal 'birdcage' scaffolding was completed in July allowing the painting conservators to start work. Since then the team has cleaned and repaired decorative surfaces at high level in both the Great Hall and Hogarth Stair. A team of specialist decorators then took over and this work is currently in progress. The Charter Window was carefully removed from the Great Hall in May and taken for repair to to a specialist conservation studio in Somerset. The North Wing clock Iface and hands) was also removed and is now under repair with the firm Thwaites and Reed, who made the original. In June the 1740s chandelier was lowered and re-located on site for conservation works. On the exterior of the building, cleaning works have continued, along with associated stone repairs. Repair, reglazing and repalnting of the North Wing's 160 windows is well underway. On the roof the slates and copper are ready for repair and reinstatement Iwith lead replacing copper in all areas). Repairs to the roof structure are currently underway and repairs to the two large chimney stacks were completed in September. li
St Bartholomew's Heritage Trustees, report Icontlnued) Year ended 30 April 2024 Since the year end our engagement team have been focussed on the planning and delivery of our public conservation tours. A team of 30 volunteers were trained over a 2 month period during which time new interpretation material, including an introductory film, printed leaflets and handling objects were produced. Public, ticketed tours commenced on 22 July and to date there have been over 1000 visits to our high-level observation deck. Running alongside our public tours have been a number of other engagement activities including mindful breathing. collage making and drawing workshops for staff, a poetry takeaway day for staff and patients, careers talks and workshop5 for young people and young carers - and a community project in partnership with Charterhouse based around photography and creative writing. Our Patrons Circle enjoyed visits Dr Johnson's House, Trinity Buoy Wharf and Temple Bar. Meanwhile Will Palin delivered talks and tours for the Soane Museum Patrons, the Retired Fellows Society at the Royal Society of Medicine, the 8arts League of Nurses and the Friends of Kenwood House. Eric Reynolds hosts a PJtrons Clrcle visit to Trinity Buoy Wharf In May two trustees. Tony Hales and Eric Reynolds Set up a 'challenge fund,, pledging £IOO,000 if this could be matched by other donations by the end of the year. In October, our Chair Clare Maurice made a donation of £50,000. A number of smaller gifts have been received since the year end including £8,000 from Neil Jennings. Financial review The statement of financial activities on page 19 sets out the results of the charity for the year. The charity received total income of £1,600k12023'. El,896kl during the year. This was mainly income from grants and donations. Total revenue expenditure was £757k12023.. £870kl and total capital expenditure was £1,566k12023.' £nill. At the year end the charity had unrestricted funds of £1,535k12023: £407kl. The charity receivod some restricted funding during the year- notably a grant of £856k12023'. £460kl from the National Lottery Culture Recovery Fund and donations and grants towards the Restoration project of £473k 12023.. £1,104kl. Restricted grant balances were £706k at the end of the year12023'. £990kl The trustees ensure that they do not take on financial obligations until funds have been raised to meet those obligations, and they therefore consider that there are no material uncertaintios about the charity's ability to continue as a going concern, Reserves policy At the year end the charity's free reserves (calculated as unrestricted funds less the designated fixed asset f undl had a deficit of £32k. This is due to the full recognition of the £400k enabling works which will be paid in ten £40k instalments, see note 1112023.. surplus of £407kl. Payment of the future years £40k is c05ted into budget. Various strategies have been put in place, including claiming VAT refunds monthly, to ensure the cash position is secure. The trustees review the monthly cashflow position to ensure there are sufficient funds for entirety of the projoct, and therefore consider that there are no material uncertainties about the charity's ability to continue as a going concern for the foreseeable future. 12
