CHARI REGISTRATION NUMBER: 1176137 Cresswell Pele Tower CIO Unaudited Financial Statements 31 August 2024
Cresswell Pele Tower CIO Flnancial Statements Yoar ended 31 August 2024 Page Trustees, annual report Independent examiner's report to the trustees ststement of financial activities Statement of financial position Notes to the financial statements The following pages do not fonn part of the financial statements Detailed ststement of financial activities 15 Notes to the detailed statement of financial activities 16
Cresswell Pele Tower CIO Trustees. Annual Report Year ended 31 August 2024 The trustees presenl thelr r8P)rt and the unaudlted ftnancial statements of the charity for the year ended 31 August 2024. R•fernnc• and admlnl$tratlve dètalls Reglstered charlty nam• Cresswell Pele Towar CIO Charlty reglstratlon number 1176137 Prlncipal office S St Bartholomews Close Cresswell Morp8th NE61 x Th• trusts•s D W Lodge B Mgad T Kirs RHa P Hood J Dodd K Rlchardson S TaWor R Akwel {Re5pJned 5 Decembgr 20231 {Aw)inted 5 Dècembw 20231 (Appointed 5 December 20231 (Wintgd 5 December 20231 (Appointed 5 December 20231 Indap•ndant •xamin•r Michael W Reed Russell House Greenwdl Road nwick Northumbertand NE66 1HB Structure. governance and management Govem8nc8 of the Charity is through 8 independent Trustees appointed for their skills, knowle(Ige and interest in the project that the Charity is seeking to delnier al the Pele Tower. Responsibilities are shared amongst the fruslees and where necessary independènt consultants and contractors are appointgd to support project delivery after approval by all Trustee8. Thera are no direct employees of the Charity. ObJ•¢tlv•s and a¢tlvlti The purposg of Crgsswdl Pele Tower CIO is the advancement of heritage and educatn. in particular through the restoration, preservation and promotion of the 14th ntUry Cresswell Pele Tower and adjacent 18th century walled garden.
Cresswell Pele Tower CIO Tru8tee$' Annual Report (contsnts•dJ Year endgd 31 August 2024 A¢hlevem•nts nd porfornMnc• Cres6wdl Pel8 Tower CIO suecè¥stully raised the Slgnificant funding requir to restor8 the tower to the highest stsndard appropnate for a Grade 11. historic trding. This has 8nabJ8d the low•r to be removod from Historic England's"Herttage 8t Risk" register. The Pele rtsr opgnèd to visitors in July 2021 and attraGts a respectat4e 5,000 - 6.000 visFtors per annum. 11 18 opened primarity on Sunday5 and Bank Holiday Mondays with additional op8ning limes during the peak summer holiday per1. In order to provide maximum attessibilty admission to the tower is Iree of charge although d¢ati0ft boxes have been strategicauy p05thoned to maximise income. In additlon to nomal opening the tower rJ also avaitable for group tours and educalion visit& These are on a charged-for basi$ to rw8e income to hdp sustain the tower. Face to face and online talks about the lower and adjacent walled garden are also given to numerous organisatlons in Northumberfand and elsewherè. CPTCIO'S Volunteer CooTdinatorlEvents Organiser d&livers o variety of events and activibès throughout the year vthi¢h ettract br)th new and repeat visilofs as well as new volunteeT¥. The Volunteer Coor(linatOT also Prepares and Issues Newsletters to kow Truslees. volunteers and the g•n8ral public Inform atr1 vknal is happening. As a result of the $uccess of the pele tower restoration proiecL CPTCIO derjded lo fvnd raise for the restor81ion of the adjacent walled garden. This was the last sufyéving remnant of what was OT4glnalty a 8 acre kitchen garden Compl Ihat wa$ d¢velop8d in the mid 18th ¢entyry lo support the Cyesswell Han ¢slat&. The ftsnding campaign was suc¢essfiJl thanks. primarity. lo the Heritage Lottery Fund. As a re8ull the dereiKt garden has been tran6foTmed inkn a wondorful community garden which was opened lo the put4ic on Ihe 2nd June 2024. The garden És free to visit and open throughout the year. Opening times and other infomayon reg8rding the 1tr4VW and walled gar(len 1$ avalable at https.'Ilcresswelpeletower.org.ukl None of the outstanding xhievements ouyined abwe vjuld have teen possible vAthout the contlnued commitmenl from ourevw-vAlllng vglyntsgrs and Tntrstaes for whJ¢h CPTCIO b extremety gratehjl. Flnnel41 rovl•w During th¢ year Cresswell Pele T(ywer CIO received irthme ty way grants to fund the gOIng improvements to the Tower sUits.9 in a dofecit of £19,999. The trustees. •nnu81 pOrt wo$ approved on 10 December 2024 and signed on behalf of the board of trustees by.. B Meaj Trust P Hood Trusteg
