Reg051effed number. 294789 Gharlty number: 203048 'AC7KXSF7• 12A)7r2023 COMPANIES FKIUSE A25 THE BATH PRESERVATION TRusf LTD (A COAIPANY UMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 BATH PRESERVATION TRUST ON OYAL BECKFORD'S TOWER AND USEUM HERSCHEL hfjUSEUNI OF ASTRONOTr OF BATH
THE BATH PRESERVATION TRUST LTD (A COMPANY UMITED BY GUARAMTEE) CONTENTS Page Reference and admlntstratlve deta115 of the charlty. Its trustees and wmsers Trustees. rewt 2.14 Independent audltcrfs. rewt 15. 17 Consolldated statement of flnanclal acfvltles 18 Consolidated and Corrywy baiarKe sheets 19 Consolldated statement of flows 20 Note5 to the financial staternents These statutory accounts are forThe Bath Preservaticm Trust Ltd (Charity No 203048 and Re8. Co. No 2947891, showing the consdidated results for a group of four entities: The Bath Preservation Trust (including the two museums No.1 Royal Crescent and the Mu5wm of Bath Architectijrel. The Beckford T¢)wer Trust (Charity No. 2729861,. The Herschel House Trust {Charity No. 2982951 and No.1 Royal Crescent (Bath) Ltd. a trading company ICo.Reg. No. 2086060).There is no legal (ff charfty feoulrtyment to pr(xluce separate acccMJnts for The Bath PreseNaticfj Trust IBPTI as a Serate entity. h(Y*¥ever a summary version of the separate results are produced in BPT'S Annual obtainable from the registered office at 1 Royal Crescerbt, Bath, BA1 2LR.
THE BATH PRESERVATION TRu¥f LTD IA COMPANY LIMITED BY GUARAiifEE REFERENCE AND ADAIINISTRATIVE DETAILS OF ThE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023 TStee$ Thomas Sheppard. Chalr 14.& D?ane Aderyn Dwglas Creed I Robert Dunt¢Jn Julie Finth (resigned 12 July 2022) Ih,%47 Julian Gothfjing (co-opted 20 January 20231 David Trkll {re5igned 12 July 2022) Peta Hall 1.15 Bruce Haine5 4,5.7 Colin Johnston Annabel MacGreqor Ico.0pted 20 January 2023 TLYn Akirshall Z,3,4.7 Simon Morray.J na Speed {co.opted 20 January 20231 VKtoria Thornton 1.L4,7 denote5 members of the Advttaty Campalgns Commlttee denotes members of the Architecture, Planning and Place Committee denotes members of the Beckford Tchver Trust Athi50ry Committee denotes members of the Finance cMittee denote5 members of the Museums and Educatlon Commlttee denotes members of the Her5chei Museum Advisory Ccthmittee denote5 merth5 of the Recruitment Ccynmittee Company registered number 294789 Charlty rffjlstered number 203048 Re8tstered offke 1 ROYBI Crescent Bath BA1 2LR Independent auditors Bish¢Jp Fleming LLP Chartere(l AccwnLints 10 Temple Back 8ristol BS1 6FL Bankers Uoyds Bank 47 Mi15c¥n Street Bath BAI IDN CAF 8ank Ltd 25 Kings Hill A¥ue West Malling Kent ME19 4JQ Sollcltors Stone King 13 Queen Square Bath BA1 Itru Page 1
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2023 The Trustees pres(Yit their annual rert together with the audited financial statements for the year 1 February 2022 to 31 January 2023. The Trustees cfIrM that the Annual Report and financial 5taternents of the company comply with the current statutory requirements, the requir¢ments of the companys goveming d(Kument and the provisi5 of the Statement of Recommended Practice ISORPI, appiicabie to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepublTrc of Ireland IFRS 1021 (effective 1 jUary 20191. Since the company and the grwp qualify as small under section 383. the strategic rem required of medium and large companies under The Companie5 Act {Strategic Rem and Direct¢5 Report) Regulations 2013 Is not required. OVERVIEW: THE IMPACT OF cov119 ON THE TRUST FOR THE YEAR The year opened wlth sc¥ne relief as the impact of the emergent Cknicrcffl variant was lower than feared. Some trepidation from Yisitor5 was still evident but perforn)afKe at No. 1 Royal CreKent and the HeryAhel Museum of AstronLry was better than expected. All triCtIOnS were effettively lifted in the UK although Bath Preservation Group IBPTI (tinUed to a<iopt the following measure5 to ensure Staff and visitors were protected and STtes felt safe: Staff with Covid-19 were encouraged to work from home. to avo6d Nitemal tran5mis5ion which might jeopardise the capacity to open the museums: Mask wearing was a(fvisable but not marKlatory f(Y staff and visitors; Routine additional cleaning tk place in public space5. Protective screens were taIned in most I¢tionS- Hand-sanitlsing stati$ were retained" and Visitors were able to buy pre-bcKknJ tickets lIne. but walk.up tkkets were also made available with no pre-bc)king required. BPT continued to benefit Ir¢Jn the continued Tnvestment of the Naticffial Lottery Heritage Fund (NLHFI through which three rwnds of support fr the Culture Recovery FurHJ We e1Ved. Thls intervention has met the Costs of important mfxlificarions and business develwment to enable and improve sustainability as the charity group emerges frtyn the coraVIruS pandemic. improving the Viability of the grtyJp in the long-term. BPT'S trustees ané stalf are thankful to eVerye who supported the charity through this difficult time. whether It be financially• through time given, as a valued partner )t writh Wl(l¥e words of enctsjragement. The investment and support has allorted W to plan positively f the future. OBJECTIVES AND ACTIVITIES FOR THE YEAR The objects of the Trust are to: Promote high 5tandard5 of planning and architecture and to secure the preservatlon. protect1. development and improvement for the publTC benefit of the character. amlI1e5 and buildings of historical, architectural public interest in and artwnd the City of Bath. Protect and preserve public rights of way and the beauty of the countTrside arLKJnd the Clty of Bath {and to pr(m)ote Its fullest enjoyment by the public): and Provide andlor participate in the proYisi(M and mainttThnce for the public benefit of museums, librarie5 galleries, and other facilities to promote the e(lucati¢ of the public in relation to the history. geography. architectural heritage and other 5ubject5 of public interest in Connecti with the C?ty of Bath and for the preservatirm and exhibition of object5 for the public befit. Achievements, Performance and p)17C Benefit The staff. volunteers and tntstees of BPT have 5hv*n extraordinary resilience and flexibility thr0ughjt the year, to adjust and respond positively to a rapidly changing c¢)ntext. The war in Ukraine. the c05t of living crisis, rapidly rising energy costs and inflation. as well as COrarS imparted everyone in the UK to wme degree. Page 2
TFIE BATH PRESERVATION TRUST LTD {A COMPANY LIMITED BY GUARAKfEE) TRUSTEES. REPORT {cr)ntinued} FOR THE YEAR ENDED 31 JANUARY 2023 Many people livlng in historic buildlngs in Bath turned to BPT for a¢fvbce and support, facing unthinkable energy bills. Our staff talked to numer¢YJS people who were facing choices about eating or heating and did not knc where to go for help and support. Museum visitor numbers gathered pace thrthhft the year and BPT recorded a higher than usual market share of visitors to Bath. The investment in deditated maretkng has proven itself to increase cwr ability to reach more people. The caseload for our A(fvocacy and Campaigns team has been at record Iets prcwing the need and value for our sefvice and the important work of BPT. Bath Is now a thyJble.Inxribed World Heritage Site, being recogni5ed for the Clty a5 a whole but also as a Great Spa Town of Europe. The hot spring5 have been fundamental to the development of the city and the therapeutic landscape. BPT is proud and active in its contributi( to Supp and promote World Herltage as a partner to the World Heritage Site Advisory Board and Management Plan. Despite the importance of World Herltage to the ecc¢¥ny. CMnitY and enwronment of Bath, this has been threatened by inappropriate development. In 2(. Bath was threatened with being struck frorn the World Heritage list due to Westem Riverside phase 1. Clear lnstnjct1 was issued by UNESCO that building heights should be limited and a more sympathetic masterplan deloped to guide future phases. However, toward5 the end of 2022. Berkeley St William sulynitted a development proposal with plans for a wall of tyjlldlngs at least 25% taller than m&Klmum heights set by local wlicy. BPT reSpded by i55uing an opÉM letter to B&NES Council. the UK Government. UNESCO antl ICOMOS. Sustainable, affordable housing is an imperatlve requirement in Bath. a5 it is throughout the UK. but inappropriate and oversized development has no demonstrable public benefit to the ccrfnmunities that it affect5. ProfTt driven choices must be challenged to brtng high quality. more appropriate 5UStainable h(u5ing to Bath with genuine public beneflts. Adv¢xKy and Canwlg)s TheA<fv¢aeY and Gnpaiqns Cthnmfttee (A&C) prryidesstrategic o4eT5ight of the Advocacy and Campaigning activities, including learning and treaCh. and Piannlnq Conservatith) worft of BPT. It provide5 scnjtiny to proposals, enables a¢fvice, guidance and 5UPPOrt to Staff and oversees project develowent antl delivery on behalf of the Board of Trustees. For rhe first time BPT prepared a 5-year Strategy for Advocacy and Campal8ns IA&C) 2022-2028. The Strategy sets two primary objectives for BPT'S campaignFng and leaming activities. SU5tainablllty and desl8n excellence. It also identlfies the vision ftx the Countess of Huntfngdon's Chapel as the home of BPT and functions relating to A&C. In 2022 we reviewed the current webslte, then updated and transferred the content to a ne¥ Site and structure. which will be launched later in 2023. The website is a significant public archive and reference point for development proposal re5Wmses and p)Siti statwtS. spanning more than 10 years. It also describe5 urrent campaigning prioritie5 and themes and lirs w6th social media c(tent. Social medla Is a primary focus to engage audiences and PrOte activities. Engagement and gr¢)Wth has exceeded residual Itwels. particularly Instagram. with str4 (Artcfynes f(K rargeted campaigns. Hlghllghts for the year included: H05ting Historic England Commissi¢er5. Chair. CEO and RegKThI Team meeting to disCUS5 decarbonising heritage and to discuss future national policy- Creatifm and publIcati( of two 8ath-based retrofit case studies. Social media campaigns for sustainability. retrofit and Green Belt conservati. Support for B&NES Clirnate & Bi¢)Jiver5ity Festival. Sash window draught-pr(J)fing w¢)rk5hop Local Plan Partial Update. c¢)nSUltati and representati at hearings: Milsom Quarter maStelan cSuItati(ffl, resp(Xb5e and pre55 release; Journey to Net Zero Transpcwt Plan consultation response. Page 3
