Registered Charity Number: 201845 ABBEY LAWN TRUST ACCOUNTS 31 M2reh 2024 SANDFORD AWARD 111 THE QUALrrYMARKFOR HERrrAGE LEARNING 2024 - 2029 heritage lottery fund LOTTERY FUNDED
CONTENTS Page REFERENCE AND ADMINISTRATIVE DETAILS DIRECTORS OF THE TRUSTEE COMPANY'S REPORT 2-10 STATEMENT OF DIRECTORS OF THE TRUSTEE COMPANY'S RESPONSIBILITIES INDEPENDENT EXAMINERS, REPORT 12 INCOME AND EXPENDITURE ACCOUNT 13 BALANCE SHEET 14 NOTES TO THE ACCOLfNTS 15-27
ABBEY LAWN TRUST REFERENCE AND ADMINISTR4TIVE DETAILS The Charity's only Trustee for the year was Abbey Lawn Trustee Cornpany Limited. Directors of the Trustee Company The following directors held office during the year.. John Yorke John Comins- retired 31, August 2023 Faith Hallett Matthew Darby Justin Meath Baker Alan Mackinnon- appointed 9, February 2024 Registered office 4142 Church Street, Tewkesbury. Gloucestershire, GL20 SSN Charity number 201845 Accountants Hazlewood5 LLP Windsor House Bayshill Road Cheltenliam GL50 3AT Bankers Lloyds Bank PIC 19 High Street Tewkesbury GL20 SAW Solicitors Thomson & Bancks LLP 37 High Street Pershore Worcestershire WRIO IAH Land agents Fisher German LLP Global House Hindlip Lane Worcester WR3 8SB Investment Advisor Jane Newman Financial Planning Ltd. 10 Sl. Andrews Road Droitwich WorcesteTshire WR9 8DN
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COIVIPANY The Direciors of the Trustee Company present their report together wilh the accounts for the yeai" ended 3 1st Marcli 2024. The accoLlllts liave been prepared in a¢¢ordance with the accounting policies set out iii Note I to tlie accounts and comply with the Statement of Recoinineiided Practice: A¢¢ountiiig and Reporting by Charities preparing their accounts i accordance witli the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l Jaiiuary 2019 and the Charities Act 2011. STRUCTURE, GOVERNANCE AND LIiANAGEMENT Tlie Triist is an uniiicorporaled charity, first established by a Trust Deed dated 2nd September 1940. wlieii various lands and buildings Close to Tewkesbury Abbey, which were considered io be under development threat, were donated to the first TrLlStees to ensure their preservation. This Trust Deed was replaced by a scheille of governance ordered by the Cliariiy Commission dated 9tli August 2005 Iconimissionei's. Case Nuinber 344698). Underthe tern15 of thc scheme, a newly foi'med coinpany. The Abbey Lawn TTLlStee Coinpany LiTnited, became the TTUStee of the Chai'ity. The foriner Triistees of tlie uiiii)corporated Charity served as tl)e firsi members and directors of the new company. Uiider tlie tei'ins of the scheine of governance, tlie title to the land whicli liad previously been lield ii) Ilie names of the iiidividLial trustces was transferred to the neiv Company as Trustee to be lield in Il'llst for tl)e Cliarity. Tlie directors of the Abbey Lawn Trustee Company Limited are appointed by the boai'd of directors. Under ihe tering of tlie Articles of AEsociation. new directors are appointed by the existing direciois iii tlieir capacity as botli directors and a5 the only members of the coinpany. New directors are briefed on their legal obligations under cliarity and company law, the Charity Coiniiiission's guidance on publie benefit, the objecis of the chariiy and how they are achieved, tlie decision-tnakiiig process of the board, the recent financial performance of the company and its futiire prospects. The Directors of the Trustee Company In¢1 formally in April. July, AugLlSt and October in 2023 aiid February in 2024. E-mail exchang kept ihe directors regularly in touch. OBJECTIVES AND ACTIVITIES A suinmary of the purposes of the Charity. which are set out in full in its Scheme of Governance. is as follows'.- To .secure for ihe public benefit, the preservation, proiection. development and improveinent of features of hisioric or public interest, and especially the historical, ar¢hitectural aiid constructional heritage in ihe fonn of buildiiig5 of pajlicular beauty in eertain defined area5 immediately adjoining Tewkesbury Abbey and thereafter, at the Directors of the Trustee Coinpany's discretioii, in the rest of the town of Tewkesbury. To educate the Pliblic iii tl)e lii5tory, aicliitectLire, natural liistory and geography of the locality ceiitr¢d on Tewkesbury by the establisliment of one or more Inuseums in Tewkesbury. To provide a community and pleasLire garden for the re¢reation of townsfolk and vi5iiors to Tewkesbury. The main aelivities uiidertaken to acliieve the purposes of the Charity are highlighted below in tlie 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 a duty to preserve for the benefit of the public aiid future geiieTalions. Having regard to the Charity Commission's guidance on public benefit and in line witli ils objectives summarised above, the Dir¢¢lors of the Trustee Company make the followii)g statement. The Land The land preserved by ihe Trust fornis part of a s¢lieduled ancient monument of national importance ¢omprising Tcwke5bury Abbey and it5 PTeciiicts. It includes tlie Abbey Lawn gardens to the east of the Abbey itself, which are maintsined at the Triist's expense a paTk for the bei)efit of the public with free access during daylight Iiours for 365 days a year (objective c). It also includes the AbLEy meadow. comprising sorne six acres to the south of the Abbey itself. which 15 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. beiiches and signs cncourag¢ 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 durin dayliglit Iiours. The Buildings The buildings preserved by the Trust are, with one exception. all lisied by English Heritage 8S being of historic and architectural iimportanee, the great majority being listed as grade l. Th¢y include argLiably the oldest surviving medieval English uniform town dcv¢lopTnent in tlie form of a nearly continuous slightly curving terrace of 17 limber framed houses and foriner shops. They comprlse No's 34 to 48 aiid No's 50 to 51 Church Street aiid staiid aloiig tlie nortliern edge of the old monastic precinct. Dendro-chronological tests earried out in 2021 have pointed to a building date iii the second decade of the 15, Century. As Thomas Parker was abbot froi 1389 - 1420, he is likely to be responsibl¢ for tlieir erection. Tliey are thus of coiisiderable arcliiteclural iiitcrest and, from the Abbey rent roll of1540, it appears that they w¢r¢ biiilt by the Inonk5 and let to tenants as a speculative developinent. The Trust also owns the 15, century stone galeway to the fomeT Inonastery Coinplex to the west of the Abbey together witli the adjoining 14111 centUTy slone tithe barn. At least two external elevations of nearly all these buildings are visible for the benefit of tlie public at any time from liighways, rights of way and other accessible land. The interioTS of two are also regularly open for the benefit of the public, comprising the John Moore Countryside Museuin at 41 Church Slreet alld tlie Little Museum, a restored medieval mercliant's house at 45 Churcli Stre¢l. InteTpretative information on the restoration and conservation of tlie medieval range is displayed at both propertie5 (objective b). The museums are advertised on car park tickets. lourist inforination signs, the Charity'y website and in appropriate publications. inclLiding brochures and educational circulars as well as local and national guide books. With the help of our land ag¢nl, we regularly monitor the condition of the important listed buildings und¢r our care and take appropriate action to ensure repairs and maintenancc are carried out for their preservation and protection (objective a).