St Bartholomew's Heritage Trustees, report {contlnued) Year ended 30 April 2024 The trustees will build up reserves in order to ensure funds are in place before the delivery of the planned restoration project. A formal reserves policy of holding the equivalent of four months unrestricted expenditure, was agreed and put in place during the financial year. The balance needed to meet the reserves policy would be £115k which is less than the current reserves level of £I34k. This will be reviewed on an annual basis. Risk management The trustees have examined the major strategic, business and operational risk5 which the charity faces and conf irm that systems have been, or will be, established to enable the necessary steps to be taken to lessen these risks. With the long lease for the Grade l Listed buildings from the Health Trust now agreed, the key risk is achieving the required fundraising target to commence restoration work - particularly in the light of the impacts on fundraising of the Covid pandemic. This is mitigated by the splitting of the proposed works into two phases, each of about £IOm reducing the fundraising burden. We also have conf idence in the depth, quality and range of appeal of our project to funders. This is underpinned by our detailed fundraising strategy and encouraged by ongoing, positive conversations with key funders including the National Lottery Heritage Fund. Another risk is sustaining enough working capital to continue to operate beyond the end of 2024. This is mitigated by the regular income stream from our Patrons Circle and other medium sized donations from individuals. Future plans The capital works element of the Sharing Historic Barts project is due to complete in July 2025, so the short~term focu5 for the charity is seeing this part of the project through to a successful conclusion in time for re-opening in September 2025. Running alongside this are preparations for the operation of the building, both as a vlsitor attraction land venue for our ongoing programme of cultural activities) and a commercially sustainable venue for private hire. Our public offer will be built around the agreed set of outcomes with the National Lottery Heritage Fund and delivered by our team under the current funding agreement until 2026 - by which time we intend to have embedded the activities within a long-term programme supported by revenue and fundraising, as set out in our Business Plan. Our plans include investlng in improvement to St Bartholomew's Hospital Museum as well as taking on the staffing of the Museum through ourvolunteer programme. By the end of 2024 we will have formally appointed our sole caterer who will run the venue hire elements of the North Wing working with the Barts Heritage Commercial Manager, a separately funded post. Marketing will begin in early 2025. We are also turning our minds to a second phase of works to cover the west end of the North Wing and the basement areas, including archives which are not within the scope of this current project. The Henry Vlll Gatehouse may be included in this second phase depending on the outcome of ongoing discussions with agents over lettlng of the building as offices. 13
St Bartholomew's Heritage Trustees, report Icontinuedl Year ended 30 April 2024 Statement of trustees, responsibilities The trustees (who are also directors of St Bartholomew's Heritage for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP IFRS 1021; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware; there is no relevant audit information of which the charitable company's auditor is unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webslte. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report has been prepared in accordance with the special provisions of Part 15 ot the Companies Act 2006 relating to small companies. This report was approved by the board of trustees on 24 October 2024 and signed on its behalf by: Clare Maurice Chalrman and Trustee
St Bartholomew's Heritage Independent audltor's report to the member5 of St Bartholomew's Heritage Year ended 30 April 2024 Opinlon We have audited the financial statements of St Bartholomew's Heritage for the year ended 30 April 2024 which comprise statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the charitable company's state of affairs as at 30 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufticient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements15 appropriate. Based on the work we have performed, we have not identif led any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other Informatlon The other information comprises the information included in the annual report, other than the f inancial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requlred to determine whether this gives rise to a material misstatement in 15