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED 8Y GUARANTEE) TRUSTEES. REPORT {contlnuedl FOR THE YEAR ENDED 31 JANUARY 2023 Pre.applicatifM engagement with W0$a for the GaSWfxks site and productkn of an Open Letter expressing major c(emS. ReSp)se$ to housing development site5 including &Jlls thywn and Bath Pre5S". Site visits with AP&P Ccrfnmittee to explore design excellence and deCa[Lnisati including Newar1( Works, Bath Abbey, and the Fry Building. Bri5toi; Publicati of guidance note for Full FitKe Brc¥3dband Installati(. PrCcti1 of a watch List for local Heritage at Risk" Engagement on forthcoming review of the WThld Heritage Site hlanagement Plan" ProducTrng online content & engag£ent for Wortd Heritage Oayp and Welcoming Part 1 Architecture StLthnt Josephine Adams University of the West of England as BPT'5 Summer intem. The Archltecture Plannlne and Place Commlttee (AP&PI c(Kffdinates reattive responsesto indivldual planning applications and listed building c$t5. pre.application cSUItatiOns. thice requests, and planning guidance and policy c¢wsultatilYls, drawing the skills and expertise of irKlependent a¢fvisors. In 2022. AP&P responded to a total of 393 planning applications. an increase from the 308 plannlng application5 responded to in 2021 and the 307 pianniry applicatiLN)s reSpded to in 2020. This is the hlghest recorded number of sul)mIssl$ fr¢>m BPT. vrith the next being 384 planning application resp¢)nses in 2015. Cfver the past four years, we have responded to an annLtral average of 324 planning applications. We had an overall influence of 65% in all applicati(5 to which we re¥ded. This marke(l a 7% decrease on our previou5 influence in 2021. bsjt a 2% Increase our previou5 influence in 2020. From the data we have collected over the last six years. 2017-2023. it is estimated that 6PT has had an average Influence of 62% on all applkations to whlch we responded. a 2% Increase from tsjr estimated average influence 0161% over the four years between 2017 - 2021. We responded to a total of 181 listed building applicaticS IL8Asl. and had an overall impact on 74% of the applications to which we respded, a 3% ifKrease on our previc5 influence in 2021. We saw the number of LBAS we respde<l to Inuease by 16% frc#n 2021. We respLded to a total of 118 full planning applications. and had an overall impact on 57% of the applicatTOn5 to whTch we resp(ded, a 12% decrease txjr previous influence in 2021. This may be attrfbuted to the Increasing number of applications for change ol use to HrMJses in Jmultiple Occupancy IFiMOsl. We saw the number of full planning applications to vthich we respmded increase by 9% from 2021. We Sponde1 to a total of 34 alfvertising and signage appliCatiS IARS). over dthtble the number of applicaticffls as last year, and hail an erall impact of 71%. Thi5 marke(1 a 12% decrease on our previous influence in 2021 but a 16% increase our previw5 influence in 2020. We reSded to 88 aPItati(S that proposed energy efficiew works, up from 41 applicati5 last year - 69% of these related to listed buildings. We had an overall impact of 79% on the application5 to which we reSte1. a 3% decrease our prevl(Ats influence in 2021. We had the highest influence in consented applicati$ for wwgy effldent retrofits. with an input of 81% into all appiicaticffts granted permission. We maintain our involvement in, and contnbution to. Bath's historic environment ty assessing all planning applications received by B&NES each week. utilising our perscfflal planning and heritage experttse to investigate the su?tability of each application with the valuable input of rAJr AP&P Cmittee. We continue to work with B&NES' plannine officer5 and Planning Committee. l(Kal grwps. independent developers and applicants to adVate for managed and beneficial change that wlll continue to preserve and enhance Bath as a beautlful and flourishing city. It)l1ffte 55 dellned as BPT being pos11ThY referred to irt a case olfker's plngeCiS1(. QT there thp case officer h45 10t14ted chaw or coThJftlons to a pianntr lthe rwr Page 4
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnued FOR THE YEAR E14DED 31 JANUARY 2023 The Envlrons ScOmMittee provides a strategK f(ffl which enables repre5entative5 from the foLtrteen rural parishes svrrounding Bath to discuss planning and World HerTtage related matter5 that affect them. The parlshes coordinate<l with BPT cffl its rp(se to the Local Pian Partial Update, expressing resistance to the removal of Bath's Park & Ride sites frcm the Green Belt. BPT was able to represent the views of the parish COLmciis at the examinati hearings. The Committee is continuing to engage further the forthcoming Local Plan 2022-2042. The Environs Ctynmittee has sUPPOrted the follwing prioritie5 in the par51. South Stoke: Continued mmitoring and resp(mse to proposals for up to 3) new homes on the Plateau. In particular, ongoing diScussiS regarding new allotments in the Green Belt. with particular focus on the proposed allotments cffl Derrymans Field. Mldf¢rd: Contlnued mtmitoring of develowent at Grade l Midford Castle, where the censtructi¢Jn of a new agricultural lyjilding is in breath of planning peis$lOn. Attwjn was taken to wrsue an enforcement order and uplK)Ld the enforcement decision at appeal; St Catherine: Continued MltlAg and resp(Se to ongoing, unauthor7%d development at Charmydcwn Bam where thts has resulted in ham) to the appearance of AONB and Green Belt. Engllshcombe and others." Discussion and engagement on retrofit measures within the village cSerVatIon areas, such as solar and pt0VOlta1C Ipv) panels. with Committee members encouraged to Sha positive examples of retrofit in their areas" Bathford: Support to the Parnh Cwncil dealing with OIng enfercement relating to a new camplng site: and Cor5t¢Jn: The Successful prti the demol1tfj of a histt)ric, liSted toll house on the A39 outside Corston. The year in number5 393 responses to planning applications; 4 statements to B&NES Planning C1Mittee. 9 pre-application consultations- 133 hehder requests for conservatith) and planning adv6ce: 7 responses to planning appeals. 1 response to national consultat1. 7 responses to local csUItatIons. 4,374 Twitter fdl¢yNers' and 3,472 Instagram follower5. World Herltage 5fte EnharKement FWKI The World Heritage Site Enhancement Fund {WHSEFI crmtinued to initiate and supp)rt tereSting and worthwhile projects during 2022. It si¥nifKant public benefit thrryh the systematk repair restorati( of the public realm In Bath. The Fund 15 a partnershlp betrffn the W(¥ld Heritage Site AdY Board. BftNES C0clI and BPT. The aims of the Fund are- To initiate and organise, SUPF#Yt, projects that enhance Bath's hT5toric fabric and heritage. To enhance public understanding and appreclation of the significance of the World Heritage Site and its Outstanding Universal Values. To ofler help and advice to l(Kal residents. communlties and vcAwteer grwp5* and to work in partnerrthip with I(1 ¢yganisations with mutual goals- and To encourage hlgh standards of craftgnanshlp and provide practical experience. Page 5
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARAi¥fEE) TRUSTEES. REPORT lcontlnuedl FOR THE YEAR ENDED 31 JANUARY 2023 WHSEF ro ects com leted in 2022 Tree guards. Stake5 and Ties for Granville Road tree pLanting project: John Wood Family Tombs. cservatIon. WHSEF Newsletter5 for 2018119 and 2022: Sydney Buildings Replica Lampstands" Painting of Inscription on the Fir5 Field IAemrial- Historic Towns Trust Map of Bath: Norfolk Crescent Watchman'5 Box conseryat1. Production of Watchman's Sentry 8ox (Watch Box) by Melanie Gilbert-smith and Prof. Barry Gilbertson. and A contributith) to the 'Our To%*r' Project at Beckfor(I's Tryrtr. Museums 2022 was a really significant year for our museums. No. 1 Royal Crescent continued to Showcase its immersive experiences and in the year. a well.received new App was launched adding an extrè layer of interpretation and detail for vtsitors abtyrt the hLKThe. Beckford's Tower reached a huge milestone, receiving the Delivery Rtyjnd grant of £3,078,093 from the NLHF that ensures the project can be ccmmpleted. The project team worked very hard to ensure success and we are excited to move into the build phase and deliver wr shared ideas and plans. We are grateful to all funders that made this happen inclj1ng Garfield WeStc. Historic England. Steve Morant. Aled1 Charftable Trust. Historlc Herttse5 FourKlation. Pilgrim Trust and all of ¢knors and supporters. A new partnership ha5 been established with State of Trust, who are creatirkg a dance and music performance of the novel 'Cane Warriors. by Alex Wheatle. about the rebellion that took place cffi plantati¢)ns including one owned by Beckford. During Tacky's rebelli. many enslaved people from different plantations participated in co-ordinated uprising and fought for their freed(xm. holding their F)Sition for a slgnificant period of time. When it became clear they would lose. they chose suicide rather than a retum to en51avement and this erful story will be re-told thrcwh dance arwj music in varhJu5 venl5 acros5 Bath and Bristol thanks again, to the NLHF. The Herschel Museum of Astronomy cc•nMemated 21x1 years since Ihe death of Wllllam Herschel with a partnership with sIh Museum and SioLryh Library. thanks to an NLHF grant. We worked with Bath Astronomers, The Royal Astronomical Society> The Herschel Sttiety. the University of Bath, Perry C¢)mmunity Centre, members of the Herxhel family and local artists and School children. Together we delivered exhibitions. trails. planetarium shcrws. craft workshops. astronomy Sessic5. new artwork commissions and opp)rtunities for students and volunteers. Visitor incl) exceeded that of 2019. bucking the trend when compared to all other Bath museums. In 2022 we made several significant acqulsltlons for the seUmS that have helped