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued) PUBLIC BENEFIT (eontinued) The Countryside Museum The Countryside Museuin was originally founded as a rnemorial to the life, work and writings of a Tewke5bury-born writer, journalist and early conservatioiiist, John MooTe (b.1907, d.19671- Tliis museum aims to benefit the public by educating them in the importance of wildlife conservation and lil tlie knowledge of English natural history with particular reference to tlie rebTion centred on Tewkesbuiy. The Inuseum has displays of local wildlife, including some important taxidermist exhibits, and ti'adiiional local agricLiltural and Craft tools togetl)er witli associated interpretative panels. It has a very active outrea¢h programme both to local sch(K>ls and organisations such #s the Wl. with loan collections available as a resource for teacliing. Occasioi)al special events are held and special exhibitions mounted (objective b). The Little Museum (The Merchxnt's House) Tlie Little Museuin alin5 10 benefit the public by illusirating the tiinb¢i' frame construction ieclinique5 iised in tl)e eTe¢tion of the Triist's main range of medieval building5 and been laid oiit ivitli copies of period furniture aiid household goods to illustrate its original internal use. Talks and historical re-enactinents are pei'iodically h¢ld there. which piovide a useful ediicatioiial resource foi. scliools covering either local history or the Tiidor period in their ciirriciiliiin. Adult group5 such as local braiiclies of the Wl and tlie University of the Third Age are also enthLisiasii¢ visitors. Our two Inuseuins have a dedicated siaff of 2 who, iogether with a loyal number of volunteers fioin the local cominunity, run tliem for the benefit and education of the public. Th¢y provide a ranTre of educational aciiviiies in-house and oller outreach servi¢es to local cl)ildren and adiilts. They also provide and manage an infoi'inativ¢ and regularly evolving websiie about the Inuseums and their serviees (objective b). The Old Baptist Chapel Tliis cliapel is described in the Buildings of England (ed. Pevsner, 31 edition publ. 2002) as 'a remarkable survival, hidden in a narrow alley off Church Street, redolent of eai.ly clandestine non-conformist meetings. It is timber framed, originally a three-bay hall house, probably fonnally converted io a chapel soon after the Act of Toleration in 1689,. A dendro- cl)ronological test l)as dated its timber5 as liaving been felled in 1458. Its present fine white painted. wood panelled interior dates from tl)e early 18, century. The assignmeni lo the Abbey Lawn Trust of the unexpired balance of the existing 99 year lease of the Old Baptist Chap¢l from tlie Baptist Chuich Trustees to Tewkesbury Borough Council was coinpletcd in April 2016. We benefit the public by op¢Ding it and by adding this importaiit grade 2 listed property to our portfolio of buildings in Tewkesbury to be preserved (objective a). Sttsry boards and exhibits illustratc 2nd 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 ihus adds to the facilities available to Tewkesbury's residenls and visitors.
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued) PUBLIC BENEFIT (continued) The Remaining Properties The remaining properties are occupied by tenants or licensees and their inieriors are not generally a¢cessible by the public. However, Ihe Abbey Gate House is leased to tlie LaiidinaTk Trust, which lias creat¢d a holiday cottage out of the medieval cliamber over the gate. Tliis cali be enjoyed by the public throush the Landmark Trust's ¢ottag¢ IElltal pi'ogi'ainme. The interiors of the properties, which are not open to the public, for the most part comprise small Tesidential housing units. not exceeding two bedrooms. A policy of access by tlie general public is thcrcfore impractical, except in the instances listed abov¢. Tiicre 15 ali obvioiis requireinent that the tenants be perinitted to enjoy peacefully ihe properties tliat tliey relit at open market rates. Any annual surpluses of income from these lettings is set aside for financing Ihe periodic necessary expenditure io preserve the Properties for the benefit of the piiblic in the long term (objective a)- The matter is addressed in detail in the subseqiient section in tliis report dealing with the Property Refurbislim¢nt Fund. The north half of the 141h Century Almonry barn is licensed for use as siorage for ihe Abbey authoritie5 at no charge, while th¢ south half ha5 been converted into residential ac¢oinmodation some 40 years ago. Car Park We provide a pay and display car park, strategically located to the east of Tewkesbury Abbcy, a building of international impoitance and Tewkesbury's principal tourist attraction. Tlie public benefit of this parking f111¢Y adds to the ease of a¢¢e55 to the Abbey and is at preseiit free on Sundays. DonatjODS We mad¢ no donations in the year. ACHIEVEMENTS AND PERFORMANCE Museums and Old Baptist Chapel Our museum staff have continued iheir lectures to small interested groiip5 and their popular school tours of our heTltage sites and museuins. Tlie Old Baptist Chapel coiitinues to l)old coneert& musical evening5 and events for thc benefit of Tewkesbury residents. Kirstie Bingham. our heTltage manager, lias been partieularly active in arranging talks. re- enactment events and school visits. Talks to local Community groLlPS have inrreased from 53 ii) 2023 to 85 in 2024. Our outreach piogramme of visits to local 5cliools also continues ai a higher level than in previous years. Her team's very successful activities have, in September 2024, happily resulicd in a third Sandford Award, valid for ihree further year5 for oiir heritage educalioii to the local community. We congratulate them for all their dedicated hard work wliich has tnade this possible.