St Bartholomew's Heritage Independent auditor's report to the members of St Bartholomew's Heritage Year ended 30 Aprll 2024 the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report which includes the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Annual Report which includes the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect ofthe following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees, Annual Report and from the requirement to prepare a Strategic Report. Responsibllltles of trustees As explained more f ully in the Trustees, Responsibilities Statement set out on page 14, the trustees (who are also directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are tree from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. 16
St Bartholomew's Heritage Independent audltor's report to the members of St Bartholomew's Heritage Year ended 30 April 2024 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise f rom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mlsstatements in respect of irregularities, including fraud. The specific procedure5 for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charitable company's f inancial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the f inancial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company'5 policies and procedures for compllance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team. the engagement partner drew attention to the key areas whlch might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 17
St Bartholomew's Heritage Independent audltor's report to the members of St Bartholomew's Heritage Year ended 30 April 2024 There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council'5 website at.. . This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company'5 members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or forthe opinions we have formed. ILL. 16Li Helen ihiilkie (Senior Statutory Auditorj for and on behalf of Saffery LLP 71 Queen Victoria Street London EC4V 4BE Statutory Auditors Date: 12 November 2024 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 18
St Bartholomew's Heritage Statement of financial activltles {Incorporatlng the income and expenditure account} For the year ended 30 April 2024 Unrestrlcted Funds Restrlcted Fund5 Total 2024 Unrestricted Funds Restricted Funds Total 2023 Notes Income from.. Donations and legacies Other trading activities Investments 224,076 1,328,936 1,553,012 290,042 1,564,414 1,854,456 31,067 31,067 37,388 37,388 15,869 271,012 15,869 1,599,948 3,761 3,761 1,895,605 Total income 1,328,936 331,191 1,564,414 Expenditure on.. Raising Funds Charitable activities 20,006 43,156 63,162 9,179 56,290 65,469 690,344 3,750 694,094 280,154 524,140 804,294 Total expendlture 710,350 46,906 757,256 289,333 580,430 869,763 Net income / lexpendlturel Transfers between fund5 Net movement in funds 1439,3381 1,282,030 842,692 41,858 983,984 1,025,842 1,566,144 11,566,144) 1,126,806 1284,1141 842,692 41,858 983,984 1,025,842 Reconciliation of funds., Total funds brought forwards Total funds carried forward 407,326 989,793 1,397,119 365,468 5,809 371,277 1,534,132 705,679 2,239,811 407,326 989,793 1,397,119 The notes on pages 22 to 33 form part of these financial statements. The statement of financial activities contains all recognised gains and losses for the f inanclal year. The results for the year all relate to continuing activities. 19
St Bartholornew's Heritage Balance Sheet As at 30 Aprll 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 1,566,144 6b CURRENT ASSETS Debtors Cash at bank 543,567 1,116,287 1,659,854 237,662 1,244,989 1,482,651 CREDITORS: Amount% falling due withln one year 8a 1666,1881 185,5321 NET CURRENT ASSETS 993,666 1,397,119 TOTAL ASSETS LESS CURRENT LIABILITIES 2,559,811 1,397,119 CREDITORS.. Amounts falllng due alter more than one year Bb 1320,0001 TOTAL NET ASSETS 2,239,811 1,397,119 FUNDS INCOME FUNDS Unrestricted Income funds Restricted Funds TOTAL INCOME FUNDS 1,534,132 705,679 2,239,811 407.326 989,793 1,397,119 These f inancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companles, re8ime. The financial statements were approved by the trustees on 24 October .2024 and signed on their behalf by.. Clare Maurice Trustee Company number 10097955 The notes on pages 22 to 33 form parl of these financial statements. 20
St Bartholomew's Heritage Statement of Cash Flows For the year ended 30 April 2024 2024 2023 Notes Cash flows from operating activities.. Net cash provided by operating activities 954,935 923,626 Cash flows from investing activities: Interest income 15,869 3,761 Purchase of investment in subsidiary iii Purchase of fixed assets 11,099,505) Net cash lused inl provided by investing activities 11,083,637) 3,761 IDecrease) increase in cash and cash equivalents in the year 1128,7021 927,387 Cash and cash equivalent5 at the beginning of the year 1,244,989 317,602 Total cash and cash equivalents at the end of the year 1,116,287 1,244,989 A. Reconciliation of net movement of income to net cash flow from operating activities 2024 2023 Net income for the reporting period las per the statement of financial activitiesl Deduct interest income shown in investing activities Ilncreasel in debtors Increase in creditor5 842,692 115,8691 1305,9051 434,017 954,935 1,025,842 13,7611 1169,1211 70,666 923,626 Net cash provided by operating activitie5 B. Analysis of change in net funds 01 May 2023 Cash flows 30 Apr 2024 Cash at bank and in hand 1,244,989 128,702 1,116,287 21
