OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Registered Charity Number: 201845

ABBEY LAWN TRUST

ACCOUNTS 31 March 2023

C O N T E N T S

Page REFERENCE AND ADMINISTRATIVE DETAILS DIRECTORS OF THE TRUSTEE COMPANY’S REPORT 2-9 STATEMENT OF DIRECTORS OF THE TRUSTEE COMPANY’S RESPONSIBILITIES 10 INDEPENDENT EXAMINERS’ REPORT 11 INCOME AND EXPENDITURE ACCOUNT 12 BALANCE SHEET 13 NOTES TO THE ACCOUNTS 14-26

ABBEY LAWN TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

The Charity’s only Trustee for the year was Abbey Lawn Trustee Company Limited.

Directors of the Trustee Company

The following directors held office during the year:

John Yorke John Comins Faith Hallett Matthew Darby Justin Meath Baker

Registered office

41-42 Church Street, Tewkesbury, Gloucestershire, GL20 5SN

Charity number 201845

Accountants Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Bankers Lloyds Bank Plc 19 High Street Tewkesbury GL20 5AW

Solicitors Thomson & Bancks LLP 37 High Street Pershore Worcestershire WR10 1AH Land agents Fisher German LLP Global House Hindlip Lane Worcester WR3 8SB

Investment Advisor

Jane Newman Financial Planning Ltd. 10 St. Andrews Road Droitwich Worcestershire WR9 8DN

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY

The Directors of the Trustee Company present their report together with the accounts for the year ended 31st March 2023. The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Statement of Recommended Practice: Accounting and Reporting by 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 and the Charities Act 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is an unincorporated charity, first established by a Trust Deed dated 2nd September 1940, when various lands and buildings close to Tewkesbury Abbey, which were considered to be under development threat, were donated to the first Trustees to ensure their preservation. This Trust Deed was replaced by a scheme of governance ordered by the Charity Commission dated 9th August 2005 (Commissioners’ Case Number 344698). Under the terms of the scheme, a newly formed company, The Abbey Lawn Trustee Company Limited, became the Trustee of the Charity. The former Trustees of the unincorporated Charity served as the first members and directors of the new company.

Under the terms of the scheme of governance, the title to the land which had previously been held in the names of the individual trustees was transferred to the new Company as Trustee to be held in trust for the Charity. The directors of the Abbey Lawn Trustee Company Limited are appointed by the board of directors.

Under the terms of the Articles of Association, new directors are appointed by the existing directors in their capacity as both directors and as the only members of the company. New directors are briefed on their legal obligations under charity and company law, the Charity Commission’s guidance on public benefit, the objects of the charity and how they are achieved, the decision-making process of the board, the recent financial performance of the company and its future prospects.

The Directors of the Trustee Company met formally in April, July and August. E-mail exchanges kept the directors regularly in touch.

OBJECTIVES AND ACTIVITIES

A summary of the purposes of the Charity, which are set out in full in its Scheme of Governance, is as follows:-

The main activities undertaken to achieve the purposes of the Charity are highlighted below in the section on Public Benefit.

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

PUBLIC BENEFIT

The Trust’s inalienable endowment comprises donated land and buildings close to Tewkesbury Abbey which it has a duty to preserve for the benefit of the public and future generations. Having regard to the Charity Commission’s guidance on public benefit and in line with its objectives summarised above, the Directors of the Trustee Company make the following statement.

The Land

The land preserved by the Trust forms part of a scheduled ancient monument of national importance comprising Tewkesbury Abbey and its precincts. It includes the Abbey Lawn gardens to the east of the Abbey itself, which are maintained at the Trust’s expense as a park for the benefit of the public with free access during daylight hours for 365 days a year (objective c). It also includes the Abbey meadow, comprising some six acres to the south of the Abbey itself, which is open at all times to the public for amenity use and is particularly welcomed by dog walkers. Signs indicate accessibility and opening times as appropriate. Paths, benches and signs encourage access and informal use. The service road at the rear of the Church Street properties is open at all times and the adjoining secret garden is open to the public during daylight hours.

The Buildings

The buildings preserved by the Trust are, with one exception, all listed by English Heritage as being of historic and architectural importance, the great majority being listed as grade I. They include arguably the oldest surviving medieval English uniform town development in the form of a continuous slightly curving terrace of 17 timber framed houses and former shops. They comprise No’s 34 to 51 Church Street and stand along the northern edge of the old monastic precinct. Dendro-chronological tests carried out in 2021 have pointed to a building date in the second decade of the 15[th] Century. They are thus of considerable architectural interest and, from the Abbey rent roll of 1540, it appears that they were built by the monks and let to tenants as a speculative development.

The Trust also owns the 15[th] century stone gateway to the former monastery complex to the west of the Abbey together with the adjoining 14[th] century stone tithe barn. At least two external elevations of nearly all these buildings are visible for the benefit of the public at any time from highways, rights of way and other accessible land. The interiors of two are also regularly open for the benefit of the public, comprising the John Moore Countryside Museum at 41 Church Street and the Little Museum, a restored medieval merchant’s house at 45 Church Street. Interpretative information on the restoration and conservation of the medieval range is displayed at both properties (objective b). The museums are advertised on car park tickets, tourist information signs, the Charity’s website and in appropriate publications, including brochures and educational circulars as well as local and national guide books.