Cresswell Pele Tower CIO Independent Examlnerfs Report to the Trustees of Cresswell Pele Tower CIO Year ended 31 August 2024 I report to the trustees on my eXaMinatn of the financial ststements of Cresswell Pele Tower CIO I'thè charw) for th6 year andad 31 August 2024. Responsibilities and basis of report A8 the trustees of the charfty you are reskY)nsible for the preparauon of the ffftane4al statements in acc(dan¢6 w6th the requirements of the Charfues AGt 2011 {Ihe AGt'I. I report In respttl of my examination of the ch8riVs financial ststements carried out under section 145 of the 2011 Act and in carrying out my examlnalion I have fdlowed all the applicable Directions given by the Charity Commission under section 14515llbl of the Acl. Ind&pgndont •xamln•rfs SL•MOnt I have completed my examination. I confirm that no material matters have come to my attention in connectiorb the examination giving me Cause to believe that in any matarial r8spect: ac¢ountiNJ records were not kept in respect of the charity as required by section 130 of the Act.. or the financial statements do not accord th those records,. or thè financial statements do not comply with th8 applica8 requiroments concerning the fomi and wnlent of accounts set out in th8 Charities (A)Unts and Reports} Regulations 2008 other than any requirement that the accounts give a 'tru& and faiv view which Is not a matter con8Kl8red as part of an Sndependent examlnatlon. I have no ¢onc&ms and have como across ? other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper UnderstarIng of the accounts to be reached. Mlchael W Reed Independent Examiner Russell Hou8e GT88fbwall Road A]nwick NOrthuMbeand NE66 1HB 10 December 2024
Cresswell Pele Tower CIO Statement of Financial Activities Year ended 31 August 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Not• Incomo and ondowmants Donations and legacies Charitable activities 8,525 1,198 56,752 65,277 1.198 179,172 4,573 Total Income 9,723 56.752 66.47S 183.745 Expendltur• Expenditure on raising funds= Costs of raising donations arKI legacies Expernlilur& on charitable activities Total gxpondlturg {2.5741 10,757 113,3311 17871 72,356 (73,1431 13.3611 83,113 86,4741 <2,594) 55,634 (58,228) Not lexpondlturolllncome and not movament In fund6 13.6081 116.3911 (19.9991 125.517 Roconclllatlon of funds Total funds brought fOard Total funds ¢arrfed forward 7.471 3,863 20,857 )4,466 928.328 802.811 )8.329 928.328 The statement of fin8n¢i818ctivities indudes 811 gain$ and losses recognised in the year. Al income and expendllure derSve from contlnuing actlvtiles. Th• not•8 on pag•s 6 to 13 fomi part of th•s• )1nan¢lal stat•monis.
Cresswell Pele Tower CIO Statemènt of Flnanclal Posltlon 31 August 2024 2024 21y23 Flxed 888•ts Tangible fixed as$ets 13 843.751 865,844 Curr•nt a••¢ts Otbtor$ Cash at bank and in hand 14 51 68.981 53,196 60,426 113,622 69.032 Ct•dltorn: amount• f*lllng duo wlthln on8 yg•r Net ¢¥rvont assets 16 51,138 62,484 928,328 928.328 64.578 908,329 908.329 Tot41 a•uts1•4• ¢uYrnnt Ilabllltle• Funds ofthe ¢harlty Re$tricied fvnds unti7Cted funds 904,466 3,863 908,329 920,857 7,471 928,328 Total ¢harlty fund• 18 These firtrancial $ts1gments were approved ty the board of trttstees and guthorised for issue on 10 December 2024. and are signed on behalfof the board by.. Bme Trustee P Hood Trustee Thènotso on PqfP• 6 ts 13 fomi part ofthe•e finarKlal ot•tements.