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY {Continued) ACHIEVEMENTS AND PERFORMANCE (Continued) The Sandford citation states that 'The school pi'ograinmes have been thoroughly and thouglitfully planned ivith meticulous attention to detail They are delivered in well- preseiited histori¢ buildings giving the learner a breadth of experience other sites are not able lo offer. These pi'ogrammes are delivered by a dcdicated and experienced professional team in ali iiiteresiing aiid ¢iig7aging way. Teachers can be assLired that the workshops will provide liigh quality educatioiial ¢xperienccs, giviiig their pupils insights and understanding on iopical issues relating to the ivorld ai'ound them,. Let properties A modeqt programme of repairs wa5 carried out, 85 we had unayoidably overspent in the previous year. Moiiasiery Cottaure was 51iowing some problcins attributable to the serious floodiiig in 2007 wliicl), witli time. were now re-appearing. Tlie properly once more flooded iii eai'ly 2024 and we liave had to rectify as miich as p055ible with the aid of an insurance ¢laim, but noi all tlie IEpairs needed were claimable. The old caretaker's flat on the first floor of No 50 Church Str¢¢t flat that we refLirbished lasf year liad beeii occupied by our l)eriiage manager, but she lias Iiow fouiid a house elsewhere. This flat has been successfully re-let at an enhanced rent following a very Short va¢ant period. AII OUT lettable properties have been fully o¢cupied in the year, except for the ground floor of No 50 and the whole of No 51 ChLirch Sireet. We have plans in place drafted by our ¢on5ervalioii archite¢t for iefurbishing all of No 50, including the old eareiaker's flat, to yield a four-bedroom, two-batliroom Property oli the first floor with big family kiichen and iwo receptioii l'ooms on the Dow einpty ground flooi.. The refurbisliment ckf the ground floor of No 50 aiid all of No 51 will be dauntiiigly expensive and so only a quarter of tliesc two properties is cui'i'ently produciiig reiital income. The exterior of these two properties has however been maintained to a higli standard, coinplying with OUT charitable objective of preserving the building. Personnel Ch3nges Jolin Comins has be¢n on the board as a Trusiee and latterly as a dire¢tor for over 35 years and we are sad to see l)im leave. We shall miss his wisc advice aiid admirable skill at concis¢ miiiuting of our meetiiigs. He was especially in charge of the planting in the public gardens for which we are respoT)sible. We have since welcomed Alan Mackiiinon onto our board, who is a qualified solicitor and a diiector of Thoinas Miller, an insurance services company. His experience in the insurance iiiduslry will be of considerable help, as w¢ shall be critically reviewing the cver-rising Cost of insiiring our buildiiig5 in tlie current year. I myself will be stepping down as ¢hairinan in 2024. Karhryn Keldeen has joined the ediication officer and museum assistant. She is already proving a really valuable 5UPPOrt in the running of an ever increasingly a¢tive museum and educational outreach programine.
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY {Continued) FINANCIAL REVIEW Net incomin resources. We are pleased to report that we have almost coinplctcly eliminaied last year's very serious deficit of £67,362 to a deficit of a mere £7,959. It sliould be borne in mind that thi5 sinall deficit is arrived at after charging depreciation of £22.807. So, our cash income for the year exceeded our cash expenditure by a healthy £14,848 (2023 showed an alarming deficit of £44,167). This is almost entirely attributPLble to a stTiCt control of repairs and renewals to property. which was successfully limited to £18.554 compared with the £70,074 which we spent in 2023. This d¢ficit of £7,959 was totally eliininal¢d by Il)e subslanlial Ibul unrealised) profit on revaluation of our investments amounting to £37,044. This gain almosi exa¢tly reversed the loss on revaluation of investrnents in 2023 of £37,037. The final result for the year shows a surplus of £29.095 compared the previous year'5 deficit of £104,399- a remarkable turn-around, whicli we are very unlikely to be able to Inaii)tain. Our rental income continued to improve by a modest £6,752 to £141.190 (2023 - £134.438). an increase of 5.00/0 (2023- 6.50/0). A few small rental increases were negotiated by our land agents and we experienced no significant void periods. Smaller residential properties remain happily in demand in Tewkesbury and the rents are regularly reviewed and are likely to increase modestly again in the current year. Our property account shows a net profil of £43,382 (2023 - 1055 of £7.510). The main factor contributing to this very satisfactory iTnprovement is the dramatic reduction in repairs and renewa15 to £19,896 (2023 £70,074) reflecting a tight conlrol during the year on work undertaken. Land agent's fees and professional fees together total £36,267 (2023 £32.2461. the increase being attributable to architect's fees incurred in th¢ preparation of plans and submitting applications to T¢wkesbury Borough Council for No 50 Chur¢h Street, wliich have yet to be undertak¢n for lack of funds. The cost of insurance also increased by 11.9% {2023 43.80/0) to £22,982. Our total premium for the year 2022 was a Inere £14.288 so the cost of insuring our buildings has increased by 6 IV/0 in two years -driven by increased. building cost5 and the reassessment of the replacement values of all our listed buildings. TheCarP has had a poor year with takings down from £66,461 in 2023 to £58,722 in 2024, a reduction of 11.60/0. This is directly attributable to the disa5troLisly poor att¢iidance record of our car park attendant. who has now left our employ in the ciirienl year, and iiot been replaced, thus savillg us his annual salary. Chaiiges are to be Inade in Inaiiageinent of the car park in th¢ current year and these are set out in ' Future Plans, see below. The net iiicome from the car park has fallen from £33,292 by £12,196 (36.6V/o) to £19,096. We anticipate that the current year will show a significanl improvement. The Museum'5 deficit for the year has maiginally fallen for the third year running to £65,392 (2023 £66,416). Tlie very significant increase in incoJne to £18,593 (2023 £10,920} is attributable to our curator's active manageinent of an extended series of lectures lo local societies, school visit5 to the Inuseums and educational outreach to local schools. General museum expenses have increas¢d in line with this more active museiim programine and museum staff costs have also risen in line with salary inflation.
