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2023-03-31-accounts

Registered number: 09881148 Charity number: 1178526

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Chairman's statement 2
Trustees' report 3 - 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 26

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees J Spencer, Chair
T A Kemp
Dr S E Rawlinson
T Heathcote
J M Todd
D J Lowther
Lady L P McLoughlin
E M Page
A J Martin
V J Reeves
N D Calvert
(resigned 27 July 2022)
Company registered number 09881148
Charity registered number 1178526
Registered office Buxton Town Hall
Buxton
Derbyshire
SK17 6EL
Patron The Duke of Devonshire KCVO CBE DL
Executive director Stephen Owen to 31 July 2023
Simon Wallwork from 4 September 2023
Independent examiner Nicola Adams ACA DChA
BHP LLP
2 Rutland Park
Sheffield
South Yorkshire
S10 2PD

Page 1

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Although we at BCHT, along with the vast majority of the sector, have experienced another challenging year we have made progress on many fronts including visitor numbers, educational interventions delivered and income generation from the Pump Room.

In the post pandemic environment in which we are working fundraising, especially sponsorship opportunities, have been limited, both in terms of our internal resources and market availability. However, the Trust has been successful in securing a £241,000 Resilience Funding Grant from The National Lottery Heritage Fund for the next two years. Some of this has been allocated to providing additional resource and expertise to support the development of the Trust’s fundraising capacity.

Our visitor offer continues to be well regarded as this year we were awarded silver in VPDD annual tourism awards and maintain a positive succession of TripAdvisor reviews.

Sadly, in July 2023 we said goodbye to our CEO of two years Stephen Owen. Stephen has played a significant role in the development of the Trust, and we wish him well in his new endeavours. The Trustees would like to take this opportunity to thank Stephen for his efforts and commitment to the Trust. He will be missed. They would also like to thank the staff who have gone above and beyond in these challenging times for all their hard work.

A new CEO has been appointed by the Trustees. Simon Wallwork has taken up the post on 4 September 2023. He joins us from the Arkwright Society where he was CEO and Commercial Director.

Jennifer Spencer Jennifer Spencer (Sep 23, 2023 10:45 GMT+1)

J Spencer Chair of Trustees Date: Sep 23, 2023

Page 2

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the charity for the year 1 April 2022 to 31 March 2023 The annual report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Structure, governance and management

a. Organisational structure

The organisation is a charitable company limited by guarantee, incorporated on 15 November 2015. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. The charity is managed by its Trustee body, the Board of Trustees. This body meets up to 5 times each year and has 10 members. The responsibility for appointing Trustees to the Board rests with the Board. Trustees are appointed on the basis of an analysis of the current skills of the Board and the need to strengthen its ability to direct the affairs of the Trust and the individual ability of any nominee to meet any perceived gap in skills and other qualities they may bring to the Trust. The Trust runs an open process for the appointment of trustees based on the evolving work of the board and requirements of the charity. On appointment, trustees will receive an induction including information on their duties as directors of a charitable company. The inductions includes good practice guides for trustees, background on the charity including its annual report, financial statements and recent minutes. In November 2015 a trading company, the Buxton Crescent & Thermal Spa Heritage Trading Co Ltd was established and began to operate in October 2019.

b. Internal control

The Trustees have overall responsibility for ensuring that the charity has an appropriate system of financial management and other necessary controls that allow it to meet its charitable objects. They are also responsible for safeguarding the assets of the charity and to this end must ensure that reasonable steps are taken for the prevention and detection of fraud and any other irregularities. The Trustees accept that it is their responsibility to ensure that proper records are maintained and accurate financial information is collected and retained and that the charity complies with the relevant laws and regulations.

The charity’s Trustees recognise that whatever system is put in place it must manage identified risks rather than eliminating risk of failure to achieve the charity’s objectives and can only provide reasonable rather than absolute assurance in these matters.