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Accounting policles Accounting convention The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011. The charity constitutes a public benefit entity as defined under FRS 102. Various strategies have been put in place, including agreeing a reserves policy, claiming VAT ref unds monthly, to ensure the cash position is secure. The trustees review the monthly cashflow position to ensure there are sufficient fund5 for entirety of the project, including the £40k per year repayment as detailed in note 11. Therefore, there are no material uncertainties about the charity's ability to continue as a going concern for the foreseeable future lat least a year from the date these accounts are signed). The project is due to finish in July 2025 at which point the charity will transition to operational activitie5. The f inancial statements are prepared in sterling, which is the functional currency of the charitv. Monetary amounts in these financial statements are rounded to the nearest £. Consolidated accounts with the trading subsidiary have not been prepared because the subsidiary is dormant. Members The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is £1 per member of the charity. At 30 April 2024, the total of such guarantees was £112023.. £11. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donation income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Grant income is recognised when the charity has entitlement to the funds, any performance conditions attached to these grants have been met, it is probable that the income will be received, and the amount can be measured reliably. Where services are provided to the charity on a pro bono basis, the estimate value is treated as income, with an equal and opp051te figure included within expenditure. Expenditure 22
St Bartholomew's Heritage Notes to the financial statement5 Year ended 30 April 2024 Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligatlon can be measured reliably. Where possible, all costs are directly attributed to an expense category. Staff costs relating to the capital project have been included with the cost of the assets under construction. The balance of staff costs are shown in charitable activities because there is no significant fundraising element relating to fundraislng. Governance costs include the audit fees, accountancy fees, legal fees and trustee expenses- see note 5, Tangible Fixed Assets and Depreciation Tangible fixed assets are held at costldeemed cost less accumulated depreciation, less any impairment where applicable. All assets costing more than £1,000 are capitalised. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value, over their useful life, on a straight-line basis. The useful life used is.. Assets under construction Not depreciated until they are brought into use Investment In Subsldiary The charity owns a £1 share IIOO/I of the trading subsidiary Barts Heritage Trading Ltd, Company number 15408608, registered in England and Wales. The investment is shown at cost. This company is currently dormant. Taxation St Bartholomew's Heritage is a registered charity and as such is not liable to corporation tax on its income derived wholly from and applied to its charitable activities. The charity is registered for VAT and income and expenditure are shown exclusive of VAT unless it is irrecoverable, in which case it is included. Funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose. Restricted funds are f unds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor. Financial instruments The charity only has financial instruments and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity does not currently have any bank loans. 23
St Bartholomew'5 Heritage Notes to the financial statements Year ended 30 April 2024 i.io Judgements and estimates In the application of the accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The trustees consider that there are no significant judgements or estimates in these accounts. 24