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued) FINANCIAL REVIEW (continued) Investments. We have seen a very satisfactory increase in the value of our equity and bond holdings of £37,044, which alinost exactly Inatches their 1055 in value of £37,037 in 2023. Our two Aniericaii eqiiity iinit trusts were mainly responsible for this recovery, gaining £24,944 in the year, an iiicrease of 21 O/&. A small unit trust specialising in long dated gilts and run by Jan8 Hende150n was to be c105ed and we sold our holding for £1 0,804 in the year, realising a Ios5 of £710. The proceeds were put into our COIF charity deposit account. Income from investments has iiicreased sharply by £4.093 to £14,739 (2023 - £10,646). This is mainly due to the increase in baiik rate and an ever-increasing sum being placed on deposit duriiig the year, whhch was eariiing 5.1 Q/0 by tlie ycar eiid. Le ac Wc received an iinexpected legacy of just under £21,000 fron the estate of Paul Jones, who had kiiidly taken a great philanthropic inieresi in the John Moore Museum in previous years and from whom at one time we had been rec¢iving significant annual donations. Overview. Despite the fall in our total funds of £1 04,399 in 2023 and of £54,340 in 2022, we should reineinber that we did acliieve a £115,849 gain in 2021 and these accounts for 2024 show anothei. ii)ci'ease of £29.095. Averaging tlie results of the last four year5. only shows an aveTage deficit of some £2,273 per year, noi far off bre8keven. The directors were therefore able to resolve that in their opiiii(>ii there were no doubt5 tliat the charity reiDains a going Concern. Our lieriiage assets cannot be sold and, as a resLIIt, are Shown in these accounts at cost rather than at market value (see note 10). It is of som¢ interest that a report commissioned in 2022 of tl)eir replacenient value for insurance purposes totalled £16,400,000-an increas¢ of £4,400,000 ovei. tlie last four years. Properties refurbishm¢Dt fund (designated fund) The Charily s continuing and recuri'ing obligations to repair. Inaintai insure. preserve and improve the inalienable liistori¢ land and buildings in its care cannot always be entirely funded in the year that tliey are incurred. A contingency fund is reqliired foi. unpredictable, irregular, SLibstantial and often veiy expensive repairs to roofs, strLlCtural timbers and oiher major eleinent5 of the bLiildiiigs- repairs that miglit not arise as a consequence of insLirable perils such as fire, storm and flood, and thus may fall to be CrIed out eiitii'ely at ilie Trust's expense. Moreover, significaiit resources are needed to fund a rolling programme encompassing those InajoT works of maintenance, renovation, preservation, refurbisliinent or enhanceffleni that can to soine exteiit be planned, makiiig ihe most of the iiievitable void periods to upgrade the properties aiid to reduce the risk of emergency repairs in tlie fuiure. AltIiou ideniifiable projects and indicative figures are taken inio account in lh¢ Charity's finaiicial planning, the Directors of the Trustee Company do not fomally allocate specific portioi)s of tlie dcsignated fund to defined schemes, as it is not always possible to predict with any confideiice wlien they will be implemented or what the costs might be. At the y¢ar end the fiind stood at £562,862 (2023 £510,960).
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY (Continued) FINANCIAL REVIEW (continued} The reinstatement value of our buildings for insurance purposes totals some £16,400,000. TI)is high figure reflects the fact that all our properties except one, are listed as architeciurally irnp(irtant, the very great majority being given grade I status. They comprise iwo 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 rcmainii)g 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, refurbisliment fund at tlTre year- end of £567,642 rcpresenls a mere 3.460/0 of this high rebuilding cost. Tlie dircclors consider this fund needs to b¢ increased to c105er to 5 % of the rebuild costs to be adcquate. Reserves w)licy The Directors of the Trustee Company have adopted a policy to maintain general unreslricled income funds (taking one year with another) at a level of abolit £20,000 at current prices, effectively as 'working capital. The Directors keep the policy under review and monitor ils application on an annua] basis. Al the yeaT-end these funds stood at £20,000 (2023 - £20,000). Reserves of £878,920 (2023 - 849,825) include unrestTlCted fund5 of £20,000, dcsignated funds of £578,858, iestricted fiinds of £50,039 and permanent ei)dowment5 of £230,023. The permaneiit endowment fund represents the endowment of properties held primarily foT the PUTpose of fulfilling the Charity's objects of conservation and environmental improvement, in addition to a small investment. FUTURE PLANS All further work on the extensive refurbishment Of 50 and 51 Church Street has been siispended for the time being, aliiiougli tlie directors are satisfied that the external conditioii of tliese two properties is in good condition. Our charitable object of preserving tlie5e two buildings for public benefit therefore continues lo be mel. However, except for the old caretaker's flat in No 50, which we refurbished in 2023, Ihesc two PToperties are not producing income. as IlieiT internal layout is very inconvenient, the expense of their improvement is dauntiiig. and the potential rental income quit¢ disappointing. In view of the poor performance of the Car Park in 2024, the directors have now reviewed several optioiis and decided that it's future management will be contracted out to a specialist firm- Apcoa. For a percentage of the taking5, this firm will riin the car park on our behalf. We hope that by inlroducing car parking charges on Sundays and by a more determined policy of fines for not displaying tickets, the car park income will increase. We are considering the purchase of the freehold of a nearby property, the acquisltioii of whicli will bc ¢ompatible witli our charitable objects. RISK MANAGEMENT The risks to the Trust's ability io continue its a¢livities are kept constantly under review. The most sigTiificant are a reduction in cash flow, a loss in value of invested fuiids. and a draiii on reserves in the eveni that future needs, contingencies or opportlinities were to aris¢ in any year or sequence of years, costing iTJiJ¢h more than could be affoTd¢d from available revenues.