With the help of our land agent, we regularly monitor the condition of the important listed buildings under our care and take appropriate action to ensure repairs and maintenance are carried out for their preservation and protection (objective a).

The Countryside Museum

The Countryside Museum was originally founded as a memorial to the life, work and writings of a Tewkesbury-born writer, journalist and early conservationist, John Moore (b.1907, d.1967). This museum aims to benefit the public by educating them in the importance of wildlife conservation and in the knowledge of English natural history with particular reference to the region centred on Tewkesbury. The museum has displays of local wildlife, including some important taxidermist exhibits, and traditional local agricultural and craft tools together with associated interpretative panels. It has an active outreach programme both to local schools and organisations such as the WI, with loan collections available as a resource for teaching. Occasional special events are held and special exhibitions mounted (objective b).

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

PUBLIC BENEFIT (continued)

The Little Museum (The Merchant’s House)

The Little Museum aims to benefit the public by illustrating the timber frame construction techniques used in the erection of the Trust’s main range of medieval buildings and has been laid out with copies of period furniture and household goods to illustrate its original internal use. Talks and historical reenactments are periodically held there, which provide a useful educational resource for schools covering either local history or the Tudor period in their curriculum. Adult groups such as local branches of the WI and the University of the Third Age are also enthusiastic visitors.

Our two museums have a dedicated staff of 2 who, together with a loyal number of volunteers from the local community, run them for the benefit and education of the public. They provide a range of educational activities in-house and offer outreach services to local children and adults. They also provide and manage an informative and regularly evolving website about the museums and their services (objective b).

The Old Baptist Chapel

This chapel is described in the Buildings of England (ed. Pevsner, 3[rd] edition, publ. 2002) as ‘a remarkable survival, hidden in a narrow alley off Church Street, redolent of early clandestine nonconformist meetings. It is timber framed, originally a three-bay hall house of circa 1475, probably formally converted to a chapel soon after the Act of Toleration in 1689’. A dendro-chronological test has dated its timbers as having been felled in 1458. Its fine present white painted, wood panelled interior dates from the early 18[th] century.

The assignment to the Abbey Lawn Trust of the unexpired balance of the existing 99 year lease of the Old Baptist Chapel from the Baptist Church Trustees to Tewkesbury Borough Council was completed in April 2016. We benefit the public by opening it and by adding this important grade 2* listed property to our portfolio of buildings in Tewkesbury to be preserved (objective a). Story boards and exhibits illustrate and educate the public in the history of non-conformism in Tewkesbury (objective b). It is also available for hire as a venue for concerts and art exhibitions and thus adds to the facilities available to Tewkesbury’s residents and visitors.

The Remaining Properties

The remaining properties are occupied by tenants or licensees and their interiors are not generally accessible by the public. However, the Abbey Gate House is leased to the Landmark Trust, which has created a holiday cottage out of the medieval chamber over the gate. This can be enjoyed by the public through the Landmark Trust’s cottage rental programme.

The interiors of the properties, which are not open to the public, for the most part comprise small residential housing units, not exceeding two bedrooms. A policy of access by the general public is therefore impractical, except in the instances listed above. There is an obvious requirement that the tenants be permitted to enjoy peacefully the properties that they rent at open market rates. Any annual surpluses of income from these lettings is set aside for financing the periodic necessary expenditure to preserve the properties for the benefit of the public in the long term (objective a). The matter is addressed in detail in the subsequent section in this report dealing with the Property Refurbishment Fund.

The north half of the Almonry barn is licensed for use as storage for the Abbey authorities at no charge.

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

PUBLIC BENEFIT (continued)

Car Park

We provide a pay and display car park, strategically located to the east of Tewkesbury Abbey, a building of international importance and Tewkesbury’s principal tourist attraction. The public benefit of this parking facility adds to the ease of access to the Abbey and is at present free on Sundays.

Donations

We made no donations in the year.

ACHIEVEMENTS AND PERFORMANCE

Museums and Old Baptist Chapel

Last year our museums and the Old Baptist Chapel reopened to the public in July following the end of Covid restrictions. Our museum staff also restarted their lectures to small interested groups and their popular school tours of our heritage sites and museums. The Old Baptist Chapel resumed holding concerts and events last autumn for the benefit of Tewkesbury residents. There were no restrictions on our operations in the current year. It was a great relief to be able to resume working towards our objectives.

After over 30 years of loyal service as curator, Simon Lawton stepped down to be replaced by Kirstie Bingham, who had joined the museum as his assistant two years earlier. Simon lives locally and has stayed on part time to help Kirstie familiarise herself in her new role, which she has filled admirably. She has been very active in setting up an ambitious outreach programme which has resulted in a significant increase in lecture and school visit fees. She has also improved some of the museum displays to great effect.