us sh¥e our idea5 for the way we to our collecti5 going forwards. In February 2022, 8eckford's T(wrfer was successful in acquiring by auction the death bed pmrait of William Beckford by Willes Maddox 11844}. With suptx)rt from the late Philip Hewat.JaboJr arKi a(fvice from William 15elin, and gener(ws financial yjpport frcffn V&AIACE Purchase Grant. the Art Fund and personal donations. we were able to acquire the pict4Jre for £13,0. It wa5 the first maj¢y acquisition for the Tower for several years and allowed u5 to have somevery open and horSt discussions with our funders abwt the ethics of acquiring Beckford i>bjects in light of his cdlection having been originally paid for with profits from the transatlantic sLave trade. This has helped us shape our CdlectitJ)s Development Policies across the four museums. which detemiine our future acquisitions thrgh purchase. gift and loan. Further Beckford acquisition5 came in the 5ummerof 2022 when the Tcr••erwas gifted thirty.one printed works. valued at £13,4(K), once cy•med by Beckford from the Blavatnik-Hcfflre5field Library through the generosity of the Friends of the National Libraries. The archNe5 of Caroe & Partrws Architects documenting thelr involvement with the stnKtural restNation of the Ttrwer in I991.2K} We donated in June and have significantly added to undetstandin4 of that previous project. and infomied the current 'Our Tower. conservation works. This donation was then swiftly foilch¥ed by the 8enercMJs dcfflation to the Tower ol a substantial collett1 of research and archival material by Or Bet McLeod. 8eckford scholar and expert in the decorative art collecti(Ms owned by Beckford and his Wi in law the 10th Duke of Hamilton. Such archival Page 6
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 JANUARY 2023 donations are gatlY adding to the Tower archive and IhSrary collection as a research rerce for anyone interested Sn Wllllam Beckford. Another major Kquisition came in the summer of 2022 when the Derek Gitss Bath Collectlon was gener¢JJsIy donated by the beneficiaries of the late Dr Derek Gibson. assiste(I by E(frward Bayntun-coward. Thi5 collection of 252 printed books, prints and ertr4raving5 make up one of the most extensi¥e private collections on the history of Bath. and include first editIS of every early printed book Bath Including John Jones The the5 of Bath {15721, Thomas Guidott's A Discourse of Bathe11676) and every pth175hed bcJk by J¢)hn Wc the Elder. Thi5 collecti( will benefit our ability to interpret the history of the City across all our museums. and at No.1 Royal Crescent in partTcular. The gift also Incl the c.1770 Kirkman harpsichord on display in the Withdrawing Room at No.1 Royal Crescent. The cdiection was val at £144.775. The year drew to a close with a major acquisition for the Herschel Musewn of Astronomy when the handwritten manuscrfpt of part of Caroline Herschei's l+lemoir Ic.1836} was successfully acquired for £108,000. Thanks to the generous supwl of National Heritage Memor?al Fund {NFLMF). ACEIV&A Purchase Gfant Fund and Friends of the National Libraries and pewnal donatlCYlS. the acquisiti was made via Christie's PrTvate Sales. It is a particularly important acquisition, as the Museum V+vns only one other Ttem directly related to Caroline. and actively collecting items that can better interpret her story is a priority of the Herschel Museum's Collections Development Policy. The Museum also acquired Caroline's visitor Ik, wthich had been loan to the Museum slnce 19%. for £6,0(Kl. Learnlng and Engagement As we saw the gradual return of school grt)UPS to our museums, our leaming team were able to deliver workshops at No.1 Royal Crescent and the Herschel Museum. Alth(Aqh numbers of bcK)kings have not yet reached pre-pandemic levels, the autumn temi saw a big increase in Interest so we are hopeful for the year ahead. As part of the Herschel 200 projert. we worked closely with the St Andrew's Church School. Every child was introduced to the story of the Herschels thr(yJgh workshops in the moblle planetarium. kindly lent to us by the Unive15ity of Bath. Thrtyjgh assemblies and workshops wlth two local artlsts and Jr leamlng team. the children created an amazing cyanotype artwork inspired by the Hethet family and their ongoing legacy. "I really enjoyed leornins about the blueprints. I've never done thot sort of thins before ond it's reolly interestins lindins out obout the different ways of ¢)ing photosrophy. It made me think about how people lived before oll these inventions ond discoveries." Year 5 pipil, St Andrew's Church Schcol The planetarium a150 became part of our cffjjtreach programme. allthvinq us to reach 5choo15 who cannot easlly acce5S the MLbseum. We were able to fully return to family craft sessirms in the museums this year. thjmg each school holiday familie5 were invited to be inspired by the coilecticffl at No.1 Ruyal Crescent and get creative. We made everyihing from boc4(marks to patch boxe5 and em decijrated plates. At the Herschel muse, three new trails were created for families. Thanks to the wck of two intems from Bath Spa University. our HeryAhel 21]0 exhibiti was made more acce55ible to children with the Secret Letter5 trail. The maln museum trail was also in need of a re-vamp and follthving a public vote the Top 10 Treasu trail was launched. aimed at chlldren. highlighting those objects (wr Visito find the most inspiring. Adults weren't left out e7ther as an additional digital trail was made giving detailed infrymation and backgrijund to the object5 in the Top 10 Treasures trail. At Beckford's Ter, the team ctInl to erryage with audienc, encouraging people to both visit the Tower and enjoy the surrounding Landscape. Families enjoyed meeting Detective Dabbs and discovering the collection in an interactive workshi)p. The Easter bunny trail was a huge success. and the staff certainly enjoyed getting creative themselves when painting the bunniesl Page 7
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUA114NTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2023 As part of the Her5chet 2 projert. we were aNe to take the mobile planetarium dthne 'on tourf and engage with members of the cLNnmunity who might not visit the MuseLJm. As well as space disctyery session5 at Percy Community Centre. gjpmed fantastically by the Bath Astronomers, we were also invited to take the dome into 3 local libraries for story-telling sessions. These events. linking perfectly with the Summer Reading Challenye theme of Gadgeteers. proved an over-whelming xKcess. "It was diflerent from onythlns I've seen before. It unu5wI I reolty enjoyed It." Visitor to the Planetadum at Mfidscther Norton Library The majority of our communlty en8ayment was run by the Beckford's Tower team. We were delighted to continue with the Pathways to Wellbeing partnership again. running wellbeing work5hop5 insplred by our collection. and it was fantsstic to be able to run these %s5ions in person. Flnandal Revlew The financial performance of the Trust c¢y)tinued to be impacted by Covld-19 with reduced visitor number5, although the Situati improved throughout the year. Income from <jonat1$, legacies and grants was £n.359 compared to £126,538 in the previous year {whlch included £102,990 of coronavirus related grants). This include5 an anticipated residuary legacy to The Herschel House Trust IHHTI from the Estate of Ms. Revle Primrose Barr with an estimated value of £50.(MX). Museum income was £603.573. an increase of £298.198 ccrtnpared to the previous year. The income demonstrates a return to a more familiar trading environment, with visitor confidence growing steadily throughout the year. hlembership income includes twr5 and other acti¥6ties organtsed for members, arHI thts year saw a limited return to these activitie5. Membership income therefore increased to £14.537 (prior year: £10.8131. BPT Is looking fOard to a CltinUed retum with more member events a1 activities planned In 2023. Inccffne from investments for the year was £96.076. Cfmpfising £85.745 of rental income and £10,331 of investment inclyme and bank interest. IPrtor year £82.670 and £12.561 respectiveiyl. Total income from other tradTng actiYitie5 £11Z,733 (prior year £45.4831. The majorfty of this income reLate5 to sales Tn the shop at No 1 Royal Crescent {£90.7311 an(i to filming inc(¥me1£18.3831. ExpenditLsre on charitable activlties (including expenditure from Re5tr?cted Fund51 decreed by C278.319 this year to £1.291,491. Some contlnued benefit was felt from NLHF Culture Recovery Fund Grants. received in the previous year a5 well a5 project funding to support Herschel 21IJ and the Beckford's Tower 'Our Tower. project5. Wages and salaries costs were 29% higher than in 2021122 as staffing levels increased in line with income but also as a posltNe fewse to the rising rate of inflati. Total expendlture of the World Heritage Site Enhancement Fund for the year was £22.142 Iprioryear £23,259). During 2022, investment markets have been heavilyaffectel by the supply chaln issue5 experienced throughout the world. a tight lab(MJr market and the impact of the war in Ukraine and unrestricted investments decreased in value, finishing the year with a loss of £19.73512.7%1 (prior year: É47,547 gain). As a result of the abe perfonnance. unrestricted fun(Is increased by £21.468 and restrKted ld5 increased by £3.277,580. The significant increase in restricted funds Is due to the full recogniti in Fnc(Mne of this year of the £3.078,093 delivery stage grant awarded by NLHF for Beckford's Tower 'Our Tower. project. The level of end¢y+¥ment funds decreased marginally by £5.152 due to investment losses. As a result. total funds at the end of the year increased by £3,293.896 to £6,659,587. Page 8
THE BATH PRESERVATION TRUST LTD
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES. REPORT (contlnued)
FOR THE YEAR ENDED 31 JANUARY 2023
STRLKTURE. GOVERNANCÉ AND IA411AGEMENT
Govern1 Document
The Bath prervatIon Trust Ltd 15 a dritle company limited by guarantee, e5tabli5hed in 1934 and
governed by Articles of Associati dated 23 Marth 2021 {in place of dated 15 October 20091. It 1$
registered as a Charity with the Charity cmisSI(.