Page 3

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

c. Risk Management

The Trustees have a risk management strategy which comprises:

A quarterly review of the principal risks and uncertainties that the charity face;

The establishment of policies, systems and procedures to mitigate those risks identified; and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

The uncertainty of effects of the Covid pandemic continued to be the biggest risk faced by the Trust during the financial year. The impact that the cost of living crisis is having on visitor numbers is now seen as a significant risk. The trustees are working hard to ensure costs are minimised during periods when income is reduced whilst attracting aid to support the future viability of the organisation.

d. Remuneration policy for senior staff

The Buxton Crescent Heritage Trust board meets quarterly and its trustees are responsible for the strategic direction and policy of the charity. A scheme of delegation is in place and day to day responsibility for the overall management of the service and operations to the Chief Executive Officer. Salaries and conditions are considered in the context of the local market having regard to the particular skills and knowledge required to manage a growing organisation in the charitable sector and in a commercial environment. Staff salaries are reviewed regularly by the board but there is no commitment to increase salaries or improve conditions, balancing affordability and the need to remain competitive. Indeed, as part of the HLF Culture Recovery Round Two grant, the Trust agreed to freeze all senior salaries for the next 18 months.

Objectives and activities

a. Objects

The charity’s objects (‘Objects’) are specifically restricted to the following:

The Trust currently delivers its charitable objects through access to the Pump Room and the educational material available to the public and talks, lectures and events. The Trust also runs the Buxton Crescent Heritage Experience: an interpretation visitor centre in Buxton’s Georgian Crescent and manage public access for 60 days to the Assembly Rooms within the Crescent complex.

Page 4

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

b. Operations

The Pump Room

The Pump Room is now established as the town’s Visitor Information Centre and features an excellent range of retail and refreshments. Local artisans and authors are central to the offer and retail revenue has continued to improve.

The Pump Room is a busy visitor centre during the day and then transforms into a small venue in the evenings where the charity runs a number of events focusing around a popular historic talks programme as well as offering the venue for hire. With support from The Bingham Trust, the Pump Room has been utilised by local community groups and charities at no cost, helping to showcase the venue and highlight its role in the community. The Pump Room hosted several Fringe shows as well as playing a vital part in the inaugural Georgian Derbyshire Festival.

Buxton Crescent Heritage Experience

The visitor experience situated in 9 rooms with the Buxton Crescent. It is a boutique attraction that reveals the story of a special spa town, the renowned water and restoration of the Crescent building. When the experience re-opened in June 2021, Covid restrictions meant all visitors had to hosted which limited visitor numbers. This has now been relaxed and visitors can choose to explore at their own pace or be guided. The Experience has gained excellent reviews resulting in receiving the TripAdvisor Travellers’ Choice Award as well as being recognised in the New Tourism Business category at the Visit Peak District & Derbyshire Tourism Awards, claiming a Silver award.

Heritage/Volunteering

The Trust has around 50 people registered as volunteers who we have re-engaged after the pandemic thanks to the excellent work of our new Head of Volunteering. We now have 15 volunteers trained as Experience hosts providing vital support to the running of the visitor attraction, several of whom can now deliver Premium guided tours. Volunteers receive regular updates and are involved in a wide variety of projects. We continue to recruit and are hoping to work with partners to offer more volunteer opportunities in 2023/24.

Education and Learning

The charity delivers its educational objects through talks, events, interpretation in the Pump Room and the visitor experience in Buxton Crescent. The education team has a range of high-quality curriculum-based workshops that can be booked by school groups. Local schools have helped in the development of the content by testing them with us. We have welcomed all local primary schools and are looking to improve our secondary offering in 2023/24. The Education team have purchased EYFS resources which has enabled them to improve their Early Years offer and have established a monthly Under 5 playful learning sessions that are regularly sold out. The team’s school holiday activities in the Assembly Rooms have regularly attracted over 300 attendees per day and our strong links with the Museum & Art Gallery continue to grow. The Trust are central to the High Peak Local Cultural Education Partnership (High Peak Bright Futures) and we hope to be further involved as these partnerships develop.