Let properties

A very full programme of repairs was carried out, which included badly needed work to 50 and 51 Church Street. This involved repairs to the rear exterior, repainting the exterior and attention to the roof. The need for this work unfortunately arose because previous tenants had failed to meet their obligations under the full repairing lease and we were left with a serious backlog of work. We also took the opportunity of modernising the guardian’s self-contained flat in No 50, which was also repainted and recarpeted. Our new curator then moved in to ensure continuing occupation of what would otherwise been two large empty properties.

Refurbishing the commercially let offices at 34 – 36 Church Street also involved us in significant costs, despite the somewhat poor return we receive when compared to residential rents.

FINANCIAL REVIEW

Net incoming resources. This year we incurred a very serious deficit of £67,362 (2022 – deficit of £55,148), It should be borne in mind that this deficit is arrived at after charging depreciation of £23,195. So, our cash expenditure for the year exceeded our cash income by £44,167. This is almost entirely attributable to the very high expenditure on properties which totalled £141,948 (2022 – £115,327). This deficit was considerably worsened by the loss on revaluation of our investments totalling £37,037 (2022 – profit of £808) to make an overall deficit of an unacceptable £104,399 (2022 – deficit of £54,340).

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

FINANCIAL REVIEW (continued)

Property Income

Our rental income continued to improve by a modest £8,150 to £134,438 (2022 - £126,288). This continues to be somewhat disappointing as building repair costs have probably increased at a rate of some 20%. We continued to suffer from voids in commercial properties, which adversely affected the result. However, residential properties remain in demand and rental income is now running at a rate of £140,000 pa following successful re-lettings, which included re-letting 34 – 36 as office for a local firm of solicitors.

For the very first time our property account shows a net loss of £7,510 (2022 - net profit of £10,961). Two factors have contributed to this unsustainable position. First, repairs and renewals have significantly increased by 19.6% - to £70,074 (2022 - £ 58,604) reflecting more that had to be done, using builders whose charges have increased. Secondly, the cost of insurance also increased by 43.8% to £20,542 (2022 - £14,288) following a re-assessment of rebuilding costs by our land agents and a higher premium rate, following a change in personnel at our local NFU Mutual branch.

A very careful approach to further repairs on our properties is now in place and the 2023/24 results should return to profit.

The Car Park has continued to be a satisfactory source of profit. Income has increased by 21.4% to a record of £66,461 (2022 - £54,734). Expenses increased modestly, so the net Car Park surplus rose by 33% to £33,292 (2022 - £24,977). We propose to introduce Sunday parking charges shortly which should increase future car park surpluses.

The Museum’s deficit for the year has slightly fallen for the second year running to £66,416 (2022 - £68,126). Entrance and attendance fees have increased by 10% to £10,920 (2022 - £9,931). The income from talks and outsourcing continues to increase, although museum staff costs will rise significantly for 2023/24.

Investments.

In line with world stock markets, we have seen a very disappointing fall of £37,037 in the value of our equity and bond holdings. One American equity unit trust run by Baillie Gifford fell in value by £14,319 (29.7%) to £33,885. There is some comfort that no such loss appears to be developing to date in 2023/24. We are considering switching investment advisors and our investment platform to save on advisory and service charges. Our policy of not being fully invested in equities has saved us from a worse fall. Our structured products valued at £102,767 have a redeemable maturity value of £110,000 and our COIF charity Investment account presently holds £62,000 earning 5% which should yield interest of £3,100 (2023 - £845). As a result, our total investment income for 2023/24 should show a material increase to some £13,750 (2023 - £10,646).

Overview.

Despite the fall in our total funds of £104,399 in 2023 and of £54,340 in 2022, we should remember that we did achieve a £115,849 gain in 2021, so averaging the results of the last three years, only shows a average deficit of some £14,000 per year. The board have now identified certain savings and a decision to push up car parking receipts will be introduced. Taking these into account, the projected results of 2023/24 show a cash break even position albeit a small annual accounts deficit. We have experienced positive cash flow in the half year to date, which is encouraging. The directors were therefore able to resolve that in their opinion there were no doubts that the charity remains a going concern.

Our heritage assets cannot be sold and, as a result, are shown in these accounts at cost rather than at market value (see note 10). It is of some interest that a recently commissioned report of their replacement value for insurance purposes totalled £16,400,000 – an increase of £4,400,000 over the last four years.

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

FINANCIAL REVIEW (Continued)

Properties refurbishment fund (designated fund)

The Charity’s continuing and recurring obligations to repair, maintain, insure, preserve and improve the inalienable historic land and buildings in its care cannot always be entirely funded in the year that they are incurred. A contingency fund is required for unpredictable, irregular, substantial and often very expensive repairs to roofs, structural timbers and other major elements of the buildings - repairs that might not arise as a consequence of insurable perils such as fire, storm and flood, and thus may fall to be carried out entirely at the Trust’s expense.

Moreover, significant resources are needed to fund a rolling programme encompassing those major works of maintenance, renovation, preservation, refurbishment or enhancement that can to some extent be planned, making the most of the inevitable void periods to upgrade the properties and to reduce the risk of emergency repairs in the future.