ABBEY LAWN TRUST REPORT OF THE DIRECTORS OF THE TRUSTEE COMPANY {Continued) RISK MANAGEMENT (continued) Risks ro generation are controlled by'.- (al iiiaiiitaiiiing lettiiig properties in a fair state of repair and to a rea%oi)able standard of comfort, eiicouraging teiiants to remain in occupation in the medium term, and aiiracting replacement teiiants witl) miiiiinal difficulty or delay. (b) preserving a variety of property tyFs with appropriate use consent5 SULtable for occupation by a rdnge of residential and commercial ienants. {c) taking opportunitie5 to rcview rents and update lenan¢y terms. (dl setting parking tariffs that take accoiint of those levied by the Borough Council. our only coinpelitor for off- street short-stay parking in (he heart of the town. Cash flow also depend5 on external factors beyond the Charity's conirol, Slieh as the aitractiveness to visiiors and the e¢onomic healtl) of tlie towii of Tewkesbury, lo¢al and national ti"ansport policy. and tl)e iinpact of severe weather, especially floodii)b. Casli flow was negative for 2023. but has increascd to just over £31,000 this year (including a one off legacy of £20,923). Our inveslineiit advisor has instriictions to review our investments quarterly and not to increase tlieir I'isk facior to a greater figure than 5 out of a maximum of 10. Tlii5 sl)ould Ininiinise the risk of a loss arisiiig froin a serious deterioration in quoled stocks. The risk of major expenditure is reduced, as far as possible, by insurance against the usual perils, by a recent expert review of sums assured, by regular inspection of tlie slate of the properties. and by judicious and timely spending of reserve5 on repairs and maintenance. Finally, internal risks are mii)iinised by the implementation of a range of procedures appropriate to tl)e circuinsiances, such a5 the use of a secure pay-and-display machine, Inonitored by CCTV, fron) wliich ¢asl) is collected by a specialist coniractor. The ainounts so collected are rcdiicing as Inore contactless payinents are being proce55ed via the pay-and-display machine. Le55 cash iq now l)andled in the museum following the acquisition of a credit card machine also with a coiitactlegs paymeni facility. Systeins are also in place for the autliorisation of nearly all payinent transaction5 at Trustee level. Project approvals, and the regular review of financial inforinatioi) keep clieck of expenditure. DECLAIL4TION I declare in my capacity as Director of tlie Abbey Lawn Trustee Company Limited that the Dire¢iors of the TrLlStee Company have approved the foregoing report and have autliorised me to SI ir on their behalf. ZLf JOHN YORKE On behalf of Tl)e Abbey Lawn Trusiee Company 10 Date.......
ABBEY LAWN TRUST STATEMENT OF DIRECTORS OF THE TRUSTEE COMPANY*S RESPONSIBILITIES Law applicable to charilies in England & Wales requires the Directors of the Trusiee Company lo prepare ac¢ounis for each finan¢ial year which give a fTue and fair view of the Charity's fillancial acrivilies during the year and of ils financial position al 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.. select suitable accounting polieies and then apply them consistently. • make judgements and estimates that are reasonable and prudent. state whether appli¢able accounting standards and statements of recomm¢nd¢d pra¢li¢e hav¢ been follow¢d, subject to aiiy departures disclosed and ¢xplain¢d in the a¢couiits' prepare the accounts on the going concern basis unless it is inappropriate lo presum¢ that thc Cl)arity will continu¢ in operation. The Directors of the Trustee Company are responsible for keeping accounting records which disclose with reasonable accuracy ih¢ fii)ancial position of the Charity and which enablc them to ascertain tlie financial position of the Cliarity and which enable thern to en5ur¢ that the accounts comply with the trust deed. They are also r¢sponsible for safeguarding tli¢ assets of tlie Cliarlty and hence for taking reasonable steps for the prevention and deteetion of fraud and other irregularities.
INDEPENDENT EXAMINERS, REPORT TO THE DIRECTORS OF THE TRUSTEE COMPANY OF ABBEY LAWN TRUST l Teport on the accounts of tl)e Abbey Lawn TrLlSt for the year ended 31 Mar¢h 2024, which are set out in pages 12 to 26. Respective responsibilities of directors of the Trustee Company and examiner The Dir¢ctors of the Trustee Coinpany are responsible for the preparation of tlie a¢counls. The Directors of the Ti'usiee Coinpany consider that an audit is not requilEd for ihis year (under section 144 of th¢ Cliariiies Act 2011 (the A¢t)) and that an independent examination is ncrded. It is Iny responsibility to.. examiiie the accounts (under section 145 of th¢ Act). to follow the procedures laid down in the General Dsrections given by the Charity Commissioners (Liiider section 145{5}(b) of the Act)., and to state whether particular matters have come to Iny attention. Ba5l5 of indeptndent eTamlners' report My exailliiiation was cari'ied out in accordance with the General Directions given by the Charity Commission. An exainination includes a review of the accounting records kepi by the Cl)arity and a coinparison of the accounts presented with tliose r¢¢ords. It also incliides consideration of any unusual iteins or disclosiires in thc accoiints. and seeking explanations from the directors of the Trustee Coinpany coiicei'iiiiigi aiiy sucli Inatte15. The procedLires undertaken do not provide all tl)e evidence that would be r¢qiiired in an aiidit, ai)d coiisequenily iio opii)ic>ii is given as to whethei. the accouiits pi'esent a'true and fail. view and the report is limited io ihose InalteTS set out in the