Any member of the public can become a member of the Tnjst. subject to the Trustee5' formal approval and
making the payment required. Volunteer 8u7de5 at the Trust'5 museums are granted horwary membership
whlle they continue as guides. There are currently approximately 1.4(M) members WIK) are entitled to atten
and vote at the AnnLSal General heting an(i any other special rrtrtings.
The Group
The Group comprises:
The Bath preservati Trust Ltd. whlch tyerates the attivities of the Trust itself, No. 1 Royal CreKent
l+luseum and the Museum of Bath Architecture:
No 1 Royal Crescent {Bath) Ltd. which operates the shops and any other tradlng actfvlty:
The Beckford T¢y¥er Trust {an unSncortxated charity) which cyerate5 the Beckford Tower Museum. and
The Herschd (Se Trust (an unincNporated charity) which twates the Herschd Museum of
Astronomy.
The Bath Preservatlcn Trust Ltd. The Beck10 T(Mer Tnst and The Hetschei Hoe Trust are reglstered
charities with thelr own Articles or Trust dee
THE BATH PRESERVATION TRUST LTD IA COIAPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 JANUARY 2023 In 2022. the Board of TteeS agreed new Terms of Reference for the cMittee5. The Museums and Educatlon Ccrfnmlttee (AI&E> pr(Nides strateglc oversight of the 1*tsYLKnS provided by BPT. collections (including the archive and library), the public programme and temporary exhlbltlons and the mLtseums' learning programme. It prdeS scruiiny to protKrJals. abLe5 advice. guidance and support to staff and oversees projert delOPMent and delivery behalf of the Board of TTustee5. It delegates individual respcfflsibilities to sub-cfymmittees a5 apprCate. The Advocacy and Campaigns Committee (A&C) provides Strategic oversight of the Advocacy and Campaigning activities. including learning and outreach, and Planning ConseThation work of BPT. It provide5 scrutiny to proposals, enables advice. guidance support to Staff and OVeee5 project development and delivery on behalf of the Board of Tntstees. With a close Interacti with the AP&P Crynmittee and Envirc¥)s sub-C(ffimittee. A&C prepare5 the setting• strategy and priorities whith guide the language of the responses provided by those committee5. It delegates individual responsibilities to sub.committees as approwiate. The Architecture PlaMin8 and Place Committee (AP&P) coordinates reactive resw)ses to individual planning applications and listed building consents. pre-applicatlryl CTrlsultations. advice wue5ts, and planning guidance and policy consultations. drawing the skllls and expertise of independent advisor5. The collective mt4mory and professity)al representaticm provided by AP&P Trustee5 and advisors Is an important asset to ensure that BPT may offer qualifTred athice and opinions based policy. best prattlce design standards and an understanding of development issue5 affecting Bath and its environs. Working with a group of experienced and infwne<l thi%ys. the committee contributes to responses which are subsequently ccrfnpiled and edited to create a collective BPT reSpSe. signed off by Trustees as appropriate. The Environ5 sub-committee prcvides a strategic forum that enables representatives from the fourteen rural parishe5 surrryjnding Bath to di5CU5s matter5 that affect them. These may relate to planning policy, local planning applicati$, listed building (Sents and other developments whTrch may affect or of inflnCe the character of the rural areas. The sub-committee Provje$ an oppjrtunity to engage the support and expertise of BPT officer5 and other attendees. Partiojlar areas of Iu5 include protect of the Green Belt. Inapproprlate develrwlent and the consideration of any issues that might deteriNate or erode conNTrunities. N enable urt)an sprawl. The Flnance Commlttee provk1es strategic trMSTght. advice and leadership in the financial management of BPT to ensure the group is financially sound and well manageiJ- It pr¢wiiJes scrutlny and a sense check for new artivitTe5. revenue budgets. investments and capital projects. There is a clear requirement to obserye the highest ethical standards to maintain and enhance the reputation of BPT. The Commlttee prOdeS a fonjn through which to explore. di5CU5s and agree appropriate fThncial pollcies and pr(Ke(lure5 and appropriate mechanisms through which tly are ddivere(i. The Commlttee revlews arKi contrTbute5 to governance rerfiew5. The Audlt wblfymmlttee is Ctvened annually to rellew and scrutTnTse the findings of the annual audit. It receives briefings from the appointed auditor5 and discus5e5 Potential changes io practice and reme(lial measures in resSe to issues identified. Key Alanagement Persmnel and stafflrry matters The key management personnd of The Bath Preservation Trust were deemed in-year to be the Senlor Management Team. which comprises the Chief Executive, BPT Dirertor of Museums and the BPT Management Accountant. The member5 of the Seniw Nonagement Team are employed and remunerated by The Bath PreseatIc Trust Ltd. Total eMp1v costs for key management perscnnel are disclosed within note 10. The Chief Executive manages the day-to-day operations of the Trust assisted by paid staff. Page 10
THE BATH PRESERVATION TRUST LTD {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnuedl FOR THE YEAR ENDED 31 JANUARY 2023 Volunteers Our thanks go to all those wtho continue to help and support us. We are very grateful to volLmteers who worked across all aspects of wr ganIsati. whether they arted as trustees or alfvis0. provided great visitor experiences in our mLseum5, helped with Inspiring and creative learning programme, developed our understanding of the archives. participated in the Beckford projert or helped behlnd the scenes to ensure properties were looked after. Their (¢tribUti(lS are valued and apprecTrated. Internshlps and student placements also supwted BPT'S campaigning and pLnIng team and helped w7th learning and engagement projects. In addltfj to this, many volunteer5 took ne projects and roles as we adapted how VOILteerS can ccffltribute to BPT'S work. In particular. some c(tributed marry hour5 to transcribing manuscript letters from the Beckford Archive for the 'Our Tower. project and others dumented original 18th century newspaper accujnts as part of a joint projert wlth Bath Abbey and Bath Record Office. The aim of the newspaper research was to help build a searthable database relating to Bath's colonial histcffy. Rlsk IAanapment The Trustees have a risk management strategy that CCthWi5es an annual revie¥ of the high-level risks the Tnjst may face. impltynentation of systems and procedures to mitigate those risks identified in the plan, and prc(edures designed to minimise any potent?al impact on the Trust should those risks materialise. This also take5 into account extemal Health and Safety and Prcperty audits cffl a regular basis. Risks examined by the Trustee5 in previous years were eclipsed by the unprecedented risk presented by Coronavirus. I•Ajor (inancial rlsks were obviated thr(h the receipt of coronavirus related emergency reSPse grants. supporting cost5 but also enabling major investment to make future ijperations more resilient. Although the risks presented by CorMavSrus are diminishing. BPT C¢tInueS to monitor the situation closely. Closure was nearly forced the HeT5chel Museum of Astronomy in August 2022 to the number of staff who contracted coronavirus Omicron variant. Thi5 risk was (lY narrth¥ly a¥oided by the Intervention and help of non-museums stalf at short n¢xlce. The preiious risk relating to investments in a single fund at the Herschel Htxjse Tnjst has been athJre55ed by moving funds to a new investment partner. The transfer took place at the end of 2021. $0 It Is too early to evaluate any benefits or issues but the ne4¥ investment partner