Although identifiable projects and indicative figures are taken into account in the Charity’s financial planning, the Directors of the Trustee Company do not formally allocate specific portions of the designated fund to defined schemes, as it is not always possible to predict with any confidence when they will be implemented or what the costs might be. The Directors hope to be able to continue building up the designated fund by means of annual operating surpluses. However, due to the deficit incurred in this year, we have had to reduce this designated fund by £78,043. At the year end the fund stood at £510,960 (2022 - £589,003)

The reinstatement value of our buildings for insurance purposes totals some £16,400,000. This high figure reflects the fact that all our properties except one, are listed as architecturally important, the very great majority being given grade 1 status. They comprise two medieval stone buildings, two residential houses of traditional brick or stone construction, the Old Baptist Chapel (converted from a late medieval timber framed hall house) and the remaining 17 medieval terraced cottages of timber frame construction with brick infill. Thus, they inevitably tend to be very expensive to repair. The value of the properties’ refurbishment fund at the year-end of £510,960 represents a mere 3.11% of this high rebuilding cost. The directors consider this fund needs to be increased to closer to 5% of the rebuild costs to be adequate.

Reserves policy

The Directors of the Trustee Company have adopted a policy to maintain general unrestricted income funds (taking one year with another) at a level of about £20,000 at current prices, effectively as ‘working capital’. The Directors keep the policy under review and monitor its application on an annual basis. At the year-end these funds stood at £20,000 (2020 - £20,000).

Reserves of £849,825 (2022 – £954,224) include unrestricted funds of £20,000, designated funds of £528,297, restricted funds of £71,082 and permanent endowments of £230,446.

The permanent endowment fund represents the endowment of properties held primarily for the purpose of fulfilling the Charity’s objects of conservation and environmental improvement, in addition to a small investment. The restricted fund represents amounts received in the current and previous years, which the donor or the grantor specified should be used for the benefit of the John Moore Countryside Museum or the Old Baptist Chapel. At 1[st] April 2022 the balance on the restricted fund for the John Moore Museum totalled £144,446. During 2022/23 the board decided that the significant losses over recent years incurred in running the museum should be written off against this fund rather than being charged to unrestricted funds. Hence this fund was restated in these accounts at nil at 31[st] March 2023, the balance on it being transferred to unrestricted funds.

ABBEY LAWN TRUST

REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued)

FINANCIAL REVIEW (Continued)

Future Plans

As reported last year, we commissioned Messrs. Hawkes, Edwards of Stratford-on-Avon, our conservation architects, to apply to Tewkesbury Borough Council for planning and listed building consent for significant alterations to the interior of 50 Church Street to convert this property for full residential use. We hope the first floor will comprise an en-suite master bedroom with bathroom and three other bedrooms served by a family bathroom. The ground floor will comprise two reception rooms and a large kitchen/dining area giving onto a patio at the rear. Very little of the proposed work involves the grade 1 exterior of this property and we hope that alterations to the interior will not give rise to listed building challenges, as they mostly involve stripping out mid-20[th] Century bar and pub fittings, although some new stud partitions are also planned. A pre-application meeting was held with Tewkesbury Borough’s conservation officer, who happily only raised very minor points on the draft plans. Hawkes, Edwards have now submitted their ‘Design, Access and Heritage Impact Assessment in support of their planning application on our behalf for formal consent to the proposed conversion and alterations. A. formal reply from the Council is awaited.

Specifications for builders and estimates for the cost of this work have not yet been sought until formal planning has been granted. If the cost is less than £250,000 the Trustees might be minded to approve the work, but the cost will be a serious drain on the Charity’s present financial strength and very careful thought will have to be given to the project before going ahead. Our accountants are of the opinion that the work will only attract Vat at a rate of 5%, which will represent an unexpected saving.

The adjoining 51 Church Street is larger than No 50 and in a considerably worse state of internal repair. We cannot begin to tackle both properties at once and No 51 will have to be left stripped out of its internal temporary mid-20[th] Century alterations and left empty for future use. We have carried out the necessary external repairs on both properties in the current year and thus have met our charitable aim to preserve and maintain them. We just cannot afford to make both of them income producing and may well struggle to make even one yield a reasonable rent.

In the long term it might be possible to transfer the museum to No 51, which would improve footfall as it would be immediately adjacent to the main entrance to Tewkesbury Abbey. Available exhibition space would be much improved and disabled access would at last be possible. We could perhaps create an expanded museum which could cover other areas of interest for Tewkesbury residents and visitors. This scheme could only be afforded by substantial help from the Heritage Lottery Fund and other outside sources of charity funding.

RISK MANAGEMENT

The risks to the Trust’s ability to continue its activities are kept constantly under review. The most significant are a reduction in cash flow, a loss in value of invested funds, and a drain on reserves in the event that future needs, contingencies or opportunities were to arise in any year or sequence of years, costing much more than could be afforded from available revenues.

Risks to cash generation are controlled by:-

(a) maintaining letting properties in a fair state of repair and to a reasonable standard of comfort, encouraging tenants to remain in occupation in the medium term, and attracting replacement tenants with minimal difficulty or delay.

(b) preserving a variety of property types with appropriate use consents suitable for occupation by a range of residential and commercial tenants.

ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued) IUSK MANAGEMENf (Continued) (d) setting paTking tariffs that tsk¢ account of those levied by the Borough Council. our only competitor for off- str¢et short-stsy parking in the heart of the town. Cash flow also depends on external factors beyond the Charity'5 control. such as the attrnctiv¢ness to visitor5 ond the economic health of the town of Tewkesbury. loul and national transport policy, and the impact of severe weather. especially flo(Kling. Cash flow has been negative for ?0?3. but is likely to break evcn in ?024. Our investment advI￿r has instructions to review our inveslments quarterly and notto increase their risk factor to a greater figure than 5 out of 8 m&ximum of10. This should minimise the risk of a loss arising from a serious deterioration in quoted 5t(Kks. The risk of major expenditure is reduced. as far as w)ssible, by insurance against the usual peril& by recent expert review of sums assured, by regular InS￿tIon ofthe slate ofthe properties, and by judiciou5 and timely spending of reserves on repairs and mainteiiance. Finally, internal risk5 are minimised by the implementation of a range of procedures appropriate to the circumstances. such as the use of a secure pay-and-display machine. monitored by CCTV. from which Cash is collected b), a specialist contractor. The amounts so collected are reducing as more conta¢tl¢ss payments are being processed via the pay-and4isplay machine. L£ss cash is now handled in the museum following the a¢quisition of a credit card machine a150 with a contactless pa)qnent facility. Systems are also in place for the authorisation of nearl). all pa>inent transadions at Trustee level. Project approvals, and the regular review of financial information keep check of expenditure. DECLARATION I declare in my capacity as Director of the Abbey Trustee Company Limited that the Directors of Ihe Trustee Compan), have approied th¢ foregoing report and have authorised me to sign it on their behalf. JOHN YORKE On behalf of The Abky LaMTh Trnstee Company Is

ABBEY LAWN TRUST

STATEMENT OF DIRECTORS OF THE TRUSTEE COMPANY’S RESPONSIBILITIES

Law applicable to charities in England & Wales requires the Directors of the Trustee Company to prepare accounts for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the directors of the Trustee Company should follow best practice and:

The Directors of the Trustee Company are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that the accounts comply with the trust deed. 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.

INDEPENDENT EXAMINERS’ REPORT TO THE DIRECTORS OF THE TRUSTEE COMPANY OF ABBEY LAWN TRUST

I report on the accounts of the Abbey Lawn Trust for the year ended 31 March 2023, which are set out in pages 12 to 26.

Respective responsibilities of directors of the Trustee Company and examiner

The Directors of the Trustee Company are responsible for the preparation of the accounts. The Directors of the Trustee Company consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Act)) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiners’ report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the directors of the Trustee Company concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiners’ statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

20 October 2023

……………………………… …………………………. Scott Lawrence FCA DChA Hazlewoods LLP Chartered Accountants Windsor House Bayshill Road Cheltenham GL50 3AT

Date

ABBEY LAWN TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2023

Restricted and Restricted and
Unrestricted Designated Endowment Total 2022
Note Funds Funds Funds 2023 (as restated)
£ £ £ £ £
INCOME AND
ENDOWMENTS FROM:
Donations and legacies 2 2,775 - - 2,775 5,753
Charitable activities:
Museum receipts 3 10,920 - - 10,920 9,931
Other trading activities:
Car park receipts 4 66,461 - - 66,461 54,734
Investments 5 10,646 - - 10,646 11,238
Other:
Property rents receivable 6 134,438 - - 134,438 126,288
_ _ _ _ _
TOTAL INCOME 225,240 - - 225,240 207,944
_ _ _ _ _
EXPENDITURE ON
Charitable activities:
Museum expenses 3 74,175 - 3,161 77,336 78,057
Upkeep of garden 16,954 - - 16,954 16,381
Depreciation 10/11
-		 1,680 21,515 23,195 23,570
Raising funds:
Car park expenses 4 33,169 - - 33,169 29,757
Other:
Property expenses 6 141,948 - - 141,948 115,327
_ _ _ _ _
TOTAL EXPENDITURE 266,246 1,680 24,676 292,602 263,092
_ _ _ _ _
Net outgoing resources before transfers
and gains/(losses) on investments (41,006) (1,680)
(24,676)		 (67,362)
(55,148)
(Loss)/profit on disposal of
investments 12 - - - - -
(Loss)/profit on revaluation of 12 (37,037) - - (37,037)
808
investments _ _ _ _ _
Net (expenditure)/income 17 (78,043) (1,680)
(24,676)		 (104,399)
(54,340)
Transfers between funds 17
78,043		 (78,043)
-		 -
_ _ _ _ _
Net movement in funds - (79,723)
(24,676)		 (104,399)
(54,340)
FUNDS BROUGHT FORWARD 20,000 608,020 326,204 954,224 1,008,564
_ _ _ _ _
FUNDS CARRIED FORWARD 20,000 528,297 301,528 849,825 954,224
4