St Bartholomew's Heritage Note5 to the financial statements Year ended 30 April 2024 Income from donations and legacies Unrestrlcted Restrlcted Total Funds 2024 Total Funds 2023 Unrestrlcted Restricted Donations from individuals and corporations Donations from Trusts and Foundations Friends, membership donations 52,222 53,750 105,972 129,622 538,000 667,622 160,254 1,275,186 1,435,440 150,000 1,026.414 1,176,414 11,600 11,600 10,420 10,420 224,076 1,328,936 1,553,012 290,042 1,564,414 1,854,456 Income from other trading activities Unrestrlrted and Total Funds 2024 Unrestrlcted and Total Funds 2023 900th Anniversary Lectures and events Patrons, events Other 650 24,420 8,068 4,875 25 21.809 1,500 7,108 31,067 37,388 Cost5 of ralsing funds Unrestrlcted Restricted Total Funds 2024 Total Funds 2023 Unrestricted Restricted Fundraising services Printing costs Marketing costs Event costs 7,508 4,950 3,722 3,826 20,006 42,900 50,408 4,950 3,978 3,826 63,162 1,143 56,290 57,433 256 779 7,257 9,179 779 7,257 65,469 43,156 56,290 25
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Expendlture on charitable actlvltles Unrestricted Restricted Total Fund5 2024 Unrestricted Restricted Total Funds 2023 Design and project development Professional fees Staff costs Enabling works - see note 8 Office and sundry costs Governance and accountancy costs Total charitable activities 5,020 5,020 11,039 306,248 317,287 84,721 138,430 3,750 88,471 138,430 87,859 134,941 210,490 298,349 134,941 400,000 400,000 25,523 25,523 19,956 2,532 22,488 36,650 36,650 26,359 4,870 31,229 690,344 3,750 694,094 280,154 524,140 804,294 Breakdown of staffing cost5: 2024 2023 Wages Social security costs Pension contributions 136,321 10.185 4,833 151,339 112,909} 138,430 119,905 10,536 4,500 134,941 Less: capitali5ed staff costs 134,941 During the year, the average number of employees was two12023: one). One employee received total benefits within the £90,000 to £IOO,000 band12023'. £110,000 to £120,000). The charity operates a defined contribution pension scheme. 26
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Breakdown of governance, legal and accountancy costs: Unrestricted and Total Funds 2024 Unrestricted Restricted Total Funds 2023 Audit fee Accountancy fees Legal fees Trustee expenses 12,950 11.196 12,454 50 12,950 7.602 5,807 12,950 7,602 10,677 4,870 36,650 26,359 4,870 31,229 Legal fees relating to governance cost5 are shown in table above. No trustee received any remuneration during the period12023.. £nill. One trustee was reimbursed £50 for expenditure incurred on behalf of the Trust 12023: £nill. The trustees and the Chief Executive Olficer ICEOI are considered to be the key management personnel of the charity. The total employee benefits of the CEO for the period were £116,54512023.' £131,838). Office space is provided by St Bartholomew's Hospital. The value of this gift in kind 15 considered to be de minimis and therefore is not brought in to these accounts. 6a. Tangible fixed assets Assets Under Construction COST At l May 2023 Additions At 30 April 2024 1,566,144 1,566,144 DEPRECIATION At l May 2023 Charge forthe year At 30 April 2024 NET BOOK VALUE At 30 April 2024 At 30 April 2023 1,566,144 The fixed asset additions relate to ongoing restoration works to the Great Hall, described in more detail in the Trustees, Report. 27
St 8artholomew's Heritage Notes to the financial statements Year ended 30 April 2024 6b. Investments The charity purchased a £1 share IIOOOA of the share capital) of Barts Heritage Trading Limited. Barts Heritage Trading Limited has been dormant since its incorporation on 12 January 2024. Its registered number 15 15408608. Debtors 2024 2023 Trade debtors 40 21,600 32,658 VAT repayment from HMRC Taxation and social security Prepayments Other debtors 187,983 1,862 1,149 182,255 353,682 543,567 237,662 Other debtors relate to Gift Aid due from HMRC and one instalment of the National Lottery Heritage grant, and one donation received in early May 2024 that had been agreed prior to the year end. Credltors: amount5 falling due withln one year 2024 2023 Trade creditors Taxation and social security Other creditors Accruals 564,481 49,129 3,247 40,500 61,207 666,188 33.156 85,532 8b. Creditors: amounts falling due after more than one year 2024 2023 Enabling works - 2-5 years
5 years 160,000 160,000 320,000 Enablin works £400,000 was agreed to be paid to Barts N HS Trust to cover the cost of work previously undertaken by the NHS Trust (the enabling worksl to enable the charity to commence the project. This will be paid as £40,000 per year, starting from the 2023-24 financial year and for the next 9 year5. 28