Cresswell Pele Tower CIO Notes to th6 Financial Statements Year onded 31 August 2024 G•n•ral ififomiatitin The charity is a public benefrt entity and a registered charity in England and Walgs and unincorporated. The address of the pyincipal offic8 is 5 St Batholom8ws Close, Cresswell, Morpoth, Northumberland, NE61 5JX. I ststement of Compllancg These financial stslements have been prepared in ¢ompliance with FRS 102. 'The Flnancial Reporting Standard applKable in the UK and the Repu1¢ of Ireland,. the Ststement of Recommended Practice applicable to Cha1(e$ preparlng thelr accounts in accordance wlh the FancIal Reporting Slandarcl applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 1021) and the Charities Act 2011. Accounting poIici•s Basis ol preparntion The financlal statements have been prepared on the hlstodcal cost basis, as modified by the revaluation of certain financial assets arKI liabilities aTrJ inv8stmgnt prop9rtigs measured at fair value through income or expenditure. The financial statomonts ara wepargd in stgtling, which is the functional currency of the entity. Golng concorn There are no material uncertainties about the chartys ability lo continu8. Judgements and k¥y souru$ of •stlmatlon unurtalnty Th& preparation of the financial statements requlres management to make judgem8n15. estimatos and assumptions that affect the amounts reported. These estimates and judgements ar8 continually reviewed and are based on experfence and other factors. including expectations of ftjlure evonls that are believod to be reasonable under tho circumstances. Fund accounting Unrestricted funds are av7ilable fc* use at the discretion of the tru$tg9s lo further any of the charivs purposes. Deslgnated funds are unrestrlcted funds eamiarked by the truste8s for parbcular futuro prolect or commKment. Rgstrict8d funds are sut4'8cled lo restrictions on their expenditure declared by the donor or through the temis of an appe81. and fall into one of two SUa$se$. restricted income funds or endowment funds.
Cresswell Pele Tower CIO Noles to the Flnanclal Statements f¢onllnu•d) Year endod 31 August 2024 Accounting policies fMnithu•dJ Incoming resourcos Al income is included in the statement of finanryal activities when entitlement has passed to the tharity. it is probable that the economic benefits assoryatgd wth the transaction will Ilow to the charity and the amount can be reliably measured. The following specific pclicies are applied to particular categories of income: income from donallons or grants Is recognlsed when there Is 8vidence of enthlem8nl to the glft. receipt is probable and tts amount can be measured reliably. The grants whith rdates direcUy to th8 restoration project are recognised in Ine only véhen Ihe the costs have been incU0d. Whgr8 grants have been received prior to Cy)st being incufred. Ihey are recognised as a liability. -18gacy incomo is re¢ognis8d when relpt Is probable arKI enlrfement Trs established. - h)come from donate(I QdS is measured at the fair value of the goods unless this is impra81 lo measure reliably. in which case the value is erid from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the acc¢Junts when received rf the value can be rgliebly measur*J. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of seNc8s is rocognisgd wth delivery of th? contracted service. This is classthed as unrestricted funds unless thèrg is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case il may b8 regarded as restricted. R•sourc•s expond Expendiiure is recogni5ed on an acwals basis as a liabilty is incurred. Expendllure Includes any VAT which cannot be fulty recovered, and is classified under headings of th8 stst8ment of financral acllmtieg to which it relates.. exndItUre on ralslng fiJnds Includes the costs of all fundraislng actfvitles, events, non- charitable trading actwltigs. and th8 sola of donatgd gTh)ds. expendilure on charitable activities includes all costs incufred by a charity in undertaking activities that further its charitable aims for the benefrt of its beneflar1eS, including those supwrt costs and o)sts relating lo the governance of the charity apportioned lo charitable aotivthes. other oxpenditure includes all expenditure that is neither related to raising funds for the Gharity nor part of its expenditure on charitable activities. AJI costs are allocated to expendrbjre catsgories reftgding the use of the resource. Dlrect costs attributable to a single acbvity are allocatgd directly trj that activity. Share¢J costs are apportioned between the actiMkne$ Ihoy contribute tr) on a reasonable, juStable and consistent ba51S. Tanglblo assgts Tan9ible assets are initially recorded at cost. and subsequenuy stated 81 5t less any accumulated (leprecSaUon and impaimient108ses. Any tsnglble assets carrièd al revalued amounts are rgcr)rded 8t the fair value at the date of revaluation less any subsequent accumulated depreciation and subseq¥Jent a¢CumSted impairment losses.