ABBEY LAWN TRUST Charity nllmber. 201845 BALANCE SHEET 31 March 20?3 Note 2022 (as restated) 2023 FIXED ASSETS Heritage asse Tangible fi.¥ed &ssets Investments io li 12 230.446 88.419 461.626 230.918 111.142 499.730 780.491 841,790 CURREiYf ASSETS Debtors Cash at banks 13 14 14.973 60,452 25,440 96,027 75.425 CURRENT LIABILITIES Creditors due within one year 121,467 15 {6.091) (9,033) ET CURRENT ASSETS 69,334 112,434 TOTAL ASSETS LESS CURRENT LIABILITIES 849,825 954224 FUNDS Unrestricted funds Designated funds 211 19 20.0(K) 528297 20,000 608,020 548297 628,020 Restricted funds Pern)an¢nt endowment fut)ds 18 18 71.082 230,446 95.286 230,918 849.825 954.224 20 (ktot*r 2023 Approv¢d by the Board of Directors of the Tnth Company on ................. half by.. and signed on their J YORKE (Direclor) F HALLETh (Director) 13

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS for the year ended 31 March 2023

1 ACCOUNTING POLICIES

The accounts have been prepared under the historical cost convention, as modified by the inclusion of investments at market value, adopting the following principal accounting policies, all of which are in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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 and the Charities Act 2011.

Any departures from these standards are only to the extent required in order to provide a “true and fair view”.

The Charity constitutes a public benefit entity as defined by FRS 102.

Prior period restatement

The prior period figures have been re-stated to include Quilter investment management fees which were previously included as part of unrealised losses/gains. Another adjustment was made to the restricted fund brought forward, to allocate the losses made by the museum in the prior two years. The overall effect on the net movement in funds for the year is £nil.

Incoming Resources

The Charity has five main income streams; donations and grants, car park receipts, investment income, property income and museum receipts.

Income from museum receipts are considered to arise from the activities performed by the Charity to meet its objects and are therefore allocated under ‘Income from charitable activities’.

The car park is situated on surplus land held by the Charity and is run for the purposes of providing funds, along with the investment portfolio and rental income from the properties, to support the performance of the charitable activities. These sources of income are therefore described under ‘Income from other trading activities’.

Donations and grants receivable for specific purposes are credited to the Statement of Financial Activities in the year to which they relate as soon as conditions for receipt have been met. Donations or grants for immediate financial support, or received against costs previously invoiced, are recognised immediately in the Statement of Financial Activities.

Charitable Expenditure

All expenditure is included in the accounts as soon as it is incurred.

Costs are allocated by activity in line with the allocation of income. The nature of the Charity is such that there are no support costs. Costs of external scrutiny, investment advice, charity structure and other costs not directly related to charitable activities are included in governance costs. These costs are allocated as set out in note 7 to the accounts. The irrecoverable element of Value Added Tax is included with the item of expense to which it relates. Depreciation is allocated to expenditure headings on the basis of the use of the assets concerned.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

1 ACCOUNTING POLICIES (Continued)

Tangible Fixed Assets

All resources expended on acquisition, enhancement and installation are capitalised as fixed assets.

Tangible fixed assets are stated in the balance sheet at cost, less depreciation. Depreciation is calculated to write off the cost less estimated residual value of tangible assets over their estimated useful lives at the following rates per annum:-

Freehold land and buildings Nil Freehold property improvements 10% of written down value Equipment 20-25% of written down value Old Baptist Chapel leasehold 10% straight line from 1 April 2016

Heritage assets

All the historic freehold properties that the Charity holds are classified as heritage assets. Details can be found in note 10.

Grants

The Charity occasionally awards grants when appropriate circumstances arise. Such grants are recognised when paid.

Investments

The investments are listed on a recognised stock exchange and included at fair value in the balance sheet. All movements in value arising from investment changes and revaluations are included in the Statement of Financial Activities. There are no unlisted investments.

Taxation

The Trust is a registered charity. The results of its normal activities are not liable to income tax.

Funds

The Charity has endowment, restricted and unrestricted funds. Further details of these funds can be found in notes 16 to 20.

Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. On review, the Trustees have concluded that they are to adopt the going concern basis in preparing these financial statements.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

2 DONATIONS AND LEGACIES 2023 2022
£ £
The Wild Escape – museum development fund grant 2,700 -
Charity Aid Foundation donation 75 -
Bristol City Council – recovery grant - 260
Gloucestershire County Council - 234
Coronavirus Job Retention Scheme grant - 5,259
_____ _____
2,775 5,753

All income for the year from donations and legacies was unrestricted income, as it was in 2022.

3 JOHN MOORE COUNTRYSIDE MUSEUM 2023 2022
£ £
(as restated)
Income
Entrance and attendance fees 10,920 9,931
_ _
General expenses
General museum expenses 13,321 12,228
Demonstrations and events 2,903 843
Governance costs 704 772
_ _
16,928 13,843
Museum staff costs 60,408 64,214
_ _
77,336 78,057
_ _
Net deficit of the Museum (66,416) (68,126)

All income from entrance fees and donations for the year was unrestricted income, as it was in 2022. In 2023, £3,161 (2022: £68,126) of expenditure came from restricted funds. The remaining £74,175 (2022: £9,931) was from unrestricted funds.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

4
CAR PARK
Income
Takings
General expenses
Attendant’s employment costs
National non-domestic rates
Cash collection and other costs
Governance costs
Net income from the car park		 2023
2022
£
£
(as restated)
66,461
54,734
_
_
21,541
18,991
1,792
1,108
5,550
5,404
4,286
4,254
_
_
33,169
29,757
_
_
33,292
24,977

All car park income for the year was unrestricted income, as it was in 2022. All expenditure was from unrestricted funds in both 2022 and 2023.