provides a more diverse portfolio thus avoidlng the single fund issue. The deflot in fund returns is attributabLe to the emergent war in Ukraine, rising infLatSon and volatility in international markets. The impacts are expected to be transltory. In April 2022. the Trustee athspted a ne4. ftNward strategy for the BPT group to lead its recovery and growth. The strategy has prnded clkIenCe and the BPT grwp is well placed for the future. Three new trusiees were co.opted to the Board, strengthening representation and kn(rwledge about mu5eum5, learning and cOrpate governance. Risk management is appraised no less than quarterly and discuSrd at each meeting of the Board of Trustees. Investments Pthvers and Pollcy The Trustees have a wlde range of investment tM)wers and have appointed professional adv750rs to manage the portfolios belonging to The Bath preservati Trust. The Beckford Tower Trust and The Herxhel House Trust; the policy is to provide a balatKed return fr income and capital grovrth cffl a medium risk portfolio. The investment portfolio management was transferred at the end of 2021 to the Sarasin Endowment Fund. Connected Charftles The results of the connected charities The Beckfor(i TowerTrust and The Herschel HouseTrust are conwlidated In the accounts of The Bath Presavation Tnjst Ltd. whkh acts as sole trustee for tr4)th connected charities. Separate Annual Reports of The Beckford Tower Trust and The Herschel H(yJse Trust are also produced. Page 11
THE BATH PRESERVATIOM TRUST LTD IA COMPANY UAIITED BY GUAK4NTEE) TRUSTEES. REPORT Icontlnued) FOR THE YEAR ENDED 31 JANUARY 2023 Herltage Assets Dated heritage assets are recorde(J at deemed cost at the date of acqulsltkn. whlch may be establlshed by a probate value or a fom)al valuat1. Y•there ¥JpLicabLe and rea5ablY ijbtairtable. Heritage a55ets costing £1.(Ul (Y above purchased by the Trust after l March 21))5 are recorded at cost. These assets are not depreciated as thty are deemed to have intsfinite live5 and are reeWed annually f any impairment. They are intended to be held as pernanent additions to the cdlections. It is the Tnjst's pollcy not to revalue heritage assets once capitalised as undertaking valuati($ at a sufficient frequency for them to remain current would incur dlyowtiate cost. The Trust ha5 a clear duty to care for and make available thv4e assets for the enjoyment and education of the public as far as is possible. comm*i)surate wtth the I8 temi Ca of these items. The highest pible standards of collertiwt management are applied. and the catalogues are made available as widely a5 Possible to facilitate all enquiries and requests for information, yjbject to appropriate security and data protection guidelines. Ail the Trust'5 museums have Accredited statts. Other Fixed Assets Movements In other fixed assets the are set In note 11 to the financial statement5. ReseThes Pollcy Total reserves of the TrLt are £6.659.587 of whKh £332.581 are endtrwment furth and £4,186,842 are restricted fijnds. The balance of £2,140.164 is unrestricted and has been designated as detailed below and in note 16. leaving free reserves of £524.848. The Trustees. have set separate reserves pdicies for The Beckford Tiwer Trust and The Herschel House Trust, which are further explained in those Trusts, annual reports. Fty The Bath Preservation Trust a5 a Separate entity. the Trustees have (lesignated the prcyerty assets as essential to their current strate4y of running museums at No 1 Royal Crescent and the cote$S of Htingd'S Chapel. No 1 Royal Crescent is a Grade l Listed Building and the Ccwntess of Huntingdon's Chapel is a Grade Il. Listed Building and as such have significant goIng maintenance needs. Therefore, Tru5tee5 have designated a slgnlflcant further reserve for the essential medium and IM8er terni maintenance. In addition, as an ganisation not in receipt of regular Statut funding and currently very dependent on a source of Inc(#ne {museum admissions) whkh is capable of being heavily affected by factors outside the Trust's control. the Trustees believe that bjilthng up a fund is the appropriate reS[se in der to secure the long term future of the Trust. Therefore. thty believe that the cytimum level of reserves shwld be sufficient to cover the impact of a of fifty percent of amual income and have allocate<i a proporti of unrestrlcted reserves accordingly. The amount of free reserves has been intentiTh)ally retained at 31 January 2023 to entlAe sufficient cash-flow for future restricted projects. It 1[ also enable flexibility to ccffltinue to rff•pd to an agenda for change and continual development identified in a new strategy. VAsion for 2030. PLANS FOR THE FUTURE The 8oar<i of Trustees approved a new forward strately f(Y BPT at Its meetlng In April 2022. Our Vlslon for 2030 sets out a strategy for the charity BPT will becixne - a statement of our Intent and aspiration and how we will achieve the Yision. It defIr the sustainabte sla1. environmental and economlc impacts we will make and by which we will measure (wr success. BPT has been on a joumty of rapid thange in recent year5 and has emersed from the global pandemic as a Page 12
THE BATH PRESERVATION TRUST LTD {A COMPANY LIMITED BY GUARAI(fEE) TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 JANUARY 2023 stronger, more resilient and m¢Ye necessary ¢xgan1sati. Coronavirus ha5 made people realise the importance of toqethemess. of communlty and of shared common values and Interests. knlal. cultural and built heritage is important. learning and wellbelng 15 important: land5capeJ nature and locality 15 Important. BPT exists to provide advw for all these things. to ensure Bath can grow sustainaNy and appropriately> recoqni5Tng and respecting the value of fts herStage and green setting whilst belng an evolving. vibrant and Ctemporary World Heritage city. Climate change and the climate emergency continue to be a global threat requlrfng urgent actlon. Our Vislon for 2030 is ¢e of optimism and ambiti. thrgh which we lead by eMPle. implementing sustainable design and construttion as well as aalocating positive adaptation of historTrc buildings. and the public realm In Bath and b0nd. BPT will exemplify the sustainable change we want to effect as a POSTtive partner and active catalyst for action. EqLo1ity l equity. dNersity and inclu5icffl {EDI) 15 tentrnl to ethos. workforce and volunteers Jr publSc programming. We will c(tIn txjr w(KesS to decolonise our collerti5 and mu5eum5 to ensure we provide safe spaces in which to questTon. to challenge. and to engage with the past. the present and the future. The strategy revisits the Misslon and visi of 6PT and frKu5es four primary objeciive5: To be recognised as the key guardian of Bath's rich cultural heritage and campaigner for the sustainable economic, Sla1 and environmental Improvement of the City: To become an exemplar in deMStrating 8ath'5 contribution to arthitecture, science and creatlvlty through engagement and leaming To work in the interests of Bath's citizens by tr1ng IaL eovemment and developers to the highest Standards of InfCrned decislon-making and sustainable. d&carknised design. To be, and to be seen as, an open, inclusive organi5ation welcoming all who share passion for Bath and its wellbeing. In the year. the Board of Trustees also apprfftd the fSrst strategy for the dellvery of Its advocacy and campalgnlng artlvlty. Enhancing the Future ol 80th is an IMPtsnt step fcrnrd to assert BPT as a charity which is leading the narrative about how heritage and cwtempwy delopMt shwld be c¢ynpiefflentaryi achieving social, economic and envircmental yjstainability. The urnent describes the f¢)Triard theme5 for thi5 area of wryk which will fwjs (*) design excellence and sustainabllity. Page 13.