Cresswell Pele Tower CIO Notes to the Financial Ststements {nIb¥¢I} Year ended 31 August 2024 countlng pollcles (¢ontlnu8dJ Tanglblo assots An increase in the caryng amojnt of an assel as a resLdt of a revaluati(. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previ¢xtsly been recognised as expendrture within the slalement of financial aclivilifjs. A decreas8 in tha ¢arying omount of an asset as a result of revaluation, is recognised in other recognised gains and 10ssgs. excepl lo which it offsets any previous revaluatson gain. in which case the loss is shown withln other recognised gains and losses on the slalemenl of financial activities. Depreclation Depreciation is calculated so as to vrrite off the coyt or valuation of an asset.loss its r85idual value, over the useful economic life of that asset as foll¢)WS'. Equipment Leasehold improvement 20% reducing balance 40A straight line Impalmi•nt of flxod a8s•ts A rewew for Indicators of Impaiant Is cafflgd out al each reportlng dale. wlih the recoverable amount belng estimated whore such indicators exist. Where the caing value exceed5 the recoverable amount, the asset is impaired accordingly. Prr impairments are also reviewed for P055ible reversal at each reportin9 dale. For the purposes of impairment testing. wh8n il is not possible to 8slimate th8 recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to Ich the asset belongs. The cash-generaung unit Is the smallest identifiable group of assets that Includts th8 asset and generates cash Inflows that largely irKlepend8nl of the $h inflows from othgr assets OT groups of assets. For imp8irm8nl testing of gocrfjwll, the goodwill acquired in a business combination is. from the acqulsllon dale, allocated to each of th8 CaSheneratIng unlts that are expected to ben8fit from the synergies of Ihg combination, irr8spective of whether other assets or Ilabllttles of the cherty are as5ignod to those units. Flnan¢lal Instrum•nts A financial asset or a financ4al liability is recogrkbsed only whgn the ¢harity becomes a party to contractual provisions of th8 instrument. Baslc financial inslrumenls are Initially recogNsed al the amount receivable or payable including any related transaction costs. Current assets and cutrenl liabilitigs are subsequentty measured at the cash or other consld8ratlon expected to be pald or received and not dlscounted. Debt instruments are subsequently measured al am¢)rtised cost. Where investments in shares are publrcly traded or their fair value can otherwise be measured reliably, the Investment Is subsequently measured al fair valua with changes in fair value recognised in income and expenditure. All othor such investments are subsequently measured at cost less Impalrment.