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Commitment5 2024 2023 Capital commitment 3,823,858 This is the balance of the capital works contract with the main contractor. io. Operating lease There is an operating lease commitment with Barts NHS Trust at a peppercorn rent. Subject to clause 39.2 of our lease Barts Heritage may terminate its Lease at any time following the issue of the Practical Completion Statement a5 def ined in and issued in accordance with the Agreement for Lease by serving a Break Notice on the Landlord at least twelve months before the Break Date, ii. Movement on funds Current year Balance at IMay23 Balance at 30 Apr 24 Income Expenditure Transfers Unrestricted funds Designated funds: Fixed asset fund 407.326 271,012 1710,3501 132,0121 1,566,144 1,566,144 1,566,144 1,534,132 407,326 271,012 1710,3501 Balance at IMay23 Balance at 30 Apr 24 Income Expendlture Transfers Restricted funds Restoration project Main project (funded by National Lottery Heritage Fund) Main project (Matched funding) Community activities program Ifunded by CIL Neighbourhood Fundl Restoration of the Charter Window (funded by League of Nurses) Paul Mellon Centre 114,920) 855,578 146,6931 1793,9651 1772,1791 890,150 356,750 474,721 108,500 108,500 217,000 5,850 8,108 13,958 213 12131 1,004,713 1,328,936 146,9061 11,566,144) 705,679 Unrestricted general funds are in deficit at the year end because of the amounts payable by the charity, £400,000 in relation to enabling works (see note 81. This will be paid in 10 £40,000 instalments, starting in the current year. Payment of the f uture years is costed into the budget. 29
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Deslgnated Fixed asset fund To fund the depreciation in future years of the assets currently under construction. This represents the net book value of fixed assets at 30 April 2024. Restricted fund5 th The Restoration project is restoring the historic buildings dating back to the 18 and 19 centuries, including the Grade I listed Henry Vlll Gatehouse and North Wing. Within this project there is matched funding whlch can be used to fund any part of the project. There are also the following donations and grants which have more specific restrictions.. th National Lottery Heritage Fund Covid related support grant to assist the charity with the development of the restoration project. Paul Mellon To support the development of a conservation scheme for the North Wing. CIL Neighbourhood Fund To fund the community activities programme. League of Nurses To fund the restoration of the Charter Window. The transfer from the restricted funds to the Fixed asset funds represents the capital expenditure on the Assets under construction. 30
St Bartholomew's Heritage Notes to the financial statements Year ended 30 April 2024 Prevlou5 year Balance at IMay22 Income Expenditure Transfers Balance at 30 Apr 23 Unrestricted funds 365,468 331,191 1289,3331 407,326 365,468 331,191 1289,3331 407,326 Balance at IMay22 Income Expenditure Transfers Balance at 30 Apr 23 Restricted funds Restoration project Main project (funded by National Lottery Heritage Fundl Main projett Imatched funding) Community activitie5 program Ifunded by CIL Neighbourhood Fund) Restoratlon of the charter Window Ifunded by League of Nursesl Paul Mellon Centre 5,596 460,064 1480,5801 {14,9201 990,000 {99,8501 890,150 108,500 108,500 5,850 5,850 213 213 5,809 1,564,414 1580,4301 989,793 31
St Bartholomew's Heritage Notes to the flnanclal statements Year ended 30 April 2024 12. Analysis of net assets by fund.. Net current assets / liablllties Current year Tangible fixed assets Total Unrestricted income funds 1,566,144 132,0121 1,534,132 Restricted income funds Main project (Matched funding) Community activities program (funded by CIL Neighbourhood Fund) Restoration of the Charter Window (funded by League of Nurses) Restricted income funds 474,721 474,721 217,000 217,000 13,958 13,958 705,679 705,679 1,566,144 673,667 2,239,811 32
St Bartholomew's Heritage Notes to the financlal statements Year ended 30 April 2024 Net current assets / labilities Previous year Total Unrestricted income funds 407,326 407,326 Restricted Restoration project Main project (funded by National Lottery Heritage Fund) Main project Imatched funding) Community activities program Ifunded by CIL Neighbourhood Fund) Restoration of the Charter Window (funded by League of Nur5esl Paul Mellon Centre 114,9201 114.9201 890,150 890,150 108,500 108,500 5,850 5,850 213 213 989,793 989,793 1,397,119 1,397,119 13. Related party transactions During the year no trustees made donations to the charity12023'. seven trustees, £3701, A restricted grant of £20,000 towards the Restoration project was received during the year from the Childwick Trust, where C Maurice, a trustee of thi5 charity, is also a tru5tee12023.' £120,000). No restricted grants were received from a close family member of the Chief Executive12023'. one grant of £50,000). There were no other related party transactions. 33