Events

The Pump Room is an ideal small venue for talks and events. We have hosted a range of heritage talks as well as helping provide a space for the community. We regularly host the HAZ Youth Board and Buxton Sparkles returned again for their annual lantern making evening which was superbly attended. The inaugural Georgian Derbyshire Festival was a success across the county and culminated in our Regency Ball, the first in Buxton for 200 years! The sold-out event raised vital funds for the Trust and Buxton Town Team, attracting attendees from across the country to the town. Another superb fundraising event in the Assembly Rooms was the 200 Years of Fashion evening with Hope House Costume Museum.

Page 5

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Friends

The Friends subscription scheme continues to work well with an excellent retention rate of subscribers. Benefits include priority booking to events and activities, updates and socials. The scheme will be relaunched in mid-2023 after the Community Engagement Manager has conducted some research and marketing as part of the Heritage Trade-up scheme which we successfully applied for. The Friends scheme will also have a corporate option in 2023/24.

Buxton Crescent & Thermal Spa Heritage Trading Co Ltd

Retail sales of local gifts, books and souvenirs have continued to improve in 2022/23 thanks to the work of our new Duty Manager and improved upselling from the staff. The addition of more local suppliers has been successful and the Pump Room’s drinks offer has expanded to include alcoholic beverages thanks to a Premises License (supported by a Pavement License which added further opportunity in summer 2023).

c. Fundraising Policy

The charity raises funds through its commercial activities, donations and Friends scheme. Funds raised through these activities are allocated to general funds, unless specifically restricted by an individual or organisation. Funding for specific projects may be sought via sponsorship, donations, local fundraising activities and events. The allocation and purpose of those funds is made clear to donors and funders at the time of contribution. The Buxton Crescent Heritage Trust has not used external, professional fundraising organisations or individuals to raise funds on its behalf. It ensures no fundraising activities it undertakes will exploit vulnerable individuals or intrude into an organisations or individuals privacy. The Trustees and management have received no complaints in relation to fundraising or expenditure of its funds and ensures the use of all funds is transparent and clearly allocated.

d. Public benefit

The Trustees confirm that they have given careful consideration to the Charity Commission's general guidance on public benefit. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The Trustees continue to be mindful of the requirement to deliver public benefit and look forward to delivering a wide range of activities in 2023/24.

Achievements and performance

a. Annual Performance Review

The Trust has had another challenging year, but the trustees were pleased with the progress made in this financial year. It has been pleasing to see income from retail, ticketing and events all increase against prior year. The Trust has continued to receive ongoing support from their main funders/sponsors which has enabled the charity to remain financially sustainable whilst planning for the future. The Trust’s new 3-year business plan is being delivered and promises to continue the growth that has started as well as allow the CEO to increase income from grants and sponsorship.

Page 6

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Financial review of the year

Total income for the year was £273,792 (2022:£273,916 ) and total expenditure was £299,057. (2022: £287,446). This resulted in net expenditure for the year of £25,265 (2022: £13,530). At 31 March 2023, total deficit funds and net liabilities were £162,604 (2022: £137,339).

b. Reserves policy

The Trust needs reserves to enable it to develop its long term aims as well as ensuring the continuation of current activities. As the visitor experience becomes fully operational it is the Trustees aim is to hold free reserves in cash to cover winding-up costs in the event the charity is no longer able to operate or the cost of losing a significant funding stream for a period of 3 months or the loss of a major sponsor for a period of 6 months.

In order to meet their responsibilities, the Trustees have reviewed the requirements and risks faced by the Trust both in the short term and medium term and recommend a minimum level of reserves be held at £10,000 with the target to increase to £30,000. It is the Trustees long term aim to establish free reserves up to this sum but until the trust is fully operational the level of reserves will be sufficient at £10,000. Free reserves are in a negative position at 31 March 2023. This position is funded by a loan from High Peak Borough Council of £250,000. Discussions are ongoing with the Council regarding the repayment of the loan, but it has been agreed that the repayments will now be deferred to March 2025.

c. Going concern

The Trust have continues to manages its finances carefully. Visitors numbers for the Experience, Trading in the Pump Room and attendance at events have exceeded expectations which gives the trustees confidence in the group’s financial performance in the future along with additional income generated once the Buxton Crescent is fully open.