Cresswell Pele Tower CIO Notes to the Flnanclal Statements IndlO) Year ended 31 August 2024 Accountlng poll¢hs {eonllnu Flnanclal Instrum•nts (condnuod) Other financial instruments. including derivatlves. aro inthally recognised al falr value. unless payment for an asset is deferred beyond nomial business terms or financed at a rats of inteiest that is not a market rate, in which case the asset is measured at the present value of the futu payments discounted at a market rate of interest for a similar debt knstrument. Other flnanclal Instruments are subsequenfjy measured al falr value, wlth any changes recognlsed In the statement of financl81 8cllvlle8. Wrth the eXCepOn of hedglng Instruments trb a deslgnated hedging relationship. Financial aets Ih8t arg measured al cost or 8mortis8d cost ar8 rwewgd f(* objective evidgnce of Impaimienl at the end of each reporting dale. If there is objective evKlence of impairment, an Impairmènt loss is recognised under the apprLwfrdle h68ding in th& stalem8nt of fir)ancial activities in whlch tho Initial gain was rognIs9d. FCK all equlty instruments regardless of signrficance, and other financial assets that are hdNldually significant, these are assessed individualty for impairment. Other financial assets are either assessed indivK1ually or groupad on tha basis of similar crodil risk charactsrisli¢s. Any reversals of Impaim)ent are recognised ImmedS8lely, to the extent that the reversal does not result in a carrying amount of the financial as5el that exceed5 what the Carng amount would have been had the impaimient not previousty been recognised. Donatlons and 19ga¢lg$ Unre8trlcled Funds Reslricted T¢tal Fund6 Funds 2024 Donatlon• DOneOn3 8.525 8.525 Grants Grants receivable 56,752 56,752 56,752 65,277 8.525 Unrestricted Funds Restricted Total Funds FurKIs 2023 Donatlons Donations 6,400 6,400 Grants Grants receivable 172.772 172.772 172.772 179,172
Cresswell Pele Tower CIO Notes to the Flnanclal Statements (contltrNMtlJ Year ended 31 August 2024 Charltablo a¢tlvFtI•s unrtrIcted Total Funds Unrestricted Total Funds Fundy 2024 Funds 2023 Books Hire and events Plant sales 511 354 333 511 4.573 4,573 333 1,198 1,198 4,573 4,573 Costs of ralsing donations and1ogaci•s Unrestricted Funds Restricted Total Funds Funds 2024 Costs of raising donatien5 arKI legacies 2,574 787 3.361 Unrestricted Funds Reslrfcled Totsl Funds Funds 2023 Costs of rdising donations and legacies 31 2.563 2,594 Exp•ndlturo on ¢harltabl• actlvitt•$ by fund typ• Unreslrthd Funds Rostricted Total Funds Funds 2024 Activity Support costs 9,211 1.546 72,356 81,567 1,546 10,757 72,356 83,113 Unrestricted Funds Restricted Total Funds Funds 2023 Activity Support costs 2.961 1.153 4.114 51.520 54,481 1,153 55,634 51.520 Expendlture on charltable actlvtties by activty typ• Aclivtbes undartaken direcly Support costs Total fund$ 2024 Totsl fund 2023 Activity Govemance costs 81,567 81.567 1,546 83,113 54,481 1,153 55,634 1.546 81,567 10
Cresswell Pele Tower CIO Notes lo the Financial Statements (¢oniittu•d) Year ended 31 August 2024 N•t I•xpondtturollln¢omg Nel lexpgndilureyin¢omo is stsled after charging1lcr¢dilgl. 2024 2023 0gpr8ciation of tangible fixed assets 42,708 39.576 10. Indop•ndont examination fws 2024 2023 Fees payable lo the independent examiner for: llld8perMlenl examination of th8 finan¢ial $tat8ments 940 11. Staff costs The average heatl count of emph)yees durfng the year was Nll12023: Nill. No employeg re1V¢d omployee benefits of moro Ihan £60,CQO during the year {2023: NII}. 