statenient below. Independent ex)miners' statement I l)ave completed Iny examiiiation. I confirm that no material )natters have com¢ to my attention in coiinectioii with the cxamination which gives Ine cause to believe that in, any material respect: the accounting records were i)ot kept in accordance with section 130 of the Charities Act- or tli¢ accounts did not accord with tl)e accounting records. or tlie accounts did i)ot comply with tlie applicable requirements concerning ihe form and content of accoiinls set out in the Cl)arities {A¢counts and Reports) Regiilations 2008 other than any requirement that tlie accounts give a 'true and fair, view iyhicli is not a matter considered as part of an indepeiident examination. I have no concerns and have come acr055 no other matters in connection wilh ihe examination to which atteiition sliould be drawn in this report in order to eiiable a proper Linder5tanding of the a¢counts to reaclied. Scotl Lawrence FCA DChA HAzlewoods LLP Chartered Accountants Windsor House Bayshill Road Chcllenham GL50 3AT DAte 12-
ABBEY LAWN TRUST STATEMENT OF FINANCIAL ACTtVlTIES for the year ended 31 March 2024 Restricted Unre5tTLCted D¢sign2ted Endowrnent FuNd5 Funds Funds Total 2024 Total 2023 Note INCOME ATrID ENDOWMENTS FROM: Donations and legacies Charitable activities= Museum receipts OtheT trading aetivities: Car park receipts Investments Other.. Properly rents r¢¢eivable 21,561 21,561 2,775 18,593 18,593 10.920 58.722 14,739 58,722 14,739 66,461 10,646 141,190 141,190 134,438 TOTAL INCOME 254.805 254,805 225.240 F.XPENDITURE ON Charitablc actiyities: Museum expenses Upkeep of garden Depreciation Raising fund5: Car park expenses Other: Property ¢xpenses 83,985 18.529 83.985 18,529 22.807 77,336 16,954 ioiii 1,341 21,466 39,626 39.626 33,169 97,808 97.808 141,948 TOTAL EXPENDITURE 239,947 1,341 21.466 262,754 292.602 Nel incomingl(outgoing) resources before tran5fer5 and gainsl(losses} on investtDents 14,858 (1,341) (21,466) (7,959} {67,362) {Loss)/profit on disposal of investJnents 12 Profitl(loss) on revaluation of inv¢slments 12 37,044 37,044 {37,037) Net incomel(expenditure) 17 51,902 (1.341) (21,466) 29,095 (104,399) Transfers between funds 17 (51,902) 51,902 Net movement in funds 50,561 (21,466} 29,095 (104,399) FUNDS BROUGHT FORWARD 20,(KIO 528,297 301,528 849,825 954,224 FUNDS CARRIED FORWARD 20,000 578,858 280,062 878,920 849.825 13
ABBEY LAWN TRUST Charity number: 201845 BALANCE SHEET 31 March 2024 Note 2024 2023 FIXED ASSETS Heritage assets Tangible fixed assets Investmeiit5 io 230,023 66,037 488,804 230,446 88,419 461.626 12 784,864 780,491 CURREf4T ASSETS Debtor5 Cash at baiiks 13 14 11,042 96.693 14,973 60,452 107,735 75.425 CURRENT LIABILITIF.S Creditors diie within one year Is (13,679) (6,091) NET CURRENT ASSETS 94,056 69,334 TOTAL ASSETS LESS CURRENT LIABILITIES 878.920 849,825 FUNDS Uiil'estricled fiinds tksigiiated funds 20 19 20,000 578,858 20,000 528,297 598,858 548,297 Restricted funds Permanent endowment funds 18 18 50,039 230,023 71.082 230,446 878,920 849.825 Approved by the Board of Directors of the Trustee Comparby on 8, November 2024 and signed on their behalf by: JYOR E (Director) A MACKINNON (Director) 14-
ABBEY LAWN TRUST L¥OTES TO THE ACCOUNTS for the year ended 31 March 2024 ACCOUNTING POLICIES The account5 have been prepared underth¢ historical cost convenlion, as modifi¢d by tlie inclusion of iiivestments at market value, adopting the following principal accouiitiiig policies, all of M,hicli are in accordance with ihe Statement of Recommended Practice.. Aecounting aiid Reporting by Charities preparing theiT accounts ill accordan¢e wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effeclive l January 2019 and the Charities Act 2011. Any departures from these standards ar¢ only to the extent required in order to provide a"tru¢ and fair view" The Charity con5titute5 a public benefit entity as defined by FRS 102. Ineojning Resources The Cliarity has five main income streams,. donations and grants. car park receipts. investment income* property income and museum receipts. Income from Inuseum receipts are considered to arise from the activities performed by the Cliarity lo meet its objects and ar¢ therefore allo¢al¢d under, Income from Charitable acliviiies,. The car park is situated on surplus land held by the Charity and is I'uii for tlie PUTPOSes of pi'oviding fLinds. along with the investment portfolio and rental in¢om¢ froin the properties. to support the performance of the charitable activities. These sources of in¢ome are therefore described under 'Income from other trading activities,. Donations aiid grants receivable for specific purposes are credited to the Statement of Financial Activities in the year to whicli they relate as soon as conditions for receipt l)ave been met. Donations or grants for immediate financial 5UPPOrt, or received against costs previously invoiced, are r¢¢ognised immedialely in the Statement of Finan¢ial A¢tivitie5. Cbaritable Eipenditure All expenditure is included in the accounts as soon as il is ineurred. Costs are allocated by activity in line with the allocation of income. The nature of the Charity 15 such tliatthere are no support costs. Costs of external SCTUtiny. investineni advice, cliarity structure and other costs not directly related to charitable activities are included in governance costs. These costs are allo¢ated a$ Set out in note 7 to the a¢counts. The irrecoverable eleTnent of Value Addcd Tax is included with the item of expense to which it relates. Depre¢iation is allocated to expenditure headings on the basis of the use of the assets concern¢d.