The Trust took out a loan in 2019 from High Peak Borough Council to enable it to develop the new Visitor Attraction in the Crescent. In 2020 it was envisaged that income generated from the new attraction along with the events programme planned for the 60 days use of the Assembly Rooms would allow it to repay the loan over a 5-year term commencing in September 2022. As the effects of restrictions associated with the Covid pandemic has carried on longer than anticipated discussions, and together with a squeeze on personal spending but it has been agreed with the Council that the repayments will now be deferred until March 2025.

d. Plans for the future

The Trust has had another challenging year, but the trustees were pleased with the progress made in this financial year. It has been pleasing to see income from retail, ticketing and events all increase against prior year. The Trust has continued to receive ongoing support from their main funders/sponsors which has enabled the charity to remain financially sustainable whilst planning for the future. The Trust’s new 3-year business plan is being delivered and promises to continue the growth that has started as well as allow the CEO to increase income from grants and sponsorship.

Page 7

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Jennifer Spencer Jennifer Spencer (Sep 23, 2023 10:45 GMT+1)

J Spencer (Chair of Trustees) Date: Sep 23, 2023

Page 8

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

Independent Examiner's Report to the Trustees of Buxton Crescent Heritage Trust ('the charity')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the charity Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and 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.

Signed: Dated: Sep 25, 2023

Nicola Adams ACA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD

Page 9

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total Income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
Total
funds
2022
£
£
£
£
104,012
101,683
205,695
220,365
68,097
-
68,097
46,302
-
-
-
7,249
172,109
101,683
273,792
273,916
3,956
84
4,040
-
177,955
117,062
295,017
287,446
181,911
117,146
299,057
287,446
(9,802)
(15,463)
(25,265)
(13,530)
(172,215)
34,876
(137,339)
(123,809)
(9,802)
(15,463)
(25,265)
(13,530)
(182,017)
19,413
(162,604)
(137,339)

The Statement of Financial Activities complies with the requirements of an income and expenditure account under Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Page 10

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

Registered Number 09881148

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
16
Total net liabilities
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 2023
£
29,949
1

29,950
92,697
7,234
99,931
(42,485)
57,446
87,396
(250,000)
(162,604)
19,413
(182,017)
(162,604)		 2023
£
29,949
1

29,950
92,697
7,234
99,931
(42,485)
57,446
87,396
(250,000)
(162,604)
19,413
(182,017)
(162,604)
98,981
19,631		 2022
£
37,205
1
37,206




75,455
112,661
(250,000)
92,697
7,234
99,931
(42,485)		 118,612
(43,157)


87,396
(250,000)
(162,604) (137,339)
19,413
(182,017)		 34,876
(172,215)
(162,604) (137,339)

Page 11

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

Registered Number 09881148

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jennifer Spencer

Jennifer Spencer (Sep 23, 2023 10:45 GMT+1)

J Spencer

(Chair of Trustees) Date Sep 23, 2023

The notes on pages 13 to 26 form part of these financial statements.

Page 12

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Buxton Crescent Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling, which the functional currency of the charity and rounded to the nearest £. 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.

2.2 Going concern

The Trust has had to continue to manage their finances carefully this year due to the impact of the ongoing pandemic.

In 2019 The Trust entered into a loan arrangement with HPBC to enable it to develop the new Visitor Attraction in the Crescent. It was anticipated that the income generated from the new attraction along with the events programme planned for the 60 days use of the Assembly Rooms would allow it to repay the loan over a 5-year term. During the earlier phases of the Covid pandemic in 2020 it became apparent that the repayment schedule could not be met and it was agreed that repayments would start in September 2022. Whilst the attraction opened briefly for 2 weeks in October 2020 it then was closed until May 2021 with a significant reduction in expected income. The effects of the pandemic have continued longer than expected and HPBC have agreed that repayments will now be deferred to March 2025.

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees considered the level of funds held and expected level of income and expenditure for 12 months from authorising these financial statements and cash flow forecasts have been prepared to March 2025 which show that the charity has sufficient cash to operate.