THE BATH PRESERVATION TRUST LTD IA COMPANY UMJTED BY GUAKINTEE) TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 JANUARY 2023 TRUSTEES. RESPONSIBILMES STATEMEMT The Trustee5 (who are also dirertor5 of The Bath pre5er¥at1L T Lt(I for the purposes of company law) are re5pon5ible for preparing the Trustees reF()rt and the financlal statements in accordance with appllcable law and Unlted Kingdom Accounting Standards (United Kin4dom Generally Accepted Accounting Practice). Company law require5 the Tru5tee5 to wepare financial statements each financial year. Under c(xnpany law the Trustees must not approve the financial statemts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable cmipany and the grtyjp and of the inc1n8 re50urce5 and application of resources, including the income and expenditure. of the charitable group for that period. In preparing these fiftclaI statements, the Trustees are required to". select gjltable accoLmting policies and then apply them consi5tently> cd)seThe the methc¥ts and prirKiples in the Charitie5 SORP: make judgments and acctyjntfing estlmates that are reasonable and prudent" prepare the financlal statements on the goin4 concern basis unless it is inappropriate to prewme that the charltable group will continue in cq)eration. The Trustees are responsible for keeping adequate accounting records that are sufficient to slTh and explain the charitable company and the groups tranSaCtiL5 and disclose with reaable accuracy at any time the financial position of the charftable grcAJp and enable them to ensure that the financial statements comply with the C(panIeS Act 2Th)6. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable ste for the prevention and detectlon of fraud and other irregularities. DISCLOSURE OF INFOIUA4TION TO AUDITORS Each of the persons who are Trustees at twne when this Trustees. report 15 approved has conflrn)ed that: 50 far as that Trustee is aware. there is no relelant audit informatlon of vthlch the ch¥?table groups auditors are unaware, and that Trustee has taken all the steps that tyjght to have been taken a5 a Trustee in order to be aware of any relevant audit Infmation arKI to e5tsbiithr that the tharitabie grwp's alltOrS are aware of that information. AUDITORS This report was approved by the Trustees 16 June 2023 and signed th) their behalf ty: WHT Sheppard, Chalr - The Bath Preservatltyb Ltd Page 14
THE BATH PRESERVATION TRUST LTD
IA COMPANY LIMITED BY GUARANTEE)
IMDEPENDENT AUDrroRS' REPORT TO THE MEMBERS AND TRusfEES OF THE BATH PRESERVATION TRUST
LTD FOR THE YEAR ENDED 31 JAHUARY 2023
OPINION
We have audited the financlal StatentS of The Bath Preservati Trt Ltd Ithe'charity.) and its subsidiarie5
(the 'Group } for the year ended 31 January 2023 which comprise the C5011date
THE BATH PRESERVAMON TRUST LTD {A COIAPANY LIAIITED BY GUARAIITEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE BATh PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2023 AIArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of wr kn(NAedge arKI understanding of the GrP and Clkirity and its en¥iro)ment obtained In the course of the audit. we have not identiffjed material misstatements in the Annual Repxt. We have nothing to report in respect of the following matters in relati to vthich we to repDrt to you if, in r opinion: the Charity has not kept adequate and sufficient aCColIng record5, or returns adequate for our audit have not been received from branche5 not visited by us; ¢Y the Charity financial statements are not in agreemwt with the accountlng records and return5; IX we have r¥X received all the infom)ation and eypianation5 we require for our audit. RESPONSIBILMES OF IAEMBERS As explained more fully in the member's resp51b?1?tieS statement. the members are respcfflsible fcff the preparation of the financial statements and for being satisfied that thty give a true and fair view. and for such internal C(trol a5 the membeT5 determine is necessary to enable the preparatirffi of finarKial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the members are re$Ie f¢x assessing the Gri¥Jp's and the Charity's ability to contlnue as a going cmcern. disclosing. as applicable. matters related to going concem and Using the going concem basis of acctyjnting unle$5 the member5 either intend to liquidate the Group or the Charfty or to cease operations. or have no realistic altematTve but to do so. AUDITORS. RESPONSIBiunES FOR THE AUDIT OF THE FINANCIAL STATEMEtr4TS Our objertive5 are to obtain reasonable assurance abt whether the financial statemenis as a whole are free from material misstatement. whether dve to fraud or error. and to issue an Auditors. Report that includes our oplnion. Reasonable assurance is a high level of asyJrance. but 15 not a guarantee that an audit conllucted In accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually cff in the aggregate. they could reasonably be experted to influence the decisiwbs of users taken the basls of these financial statements. Irregularities. including fraud, are instances of non-compliance with Laws and regulations. We deslgn prc(edures In Ilne with (yjr responsibilities, tIlned atx>ve, to detect material miraternents in fespett of irregularities. including fraud. We have ccx)sldered the nature of the secter. control envircfflment and financial performance: We have considered the results of enquiries with management and members in relation to their own iderttification and assessment of the risk of irreguLarities within the entity- and We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to cMfirm that the systems are c4)efttin4 in line with duMentati. we have c(51dered the matters discussed among the audit engagement team regarding how and where fraud might Cr in the financial Statements and wtential indicat¢ys of fraud. As a result of these procedures, we have considered the opwtunlties and incentives that may exist within the Organisati for fraud and identified the highest area of risk to be in relation to reven recognition. wlth a particular risk in relati to year.end cut off. In cc¥nmon with all audits under ISA5 IUK) we are also required to perfwm specific procedures to reSpd to the risk of management override. We have also obtained understanding of the legal and regulat(ry framert that the Group operates in, focuslng provisions of th laws and ryulations that had a direct effect on the detemiinatlon of material amojnts and disclosures In the financial statements. The key law5 and regulaticfflswe considered in this context included the Charities Act 2011. Charity SORP 2019, FRS 102 and the tems and C111$ attaching to material grant5 received by the Charity. In addition. we considered the prowsims of other Law5 and regulations that do not have a direct effect on the financial 5tatement5 but compliance with which may be fundamental to the Group's ability to operate or avoid Page 16
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AuDoRs. REPORT TO THE IAEM8ERS AND TRUSTEES OF THE BATh PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2023 a material pwalty. Our procedure5 to respn to risks identified Incl the following: Reviewing the financial statement disclosures and testing to Supming documentatTon to as5e55 compliance with prov751$ of relevant laws and regulations described as having a direct effect on the financial statements: PerfLYming analyiical priKedure5 to identify unusual or uneyperted relationships that may indicate risks of material misstatement due to fraud; Reviewing board meeting minutes: Enquiring of management in relati to actual and potffitial claims or litigatii)n5' Performing detailed transactial testing in reLation to the recognitic of revenue. with a particular fcru5 around year.end cut off: and In atldressing the risk of fraLKI thrh management override of contyois. testing the apprcpriatene55 of jrnal entries and other adjustment5. We a150 communicated identlfied iavS and UlationS and potential fraud ri5k5 to all members of the engagement team and remained alert te p(Ible indicatws of fraud or non-compliance with law5 and regulations throughout the audit. As a result of the Inherent limitations of an aKlit. there 15 a risk that not all irregularities. finc11g a materfal misstatement in financial statements or non-c¢)mpiiance with regulati, will be detected by us. The ri increases the further removed compliance with a law and regulati( is from the entS and transactions fiected in the financial statementsi gNen we will be less likely to be aware of It. or shrxjld the irregularity occur as a result of fraud rather than a one off errw. as thts may invdve IntentI(al ctxKealment. forgery. collusion. omission crf miyepresffitat1t. A further descripti¢)n of our respcfflsibilitTes for the audit of the financial statementsfjs Itxated on the Financial Reporting Councils website at: vthw.frc.Org.uklajit0r5resF5lb11jtle5. This description forms part of our Audltors. Report. USE OF OUR REPORT This report Is made solely to the members. as a bcoy. fin accwdancew6th Chapter 3 of Part 16 of the CpanIeS Act 2006. and to the charitable company's Trustees. as a bcwfy. Part 4 of the Charities (Accounts and Reports) Regulations 28. ()Jr audit WO has been undertaken so that we might state to the member5 those matters we are required to state to them in an ALKlitor5' ReFrfJrt and fcff no other purpose. To the fyllest extent permitted by law, we do not accept or assume resp57b111ty to anyone other than charitable company and its members, as a bcJy. for our auijit work, for this report. or for the opinions we have fomied. David Butler FCA DChA (Senior Statutwy Auditor for and on behalf of Blshop Flemln8 LLP Chartered Acccmjntants Statutory Auditor5 10 Temple Back Bristol BS16FL Date: 16 June 2023 Page 17
THE BATh PRESERVATION TRUST LTD (A COMPAIIY LIMITED BY GUARAiifEE> CONSOLIDATED STATEMEKf OF FINANCIAL AcfNITIES INCORPORATING INCOAIE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Unrestricted fund5 2023 funds 2023 t fund5 Total funds Total fd5 2023 2023 2022 Ilote INCOAIE AND ENDOWIAEKfs FROM: Lbnations. legacies and grants Charitable activities Other tradlng activities Investments 72.359 618,110 122.733 96.076 3.792.052 3.164.411 1.454.600 618.110 316,188 122.733 45.483 96.076 95,231 TOTAL INCOME 909.278 3.792.052 4.701.330 1,911.502 EXPENDITURE ON: CharltaNe artivltles Ralslng fund5 774.914 91.056 516.577 1.291,491 1.569,810 91.056 52.458 TOTAL EXPENDMJRE 865,970 516.577 1,382.547 1.622,268 NET INCOME BEFORE INVESTMEiif GAINS 43.308 3.275.475 3.318.783 289.234 Net gainslllosse51 on investment 12 NEf INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES 119.735) (5.1521 124.887 52.771 23.573 3,275.475 15,152) 3,293,896 342,5 TPANSFERS BEEN FUNDS 16 12.1051 2.105 NET MOVEMEIU IN FUNDS 21.468 3.277.580 15.152) 3.293.896 342.5 RECONCIUATION OF FUNDS: Total funds trxfAght forward 2.118.696 909.262 337.n3 3.365.691 3.023,686 TOTAL FUNDS CARRIED FORWARD 2.140.164 4.186.842 332.581 6.659.587 3.365,691 The notes on pages 21 to 41 fcm part of these finarKial statements. Page.18