5 INVESTMENT INCOME 2023 2022
£ £
Bank deposit account interest 845 677
Investec 3,375 5,775
Dividends reinvested 5,927 4,786
Interest reinvested 499 -
_____ _____
10,646 11,238

All investment income for the year was unrestricted income, as it was in 2022.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

6
PROPERTY
Income
Rents and other property income
Expenditure
Land agent’s fees
Insurance
Repairs and renewals
Professional fees
Other expenses
Governance costs
Net income from properties		 2023
2022
£
£
(as restated)
134,438
126,288
_
_
21,026
17,499
20,542
14,288
70,074
58,604
11,220
8,528
10,416
6,594
8,670
9,814
_
_
141,948
115,327
_
_
(7,510)
10,961

All property income for the year was unrestricted income, as it was in 2022. All expenditure was from unrestricted funds in both 2022 and 2023.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

7 GOVERNANCE COSTS 2023 2022
£ £
(as restated)
Independent examination fees 720 720
Accountancy fees 3,000 3,000
Professional fees re investments 7,486 8,074
Bookkeeper’s fees 225 1,150
Tax investigation service - 252
Christmas lunch costs 502 -
Pension planning fees 550 -
Dendro project – Dendrochronological analysis - 400
Bank charges 12 455
Sundry costs 1,165 789
_____ _____
13,660 14,840

Governance costs were allocated to other expenditure on the following basis:

Governance costs: 2023 2022 Basis of apportionment
£ £
Property expenses 8,670 9,814 Income
Museum expenses 704 772 Income
Car park expenses 4,286 4,254 Income
_____ _____
13,660 14,840

All governance costs related to unrestricted funds in both 2022 and 2023.

8 STAFF COSTS AND NUMBERS 2023 2022
£ £
Salaries and wages 74,577 72,530
Social security costs 1,068 2,736
Pension contributions 6,304 7,939
______ ______
81,949 83,205

No employee received emoluments of more than £60,000.

Directors of the Trustee Company received no remuneration in the year (2022: Nil) and were not reimbursed for any of their expenses in the year (2022: Nil). The average weekly number of employees during the year was 3 (2022: 3).

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

9 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2023 2022
£ £
Net income is stated after charging:
Depreciation 23,195 23,570
Independent Examiner’s fee 720 720

Accountancy fees of £3,000 (2022: £3,000) were also paid to the Independent Examiner.

10 HERITAGE ASSETS

The land and properties vested in the Trust cannot be sold, because they are held for the Charity’s objects of preservation and conservation. They therefore qualify as ‘heritage assets’ and the value of the land and properties is shown at cost rather than at market value. Where the actual cost of certain properties is unknown, valuations attributed to those properties at 1 April 2002 are treated as the equivalent of cost. The title to the land, which had previously been held in the names of the individual trustees, was transferred to the new Trustee Company with effect from 9 August 2006, but the cost of the land continues to be shown in the books of the Trust.

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Depreciation of £472 (2022 - £532) related to endowment funds.		 £
277,888
-
_
277,888
_
46,970
472
_
47,442
_
230,446

230,918

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS for the year ended 31 March 2023

11 TANGIBLE FIXED ASSETS

Freehold
Leasehold
Fixtures
Fittings &
Equipment
£
£
£
Cost
At 1 April 2022
9,283
210,431
75,174
Additions
-
-
-
_
_
_
At 31 March 2023
9,283
210,431
75,174
_
_
_
Depreciation
At 1 April 2022
-
118,306
65,440
Charge for year
-
21,043
1,680
_
_
_
At 31 March 2023
-
139,349
67,120
_
_
_
Net book value
At 31 March 2023
9,283
71,082
8,054



At 31 March 2022
9,283
92,125
9,734


 Total
£
294,888
-
_
294,888
_
183,746
22,723
_
206,469
_
88,419

111,142

Depreciation of £1,680 (2022 - £1,995) related to designated funds. Depreciation of £21,043 (2022 - £21,043) related to restricted funds.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

12 INVESTMENTS - LISTED

2023
£
(as
Market value
At beginning of year
499,730
Additions
-
Dividends reinvested
5,927
Interest reinvested
499
Management fees paid
(7,493)
Realised (losses)/gains
-
Unrealised gains/(losses)
(37,037)
Disposal proceeds
-

__
At end of year
461,626



Historical cost
2023
£
At 31 March 2022
386,825
Additions
-
Disposals
-


At 31 March 2023
386,825



The listed investments at 31 March 2023 above comprise the following:
Historical
cost
£
Quilter investments
276,825
Investec FTSE 100 Defensive Income Plans
50,000
IDAD
60,000