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 13

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Covid Job Retention Scheme income is recognised in the period to which it relates.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 14

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Fixtures and fittings - 10% or 33% straight line Computer equipment - 33% straight line

2.6 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 15

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments 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.

2.11 Employee benefits and pensions

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 16

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Donations
Grants
Sponsorships
Total 2022		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
Total
funds
2022
£
£
£
£
5,578
-
5,578
2,110
29,684
101,683
131,367
178,255
68,750
-
68,750
40,000
104,012
101,683
205,695
220,365
115,060
105,305
220,365

4. Income from charitable activities

Visitor experience tickets
Events
Membership subscriptions
Hire income
Total 2022		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
Total
funds
2022
£
£
£
£
53,860
-
53,860
43,903
11,640
-
11,640
1,175
1,322
-
1,322
966
1,275
-
1,275
258
68,097
-
68,097
46,302
46,302
-
46,302

Page 17

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Other income

Coronavirus job retention scheme Restricted
funds
2023
£
-		 Total
funds
2023
£
-		 Total
funds
2022
£
7,249

6. Expenditure on raising funds

Other trading expenses

Trading Partners’ share of income
Cost of goods
Bank fees on income
Total 2023
Total 2022		 Unrestricted
funds
2023
£
964
-
2,992		 Restricted
funds
2023
£

-

84

-		 Total
funds
2023
£

964

84

2,992		 Total
funds
2022
£

-

-

-
3,956 84
4,040
-
-
-
-

Page 18

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Wages and salaries
Legal and professional
Repairs and maintenance
Computer costs
Depreciation
Marketing
Insurance
Business rates
Other costs
Governance costs (note 8)
Total 2023
Total 2022		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
Total
funds
2022
£
£
£
£
106,698
111,003
217,701
211,267
849
-
849
7,040
3,327
8
3,335
7,682
2,566
-
2,566
4,227
3,574
3,682
7,256
10,849
27,308
198
27,506
8,442
10,952
-
10,952
6,216
2,142
-
2,142
-
15,424
2,171
17,595
23,058
5,115
-
5,115
8,665
177,955
117,062
295,017
287,446
132,057
155,389
287,446

Page 19

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Governance costs

9.
10.		 Unrestricted
funds
Restricted
funds		 Total
funds		 Total
funds
2023
2023		 2023 2022
£
£		 £ £
Accountancy and independent examination fees
5,115
-
Total 2023
5,115
-
Total 2022
6,265
2,400
Net income/(expenditure)
This is stated after charging:
Depreciation of tangible fixed assets:- owned by the charity
Independent examiner's fee
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
The average number of persons employed by the charity during the year was as follows:		 5,115
-		 5,115 8,665
5,115
-		 5,115 8,665
8,665
2023
£
7,256
2,375
2023
£
208,862
6,204
2,635
217,701

2023
No.
16		 2022
£
10,850
2,240
2022
£
199,714
8,844
2,709
211,267
2022
No.
22

No employee received remuneration amounting to more than £60,000 in either year.

Page 20

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022- £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

12. Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Fixtures and
fittings
Computer
equipment
Total
£
£
£
114,591
4,907
119,498
-
-
-
114,591
4,907
119,498
79,392
2,901
82,293
6,030
1,226
7,256
85,422
4,127
89,549
29,169
780
29,949
35,199
2,006
37,205

Page 21

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Fixed asset investments

Investments in
subsidiary
companies
£
Cost
At 1 April 2022 1
At 31 March 2023 1
Net book value
At 31 March 2022 1
At 31 March 2023 1

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Class of Holding
number shares
The Buxton Crescent and Thermal Spa Heritage Trading Company 09907922 ordinary 100%
Limited
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
The Buxton Crescent and Thermal Spa 114,086 (113,879) 207 (27,695)
Heritage Trading Company Limited

The financial results of the subsidiary for the year were:

Page 22

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Debtors

Trade debtors
Amounts owed by group undertakings
Other taxation and social security
VAT repayable
Prepayments and accrued income
15.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
VAT payable
Accruals and deferred income		 2023
2022
£
£
9,760
2,842
77,913
89,391
1,116
-
-
1,388
3,908
5,360
92,697
98,981
2023
2022
£
£
4,253
1,988
-
3,237
19,160
17,932
10,754
-
8,318
20,000
42,485
43,157