THE BATH PRESERVATION TRusf LTD IA COIAPANY LIIArrED BY GUARANTEE) CONSOLIDATED AND PARENT COIAPANY BALal4CE SHEEr AS AT 31 JANUARY 2023 GROUP 2023 COMPANY 2023 2022 2022 FIXED ASSETS Tanglble Assets 1.636.650 1,356.058 979.473 836,447 Investments 12 802.245 827.215 526.159 1.505,632 537,039 1.373,486 2.438.895 2.183.273 CURpEKf ASSETS Stocks 13 33.745 12.140 t*btors 14 3.084.481 251.980 83,548 286,484 Cash at bank and in hand 19 1.293.668 1.1d).281 740.676 n9.884 4.411,894 1,404.401 8Z4.Z24 1.016.368 CPEDITORS: arnOts falling within one >tar 15 (167.0351 1187.8161 {146,2071 CURRE1 Assrrs 4.244.859 1,216,585 710.072 870.161 TOTAL ASSETS LESS CURREiif LIA81LmES 6.683.754 3.399.858 2.215.704 2.243.647 CREDITORS: amowbts fallirq in more than one year 15 124.167) {34,1671 124.167) 134.1671 NEf ASSETS 6.659.587 3.365.691 2.191,537 1,209,480 CHARifY FUNDS Endowment fd5 16 332.581 337,733 231.991 231,991 Restricted funds 16 4.186.842 9Q1.262 369.376 316,777 Unrestricted fund5 16 2.140.164 2.118.696 1.590.170 1,660,712 TOTAL FUNDS 6.659.587 3,365,691 2.191.537 2.209.480 The companys financial statements have been prepared in accordance with the pmisions applicable to companies subject to the small companies. regime. The flnandal stat(ents were apWOl and w[hsed for Issue by the TnJstees on 16 June 2023 and slgned on theTr behalf by: WHT Sheppard. Chalr - The Bath preservati¢ Trust Ltd D Aderyn. Chair - Finance Comffl7ttee The notes ¢Jn pages 21 to 41 form part of these finclaI statements. Page 19
THE BATH PRESERVATION TRiJsf LTD IA COMPANY LlkllTED BY GUARANTEE) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023 2023 2022 Mote Cash flows from operatkng actbvitses Net cash (used inllprovided ty cyatllY4 artivitie5 18 372,353 76,897 Cash flows from Investlng actmtles Dividends. interest and rent from inve5tnvrtS Purchase of tangible fixed as5et5 Purchase and sale of inve5tment5 96.076 1305.125) 83 95.231 (6,5341 Net cash (used Inllprovided by knvestlng actlvltles 1208.966) 88.697 Cash flows frorn flnanclng artivit Cash inflows from new rrow7n¥S1(0uffl{s fr repay)Mts) 110,000) {5,8331 14et cash (used Inllprovided by financlng artlvlt 110.000) {5.8331 Change in cash and cash ewivalent5 in the yEar 153.387 159,761 Cash and cash erivalents t*ought forward Cash aThJ cash equivalent5 carried forw4ard 1,140.281 1.293.668 980.520 1,140.281 The notes pages 21 to 41 fom) part Of these financial sratements. Page 20
THE BATH PRESERVATION TRUST LTD (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 AccouKfiNG POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMEIITS The finartial statements have been prepare(l in accordance with ktcrtmting and Reporting by Charities: Statement of Recffleded Practice applicable to charities preparing their acCntS in accorijance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectiye 1 January 20191- (Charitles SORP IFRS 102)), the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 1021 and the C(¥mpanies Att 21x16. The Bath Preservation Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transactirm value unless otheNise stated in the relevant accounting policy. The Statement of Financial Activities {SOFAI and Bale sheet cthwAidate the financial statements of the c¢)mpany and its subsidiary undertakings. The results of the subsTdfarfes are consolldated a Ilne by line basis. No separate SOFA has been presented for the ClpY alone as pemitted by sectlon 408 of the Companies Act 21J%. 1.2 COMPANY STATUS The company is a CpanY limited by guarantee. The members of the company are the Trustees named page l. In the event of the ctmpany being wound up. the liability in respect of the guarantee Is limited to £1 per member of the c(•mpany. 1.3 INCOME Ail income Is recognised On the company has entitlement to the income. it is probable that the income will be recefved and the armunt of Inc(me receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date which either: the company is aware that probate has been granted. the estate has been finalised and notification has been made by the executor{sl to the Trust that a distributi vrill be made. or when a distributi is received from the estate. Receipt of a legacy. in whole or in part, is only ccffjsidered probable when the am(wnt can be measured reliably and the company ha5 been notified of the executorf5 intention to make a distrlbution. Where legacies have been notified to the Cpany or the ((panY is aware of the granting of probate. and the criteria for inc(xne recognltion have not been met. then the legacy Ss treated as a contingent asset and di5cl¢xed If material. Donated servtcesor facilitiesare recognised en the has Ctyitrol over the item, any condTti¢Ms associated with the donated item have been met. the receipt of economic benefit from the use by the company of the item 15 probable and that econtynic benefit be measured reliably. In accordance with the Charities SORP {FRS 1021, the general volunteer time of the guides is not recognised. please refer to the Tntstees, pt fer rn(e InflymatT ab(MJt their tributIon. Income tax recoverable in relaticffl to ¢krft1(l5 receive(l under Gift Aid or deed5 of covenant Is recognlsed at the time of the dti(. Grants are If1[1ded in the Statament of Financial Activiiies on a receivable basis. The balance of income received for specific purSe5 but not expended during the period is shown in the relevant fund5 on the Balance sheet. Where income is received in advance of meeting any perforniance related c(y)dition5, the is not uncontjiti0r1 entitlement to the inc¢)me and its recognition ts deferred and included in creditor5 as deferred income until the performance-related conditic5 are met. Where entitlement occur5 before income is received, the inc<wne is accn*d. Page 21
THE BATH PRESERVATION TRUST LTD
(A COIAPANY LIMITEO BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
ACCOUNTING POUCIES {crntlnuedl
1.4 EXPENDITURE
Expenditure 15 recognised once there 15 a legal or ccmistructive coligaticffi to transfer economic benefit
to a third party. It is probable that a transfer of eccA)omic benefits will be required In settlement and
the amount of the c&ligation can be measured LiablY.
Fundraising costs are those inofftd In seeking VOLtary CtributIOnS and do not indude the costs of
disseminating infomiation in support of the charitable activities. Governance costs are those incurred
In (LneCtiOn with admini5trati(m of the ctynpany and c(¥npiiance with constitutional and Statutory
requFrements.
Costs of raising funds are costs Incurred in raising funds for the Trust's charitable PLFSe$.
Charitable artivitie5 and Govemance costs are costs incurred on the company's charitable operati¢)ns,
including sUprt Costs. and costs relating to the g(Nemance of the company apportioned to charitable
actlvities.
1.5 BASIS OF CONSOUDATION
The financial statements Cmsolklate the aCC(ntS of The Bath Preservatlon Trust Ltd and all of Its
subsidiary undertaking5 (subsidiaries'l.
The company has taken a(fvantage of the exemption (taIned within section 408 of the Companies Act
2006 not to present its (hvn Income and expenditure acCot.
1.6 HERITAGE ASSErs
Donated heritage a55ets are recorded at deemed ct at the date of acquisition. which may be
e5tablithr ed by a pr(thte value or a frnal valuati. where appiicabie and realablY obtainable.
eritage assets costlng £1.OCKI w atmwe purchased by the Trust since 2013 are recoriled at cost.
These asset5 are not depreciated as they are deemed to have indefinite lives and are reviewed annually
for any impairffent. They are intended to be heid as pennanent additIC5 to the collections. It is the
Trust's policy not to revalue heritage assets once capitalised as undertaking valuations at a sufficient
frequency for them to remaSn current WtMJLd IUr disprowti
THE BATH PRESERVATION TRUST LTD (A COIAPANY UWTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 ACCOUNTING POLICIES (contlnued) Depreciati is provided at rates calculated to write off the cost of fixed assets. Le their estimated residual value. over their expected useful lives on the following bases: Freehold property not depreciated Heritage assets not depreciated Fixtures and fittings 5 years straight Ilne Office equiEent 5 years StraTght line Other fTxed assets 3 years strnight line 1.8 INVESTIAEFITS Fixed asset investments are a form of financial instrument and are initially recogni5ed at their transaction cost and SUbseqntIY measured at fair value at the Balance sheet date, unles5 fair value cannot be measured reliably in which case it is measure<i at.cost less impairnient. Investment gains and 1055es. whether realise<l or unrealised, are (bined and shown in the heading 'Net gainslllossesl on investments, in the Consolidated statement of Financial ActiVTties inc¢xporating incune and expendTture actnt. Investments in subsidiaries are valued at tost less provlslon for fjmpalmnt. 1.9 INTEREST RECEIVABLE Interest on fund5 heid on de51t is included when receivable and the amount can be measured reliably by the ccffipany: this 15 normally notification of the interest paid w payable by the Bank. 1.10 STOCKS StKks are valued at the Icmer of c05t arKI net realisable value after maklng due allch¥ance for obsolete and slow-moving stocks. Cost inclLKles all direct costs and an appropriate prop(fftlon of fixed and variable overheads. 1.11 DEBTORS Trade and other debtor5 are reco8ni5ed at the settlement anount after any trade disctyjnt offered. Prepayments are valued at the amnt prepaid net of any trade disCts due. 1. 12 UABILITIES AND PROVISIONS Liabilities are recognised when there 15 an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of econ7( befit will be required in settlement, and the am¢JJnt of the settlement can te estimated reliably. Liabilitie5 are reco8ni5ed at the amount that the company anticipates it will pay to Settle the debt or the aMot it has received as advanced payments for the 4{)d5 or servlces It must provide. 1.13 FINANCIAL INSTRUMEIITS The company only ha5 financial assets and financial liabilitie5 of a kind that qualify as basTrc financial 7n5truments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their $ettlemtt value.