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for th¢ y¢ar ended 31 March 2024 ACCOUNTING POLICIES (Continued) Tangible Fixed Assets All resource5 expended on acquisition, enhancement and installation are Capitalised as fixed asseis. Tangible fixed assets are stated in the balance Sheet at ¢ost, less depreciation. Depreciation is talciilated to write off the cost less estimated residual value of tangible assets over their estimated useful lives ai the followiiig rates per annum:_ Freehold land and buildings Freehold property improvements EqLiipinent Old Bapiist Cliapel leaseliold IOQ/o of written down value 20-25Q/o of written down value I /0 Straight line from l April 2016 Heritage assets All il)¢ l)istoric fiEeliold pi'operties that the ChaTlty holds are classified as heritage assets. Details can be foiind in note l O. Grant5 The Charity occasionally awards grants when appropriate ¢ircumslances arise. Such gratits are recognised when paid. Inve5tment5 The ii)vestments are lisied on a Tecognised stock cxchange and included at fair value in the balance sl)eet. All movements in value arising from investtnerjt changes and revaluations are ineluded in the Statement of Financial Activities. There are no unlisted investrnents. T8xfition The TTUSI is a registered charity. The results of its normal a¢iivities are not liable to income tax. Funds Tlie Cliarity has endowmeni, restricted and unrestricted funds. Further details of these funds can be found in notes 16 to 20. Going eoncern The Triiste¢s assess whether the use of going concern is appropriate, i.e. wheiher there ar¢ any ii)aierial uiicertainties related to events or conditions that may cast sigiiificant doubt on the ability of (he Cliarity to ¢oiitinue as a going concern. On review, Ihe Trustees liave concluded that they al'e to adopt the going concern basis in preparing these financial statements. 16-
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the yeaT ended 31 March 2024 DONATEONS AND LEGACIES 2024 2023 The Wild E5capc- mus¢um development fund grant Cliarity Aid Foundation donation Brlstol City Council Olou¢estershire Museums Legacies 2,700 75 254 384 20.923 21,561 2,775 All income for the year from donations and lega¢i¢s was unrestricted income, as it was in 2023. JOHN MOORE COUNTRYSIDE MUSEUM 2024 2023 Income Entran¢e and atl¢nd8n¢e f¢es 18,593 10,920 General expenses General museum expen5e5 Deinonslrations and events Gov¢rnan¢¢ costs 16,739 811 ,241 13,321 2,903 704 18,791 16,928 Museum staff ¢osts 65,194 60,408 83,985 77,336 Net defjcit of the Museum (65.392} (66.416) All income from entrance fces and donations for th¢ year was unrestricted income, as it was in 2023. In 2024. £Nil (2023.. £3,161) of expenditure came from restricted funds. The remaining £83,985 (2023.. £74,175) was from unrestricted funds. 17
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for tlie year ended 31 Marcli 2024 CAR PARK 2024 2023 Income Takings 58,722 66,461 General expenses Attei)dant's employineni costs Natioiial noi)4omestic rates Casli collection and other cost5 Governance costs 26,050 2,064 7.594 3,918 21,541 1,792 5,550 4,286 39,626 33,169 Net income from the car park 19,096 33,292 All car park incoine for the y¢ar was unrestricted income, a5 it was in 2023. All expenditure was from iinrestricted funds in both 2022 and 2023. INVESTMENT INCOME 2024 2023 Bank deposit account interest Structiired products iiiterest Dividends reinvested Interest reinv¢sted 3,280 3,375 7,273 845 3.375 5,927 499 14,739 10,646 All inves(ment income for the year was unresiricted income, as it was in 2023. 18
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2024 PROPERTY 2024 2023 Income Rents and otheT property income 141,190 134.438 Expenditure Land agent's fees Insurance Repairs and renewals Professional fees Other expenses Gov¢rnan¢e ¢osls 16,371 22,982 18,554 19,896 10,266 9,739 21,026 20.542 70,074 11,220 10,416 8,670 97,808 141,948 Net ineome from properties 43,382 {7,510) All property income for the year was unrestricted income, as it wa5 in 2023. All expenditure was from unrestricted funds in both 2023 and 2024. 19
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2024 GOVERNANCE COSTS 2024 2023 Independeiit exainination fees Accountancy fees Professional fees re investments Bookkeeper's fees Christinas lunch costs Pensioii planning fees Bank charges SLindry costs 750 2.953 7,146 950 405 720 3,000 7,486 225 502 550 12 1,165 409 2,285 14,898 13,660 Governance costs were allocated to other expenditure on the following basis.. Governance costs: 2024 2023 Basis of apportionment Property expense5 M115euin expenses Car park expenses 9,739 1,241 3.918 8,670 704 4,286 Income Income Iii¢ome 14,898 13,660 All governance costs related to unrestricted funds in both 2023 and 2024. STAFF COSTS AND NUMBERS 2024 2023 Salarie5 and wages Social security ¢OSts Pension conlributions 75,677 6,527 9,040 74,577 1.068 6.304 91,244 81,949 No employee received eTnoluments of more than £60,000. Directors of the Triistee Coinpany received no remuneration in the year (2023.. Nil) and were not reimbursed for aiiy of their expenses in the year (2023: Nil). The av¢rage weekly number of ¢mployees diiring the year was 4 {2023'. 3). -20-
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2023 NET INCOME FOR THE YEAR 2024 2023 Net ineome is stated after charging.. Depreciation Independent Examiner's fee 22,807 750 23,195 720 Accountancy fees of £2,953 (2023.. £3,000) were also paid to the Independent Examiner. 10 HERITAGE ASSETS Th¢ land and prop¢rli¢s v¢sled iii th¢ Trusi cannot be sold, because they are held for the Charity's objects of preservation and conservation. They therefore qualify as 'heritage assets, and tl)e value of the land and propcrtics is shown al cost rather than al market value. Where the aetiial cost of certain properties 15 unknown, valuations attributed to thosc properties at l April 2002 are treated as the equivalent of cost. Th¢ titlc to the land, which had previously been held iii the iiames of tlie indivsdual tiiistees, was transferred to the new Trustee Company with effect from 9 Augllsl 2006. bul ihe cost of the land continues to be shown in the books of the Trust. Cost At l April 2023 Additions 277,888 At 31 March 2024 277.888 Depreciation Ai l April 2023 Charge for year 47,442 423 At 31 March 2024 47,865 Net book value At 31 March 2024 230,02) At 31 March 2023 230,446 Depreciation of £423 (2023 - £472) related lo endowrnent funds. 21