16. Creditors: Amounts falling due after more than one year

Other loans

2023
£
250,000		 2022
£

250,000

Page 23

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds

Statement of funds - current year

Statement of funds - current year
Unrestricted funds
General Funds
Restricted funds
Bingham Trust
Heritage Lottery Fund
RPA - pump room refit
High Peak Borough Council
High Peak CVS
Zink Zink Apprentice scheme
Total of funds		 Balance at 1
April 2022
£
Income
£
Expenditure
£
Balance at 31
March 2023
£
(172,215)
172,109
(181,911)
(182,017)
-
5,000
(5,000)
-
12,321
92,260
(104,581)
-
22,555
-
(3,682)
18,873
-
750
(750)
-
-
540
-
540
-
3,133
(3,133)
-
34,876
101,683
(117,146)
19,413
(137,339)
273,792
(299,057)
(162,604)

Heritage Lottery Fund: development grant to support the Trust and its plans to develop the Pump Room and Visitor Experience and provide interpretation and access for the public. Through the Resilience fund it also supports the resilience and financial sustainability of the Trust through collaboration re: educational development and fundraising, marketing and skills support.

RPA: grants received to fit out the Pump Room as a visitor centre. Depreciation is allocated against the fund which is represented by the fixed assets of the charity.

Bingham Trust: to allow the Pump Room to be available for Community Use and Educational events for school children.

High Peak BC: grant from the Queen’s Platinum Jubilee Fund to support the Trust and its plans to develop the Pump Room and Visitor Experience and provide interpretation and access for the public.

High Peak CVS: grant by the Public Health Partnership Panel.

Zink Zink Apprentice scheme assisted the Trust in employing apprentice staff.

Page 24

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds (continued)

Statement of funds - prior year

Statement of funds - prior year
Unrestricted funds
General Funds
Restricted funds
Bingham Trust
Cemex UK
Heritage Lottery Fund
Arts Council
RPA - pump room refit
Groundworks UK
High Peak Borough Council
Zink Zink Apprentice scheme
Total of funds		 Balance at 1
April 2021
£
Income
£
Expenditure
£
Balance at 31
March 2022
£
(208,769)
168,611
(132,057)
(172,215)
264
-
(264)
-
4,654
-
(4,654)
-
21,645
89,910
(99,234)
12,321
3,250
-
(3,250)
-
55,147
(2,148)
(30,444)
22,555
-
1,000
(1,000)
-
-
2,668
(2,668)
-
-
13,875
(13,875)
-
84,960
105,305
(155,389)
34,876
(123,809)
273,916
(287,446)
(137,339)

Page 25

BUXTON CRESCENT HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds – prior year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
£
£
£
11,076
18,873
29,949
1
-
1
99,391
540
99,931
(42,485)
-
(42,485)
(250,000)
-
(250,000)
(182,017)
19,413
(162,604)
14,650
22,555
37,205
1
-
1
106,291
12,321
118,612
(43,157)
-
(43,157)
(250,000)
-
(250,000)
(172,215)
34,876
(137,339)

19. Related party transactions

The charity recharges costs to its trading subsidiary in relation to shared costs. At the year end, a balance of £77,913 (2022: £89,391) is due from The Buxton Crescent and Thermal Spa Heritage Trading Company and is included within debtors due within one year.

Page 26

Buxton Crescent Heritage Trust

Nicola Adams ACA DChA 2 Rutland Park Sheffield S10 2PD

Dear Ms Adams

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charitable company’s financial statements for the year ended 31 March 2023. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.

General

Assets and liabilities

Accounting estimates

Loans and arrangements

Legal claims

Laws and regulations

Related parties

Subsequent events

Going concern

Grants and donations

Yours faithfully

Jennifer Spencer Jennifer Spencer (Sep 23, 2023 10:45 GMT+1)

..............................................................................................................................

Signed on behalf of the board of directors

Date: Sep 23, 2023