12. Trustse r•mun•ratlon ond exp•n$•s During the year £1,970 {2023:£5,250)was paid to B Mead for Development consultancy $8rvic8$ at market rate. During the year £6,672 (2023.. £5,764) was paid to S R Solutions NE Ltd a company in which D Lodge Ss 8 dlreclor at mat1(et rate. 13. Tanglbl8 fixod ass•ts Fixtures and Leasehold fIng$1mpr0vQMents Total Cost Al 1 Sfjptember 2023 Addltlons 19.871 407 977.158 20.208 997.366 997.029 20.615 1.017.644 At 31 August 2024 Daproclatlon Al 1 Septsmber 2023 Charge for the year At31 August 2024 Carying amount At 31 August 2024 Al 31 August 2023 20.278 6.186 2.813 124.999 39,895 164,894 131,185 42,708 173,893 8.999 11,279 13,685 832.472 843.751 852,159 865.844 11
Cresswell Pele Tower CIO Notes to the Flnanclal Slatem•nts (conllnu Year ended 31 August 2024 1& Lhbtors 21)24 2023 Trade doblors Other debtors 46.833 6,363 53,196 51 51 15. crltors. amounts falling due wlthin on8 y•ar 2024 2023 Trade creditors Accruals and deferred income 3,589 865 50,273 4.454 51,138 16. Analysis of Charitable fun Unrestrlctod fvnds 1 September 2023 Income Expenditure 31 Ayqu¥t 2024 Unrestrted fund - General fund5 7.471 9,723 13,331) 3,863 1 September 2022 Income Expenditure 31 AUSt 2023 Unr9strictgd frjnd - Gongral fvnds 10,973 14.145) 7.471 Restrlct•d funds At I September 2023 Income Expenditure 31 August 2024 Reslricted fund 920.857 56.752 {73,1431 904,466 At 1 Septemb8r 2022 At Iorne ExpenditUfO 31 AwuBt 2023 Restrfcted fund 802.168 172,772 {54.0831 920.857 12
Cresswell Pele Tower CIO Notes to the Flnanclal Statements iGonllnu•d) Year ended 31 August 2024 17. Analys1$ of net ass•ls b•tw•w funds Unrgstriclod Funds R&slric19d Total Funds Funds 2024 Tanglble fixed assets Current assets Crgditors less than 1 y8ar N•t ass•ts 11.279 832,472 71,994 843.751 71.994 {7.4161 908.329 {7.4161 3.863 904,466 Unrestricted Funds R8s1ricted Totsl Funds Fund$ 2023 Tangible fixed assets Current assets Crodllor51gss than 1 yoar Net asuts 865,844 105,217 (50.2041 920.857 865.844 113.622 151.138) 928.328 8,405 19341 7.471 13
Cresswell Pele Tower CIO Managem•nt Infomiatlon Year ended 31 August 2024 The following pagos do not fomi part of the financial $tatom•nts. 14
Cresswell Pele Tower CIO Detailed Statement of Financial Activities Year ended 31 August 2024 2024 2023 In¢om8 and endowmgnts Donatlon8 and legacles Donations Grants receivable 8.525 56.752 6,400 172.772 65,277 179,172 Charltsbl• adlvltl*s Books Hire and evonts Planl sales 511 4.573 333 1,198 4.573 Total Income 66.475 183,745 Expenditure Costs of raising donatlons and legacles Purchases FTaISing expenses 2.574 787 31 2.563 2,S94 3,361 Expendltur• on charltablo actlvltl Rent Volunteer coordinator costs Training Insurance Publicty Local projects Legal and professional fees Mintenance and gardenir•J Other offico costs Depreciallon Volunteer expenses and other Sundry costs Administration services 69 5.741 25,086 224 6.856 663 3,077 1,546 2,160 178 42.708 418 142 6,869 1,011 1.153 646 171 39.576 342 83,113 55,634 Total expendlture 86,474 58,228 Nel {ewndltur¢inncome 119.9991 125.517 15
Cresswell Pele Tower CIO Notes to the Detalled Statement of Flnanclal Actlvlties Year ended 31 August 2024 2024 2023 Costs of ralslng donatlons and lega¢les Books Fundraising exepenses 2.574 787 31 2,563 2,594 3.361 Costs of rnlslng donatlons and1oga¢los 3.361 2.594 Expendlturo on charltabl8 actlvltl88 ivlty A¢tlvltle$ undwtskon dlrn¢tly Ral8S Volunteer crdinal0r costs Tralnlng Insuran Publicity Local projects Maintenance and gardenSng Bank charges Depreciation Volunl8er expanses and other sundry costs Adminislralion 8eNces 55 25,086 224 6,856 663 3,077 2.160 178 42,708 418 142 69 5,741 6.869 1,011 171 39,576 342 81,567 54,481 Gov•manco costs Govemsnco costs- accountancyfees 1.546 1,153 Expenditure on charltable actfvltle$ 83,113 55,634 16