386,825


 2022
£
restated)
496,476
60,000
4,786
-
(7,340)
-
808
(55,000)
_
499,730

2022
£
381,825
60,000
(55,000)
_
386,825

Market
value
£
358,858
48,643
54,125

461,626

All investments are carried at their market value. Investments in equities, fixed interest securities and investment trusts are all traded in quoted public markets, primarily the London Stock Exchange. All of the investments above relate to listed investments.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

13
DEBTORS due within one year
Cash in Fisher German client account
Prepayments and other debtors
14
CASH AT BANK AND IN HAND
Current account
COIF Charities Deposit Fund
Monmouthshire BS
15
CREDITORS due within one year
Accruals and deferred income
Taxation and social security
Other creditors		 2023
£
10,257
4,716
__
14,973

2023
£
1,581
58,871
-
_
60,452

2023
£
4,591
-
1,500
___
6,091
 2022
£
21,628
3,812
__
25,440

2022
£
4,519
26
91,482
_
96,027

2022
£
7,336
1,697
-
___
9,033

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023 Capital funds Income funds Income funds
Restricted/ Designated Unrestricted Total
endowment funds funds funds
£ £ £ £
Tangible fixed assets 301,528 17,337 - 318,865
Investments - 461,626 - 461,626
Current assets - 49,334 26,091 75,425
Current liabilities - - (6,091) (6,091)
_ _ _ _
301,528 528,297 20,000 849,825

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued)

2022 (as restated)
 Capital funds Income funds Income funds
Restricted/ Designated Unrestricted Total
endowment funds funds funds
£ £ £ £
Tangible fixed assets 323,043 19,017 - 342,060
Investments - 499,730 - 499,730
Current assets 3,161 89,273 29,033 121,467
Current liabilities - - (9,033) (9,033)
_ _ _ _
326,204
 608,020
 20,000
 954,224
17 NET MOVEMENT IN FUNDS
2023 Restricted/ Designated Unrestricted Total
endowment funds funds funds
(Note 18) (Note 19) (Note 20)
£ £ £ £
At 1 April 2022 (as restated) 326,204 608,020 20,000 954,224
Net outgoing resources
(24,676)		 (1,680) (78,043) (104,399)
for the year
Transfers - (78,043) 78,043 -
_ _ _ _
At 31 March 2023 301,528
 528,297
 20,000
 849,825
2022 (as restated) Restricted/ Designated Unrestricted Total
endowment funds funds funds
(Note 18) (Note 19) (Note 20)
£ £ £ £
At 1 April 2021 (as restated) 415,905 572,659 20,000 1,008,564
Net outgoing resources
(89,701)		 (1,995) 37,356 (54,340)
for the year
Transfers - 37,356 (37,356) -
_ _ _ _
At 31 March 2022 326,204
 608,020
 20,000
 954,224

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

18 PERMANENT ENDOWMENT AND RESTRICTED FUNDS

Permanent Restricted Old Baptist
endowment fund Chapel Total
£ £ £ £
At 1 April 2022 (as restated) 230,918 3,161 92,125 326,204
Net expenditure
for the year (472) (3,161) (21,043) (24,676)
_ _ _ _
At 31 March 2023 230,446 - 71,082 301,528

The permanent endowment fund represents the endowment of properties held primarily for the purpose of fulfilling the Charity’s objects of conservation and environmental improvement, in addition to a small investment.

The restricted fund represents amounts received in previous years, which the donor specified should be used for the benefit of the John Moore Countryside Museum.

The Old Baptist Chapel fund represents the net book value of the Old Baptist Chapel leasehold, which is held by the Trust, the purchase and improvement of which has been met from income funds restricted for that purpose.

19 DESIGNATED FUNDS

DESIGNATED FUNDS
Wasting Properties
assets refurbishment Total
£ £ £
At 1 April 2022 (as restated) 19,017 589,003 608,020
Depreciation (note 11) (1,680) - (1,680)
Transfer to unrestricted funds (note 17) - (78,043) (78,043)
Additions (note 11) - - -
_ _ _
At 31 March 2023 17,337 510,960 528,297

The wasting assets fund represents the net book value of fixtures, fittings and equipment used in the Trust’s activities, the original purchase of which had been met from unrestricted income funds.

The properties refurbishment fund represents resources set aside from unrestricted income funds to meet the Charity’s continuing and recurring obligations to repair, maintain, insure, preserve and improve the inalienable historic land and buildings in its care.

ABBEY LAWN TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

20 GENERAL UNRESTRICTED FUNDS

The general unrestricted funds, taking one year with another, are maintained at a level of about £20,000 in accordance with the Charity’s reserves policy. The funds comprise all the net current assets of the Charity that are neither restricted nor designated, as follows.

£
Debtors 14,973
Cash at bank in hand 60,452
Less: cash/assets held as restricted/designated funds (49,334)
Creditors (6,091)
_
20,000

In order to maintain the level of unrestricted funds, the Directors of the Trustee Company have authorised an appropriate transfer from designated funds.

21 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year to 31 March 2023.

22 EX-GRATIA PAYMENTS

During the year to 31 March 2023, an ex-gratia payment of £2,000 was paid upon retirement to the curator of the John Moore Countryside Museum.