ABBEY LAWN TRiIST NOTES TO THE ACCOUNTS for the year ended 31 March 2024 11 TANGIBLE FIXED ASSETS FTeehold Leasehold Fixtures Fittings & EquipTnent Total Cost At l April 2023 Addition5 9,283 210,431 75,174 294.888 Al 31 March 2024 9.283 210,431 75,174 294,888 Depreciation At l April 2023 Charge for year 139,349 21,043 67,120 1.341 206,469 22,384 At 31 March 2024 160,392 68,459 276,716 Net book v8lue At 31 Marcl) 2024 9,283 50.039 6.715 66.037 At 31 March 2023 9,283 71,082 8,054 88,149 Depreciation of £1,341 (2023 £1,680) related to designated funds. Depreciation of £21,043 (2023 - £21,043) related to restricted funds. -22-
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 Mar¢h 2024 12 INVESTMENTS- LISTED 2024 2023 Market value At beginning of year Additions Dividend5 reinvested Interest reinvested Management fees paid Rcalised {lossesygains Unrealised gains/(losses) Disposals 461,626 499,730 7,273 5,927 499 {7,493) (7.146) (710) 37.754 (10,804) (37,037} At end of year 488,804 461,626 All investments are carried at their market value. Investments in equities, fixed inleTCSt securities and invcstment trust5 are all traded in quoted public markets, priinarily the Loiidoii Stock Exchange. All of the investinenls above relate to listed investments. The listed investments at 31 March 2023 aErf)ve comprise the following= 2024 2023 Quilter investments Investec FTSE 100 Defensive Income Plans IDAD 385,411 49,635 53,758 358.858 48.643 54,125 488,804 461.626 13 DEBTORS due within one year 2024 2023 Cash in Fisher Gerjnan client account Prepayments and other debtors 9.934 1,108 10,257 4,716 11,042 14,973 23
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2024 14 CASH AT BANK AND IN HAND 2024 2023 Current ac¢ount COIF Cliaritie5 Deposit Fund 7,426 89,267 1,581 58,871 96,693 60,452 15 CREDITORS due within one year 2024 2023 Aecruals and deferred in¢ome Othei. creditors 12,179 1,500 4,591 1,500 13,679 6,091 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Capital funds Restrictedl endowment Income funds Designated Unrestricted funds funds Total funds Tangible fixed assets Investmenis Ciirrent assets Currei)t liabilities 280,062 15,998 488,804 74,056 296,060 488,804 107,735 {13,679) 33,679 (13,679) 280,062 578,858 20,000 878,920 2023 Capital funds Restrictedl eDdowment Income funds Designated Unrestricted funds funds Total fund5 Tangible fixed assets Investinents Current asset5 Current liabilities 301.528 17,337 461,626 49,334 318,865 461.626 75,425 (6,091) 26,091 (6,091) 301,528 528,297 20,000 849,825 -24-
ABBEY LAWN TRUST NOTES TO THE ACCOUIYTS foT the year ended 31 March 2024 17 NET MOVEMENT IN FUNDS 2024 Restrietedl endoivment (Note 18) Designated UnTe$trieted funds funds (Note 19) (Note 20) Total funds At l April 2023 Nel (oulgoing)/incoming Re50UTces foT the year Transfers 301,528 528,297 20,000 849.825 (21,466) (1,341) 51.902 51,902 {51,902) 29,095 At 31 March 2024 280.062 578,858 20.000 878,920 2023 Restrictcdl endowment (Note 18) Designated Unrestrieted funds funds {Note 19) (Note 20) Tot#1 funds At l April 2022 (as restated) 326,204 Net outgoing resources (24,676) for the year Transfers 608,020 {1,680) 20,000 {78,04J) 954,224 (104,399) (78,043) 78,043 At 31 Mar¢h 2023 301,528 528,297 20,000 849.825 25-
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for tlie year ended 31 March 2023 18 PERMANENT ENDOWMENT AND RESTRICTED FUNDS Permanent endowment Restricted Old Baptist fund Chapel Total Al l April 2023 Net expendiiure for tlie yeai. 230.446 71,082 301,528 (423) (21,043) {21,4661 At 31 March 2023 230,023 50.039 280,062 Tlie pei'inanent endownient fund Tepiesents the endowmeni of properties held primarily for the purpose of fiilfilling the Charity's objects of conservation and environmental improveinent, in addition to a small inv&ttnenl. Tlie restricted fund represents amounts received in previous years, which the donor specified should be used for tlie benefit of the John Moore CouFJiryside Museum. The Old Baptist Cliapel fund I'cpresents the nei book value of tlie Old Baptist Chapel leasehold, wliicl) is held by tlie Trust, tlie purchase and improvement of whi¢h has been met froin income funds restricted for that pui'p05e. 19 DESIGNATED FUIYDS Wasting assets Prop¥rtles refurbishmeDt Total Ai l April 2023 Depreciation (note I l ) Transfer froin unrestri¢ied fund5 (note 17) Additions (noie I l ) 17,337 (1,341) 510,960 528,297 (1,341) 51,902 51.902 At 31 March 2024 15,996 562,862 578,858 Tlie wasting assets fund represents the net book value of fixlur¢s, fittings and equipment used in Ihe Trust's activities, the oi"iginal piircl)ase of which had been tnet from unrestricted income fund5. The properties refurbishment fund represents resources set aside fmm unrestricted income fund5 to meet the Charity's continuing and reeurring obligations to repair, maintain, insure, preserve and iinprove tlie inalienable historic land and buildings in its ¢are. 26-
ABBEY LAWN TRUST NOTES TO THE ACCOUNTS for the year ended 31 March 2023 20 GENERAL UNRESTRICTED FUNDS The general unrestricled 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 Cliarily that are neither restricied nor designated. as follow5. Debtors Cash ai baiik in hand Less.. cashlassets held as restrictedldesignaled funds Creditors 11,042 96,693 (74,056) (13,679) 20.000 In order to maintain the Icvel of unrestricted funds, the Directors of the Trustee Coinpaiiy have authorised arl appropriate transfer to designated funds. 21 RELATED PARTY TRANSACTIONS There were no related party transactions during the year to 31 March 2024. 22 EX-GRATIA PAYMENTS No ex-gratia payments were made in the year to 31 March 2024. Duriiig the year to 31 March 2023, an ex-gratia payment of £2,0 was paid upon retirement to the curator of tlie John Moore Countryside Museum. -27-