THE BATH PRESERVATION TRUST LTD (A COAIPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 ACCOUNTING POLKIES (contlnued) 1.14 TAUTION The cmipany ts considered to pass the tests set out in Paragraph 1 khedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable c(Nmpany fN UK cLYporation tax purposes. Accordingly the c(panY is potentially exempt from taxation in respect of inccthe or capital galns received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such incune or gains are applied exclusieLy to charitable purp%es. 1.15 FUND AccouKnNG GeneTal fd$ are trIcted fun(ts which are available f(K Use at the discreti of the Trustees in furtherance of the general ¢AJiective5 of the c(Jnpany and which have not been designated for other purposes. Deslgnated funds comprise unrestricted funds that have been set aside by the Trustees for part7cuLar purposes. The aim and use of each designated fund is set out in the notes to the financial stattsnents. Restricted fLmd5 are funds which a to be used in a(CdanCe wlth 41(7( restrictions Smposed by donors or which have been raised by the cLxnpany fcrt particular purposes. The costs of raising and administering such funds are charged against the Specific fd. The aim and use of each restricted fund IS set out in the note5 to the firkincial statements. 1.16 GOING CONCERN The Trustee5 asse55 whether the use ol going cCern is apwopriate, i.e. whether there are any materlal uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going c(Jicern. The Trustees make this assessment in respert of a per1j of one year from the date of appral of the financial statements. The Trustees continue to consider the rnedi to long tem) potential risk arising from Covid-19 and other external factors. Actions to mitigate financial risks have been effective since they were implemente(J and Ihe receipt of the Culture Recery Fund has enabled a more 5L15tainable business model to be ad4)ted. The ccrfnpany is experting a more Stable year of operation as V751tors cltinUe to return to (wr sites and life in the UK retums to normal. Financial reserves have been retsined at a level which provides some resilierKe to withstand future fE(Ktuations and Trustees and staff are exploring tangible way5 to di¥ersify and mlmise future inc(Ane. Under all the scenarios rerfewed, the company has sufficient reserves to enable it to continue as a going concern for the foreseeable fLrture. For thls rea5, it continues to adopt the going ccfflcem basis in preparing the financTal statements. INCOIAE FROM DONATIONS, LEGACIES AND GRANTS Unrertrkted Pertrkted En¢kn¥ment fund5 funds funds Total funds Total funijs 2023 2023 2023 2023 2022 Legaoes tknnatior Grants Grants . coronavirus related 60.356 2.274 9.7Z9 144.775 42,491 3.602.947 1.832 205.131 17.50Z 44.772 23,810 3.612.676 260,498 1.832 1.152,790 72.359 3.792.052 3.864.411 1.454,6(Kl Total 202Z 126.538 1.328.062 1.454,6(Kl Page 24
ThE BATH PRESERVAMON TRUST LTD {A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 JA14UARY 2023 INCOME FROIA cHAftA8LE ACTivrriES Unrestricted Restrkted Endowment fvnds nds funds Totsl funds Total fd5 2023 2023 2023 2023 2022 591.052 12,521 14.537 591,052 12.521 14.537 292,888 12,487 10.813 Other museuns lknbership incMie 618.110 618.110 316,188 Total 2022 316.188 316.188 TRANG AcMvmES Unrestrfcted Restrl¢ted Endowment furmts fund5 funds Total fund5 Total fwd5 2023 2023 2023 2023 2022 TRADING INCOME No.1 Royal Crescent (Bath) Limited her 111.571 11.162 122.733 38,816 6,667 45.483 11.162 122.733 FUNDRAISING TrADING EXPENSES No.1 Royal Crescent (Bath) Limite<l Other 68.816 6.543 75.359 68.816 6.543 75.359 27.424 3,109 30.533 Net Income from tra(lirt4 activitie5 47.374 47,374 14,950 INVESTMENT INCOIAE fund5 2023 fd5 Total funds Total fun¢ts 2023 2023 2022 2023 Investment income. rent Investment income- listed investments and bank interest 85.745 85.745 82.670 10.331 10,331 12,561 96.076 96.076 95.231 Total 2022 95.231 95.231 Page 25
THE 8ATH PRESERVAnON TRUST LTD (A COMPANY TED BY GUAKAKfEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 ANALYSIS OF DIREcf EXPEMDrruRE OM CHARrrABLE ACTNMES 2023 2022 Wages and salaries Premises costs: IrUrance$ Repairs arvj maintenan l•ajor projert5 Heat and light Other wemise5 costs Openlng costs: Interwetationlcortserlation Leaflets and a(fvertising GLndes ar other op£ning costs Costs of members. support Adminlstratlon: offi and other cost5 AL¥Jitors remunerati Professional fees OepreciatTCII Other costs: ContritlOn to WHSEF WHSEF grants (herheads met from NLHF grants 503,677 147,025 650,702 503,960 19,573 28,209 12,892 18,280 44,178 3,081 13.976 32,465 46.489 44,178 28,084 50,608 30,239 74,249 81,196 21,815 47,912 25,(K13 36,632 5,240 39.499 28.378 5.987 85.OZZ 23.810 98.609 90,262 63.309 126.987 5.987 478,230 53.415 67,326 8.Z67 47.517 11,677 10.087 10,615 23,777 1,743 10.944 13,918 71.294 13.420 21.031 24.533 125.1(Kl 15,271 20,356 19,215 5,000 5,000 18,259 17.142 2.180 17,142 12,180) Total 774.914 516.577 1.291.491 1,569,810 ANALYSIS OF EXPENDITURE BY EXPENDITURE TTrE SL)ff costs Depreciatlon Other costs 2023 2023 2023 Total 2023 Total 2022 Expendlture on raising funds Shops arKI wedthngs Rental proFerty costs Investment management fees 20,288 55.071 15.697 75,359 15.697 30.533 15.812 6.113 52,458 20.288 70,768 91.056 Expenditure ¢n charltable activitles Expendlture on governance 650,702 24,533 602,836 1,278.071 1,554.539 13.420 13.420 15.271 687,024 1,382,547 1,622.268 670,990 24,533 Total 2022 508.675 19.215 1.094.378 1,622,268 Page 26
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THÉ FINANCIAL STATEMENTS FOR TME YEAR ENDED 31 JANUARY 2023 NET INCOMEIIEXPENDITURE) Thi5 IS Stated after charging: 2023 2022 DepreciatTon of tangible fixed assets: . owned by the tharitable grrrty Lkjrfng the year. no Trustees received any remuneratlcn 12022: £NILI. During the year. no Tnjstees received any benefits in kind (2022: £NILI. Jring the year. no Trustee recefved a relmbursement of eXPenl2022.. ENIL). AUDITORS, REMUNERATIOM The Auditor's remunerati amounts to Audit fee {including for No1 Royal Crescent Limited) of £15,07012022 . £16.923). 10. STAFF COSTS Staff costs were as foll(pKs: 2023 202Z Wages and salaries 650 702 503.960 The average number of pers($ empi(ryed by the company during the year was as follows: 2023 No. 2022 No. Full time Part time 13 18 10 14 31 24 This reprwAnts a full time ewivalent of 22 staff (2022: 18 staff) In 2023. employee received totsl employee benefits lexcluding empwer pensKJn costs) in the barwj £80.0¢)0 10 £69,999. 12022: no employees received total employee benefits greater than £60,OIY)). Kty Management Personnel: The key managlynent personnel of The Bath PreservatIt Trust in 2022123 crynprised the Chlef Executive. the Director of Museums and the Management ACcntl. These staff meFnbers are all employed and remunerated by The Bath Preservati Trust Ltd. Total costs for key management personnel are as fL4lows'. Wages & Salaries- £152.826 (2022.. £109,475), Employer's Nl contributions - £18.273 {2022- £11,959). Employer's pension contributions £3.624 {2022: £Z,4171. Page 27
THE BATH PRESERVATION TRu¥f LTD IA COMPANY LIIAITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEifrs FOR THE YEAR ENDED 31 JANUARY 2023 TANGIBLE FIXED ASSErs Freehold Herftap Flxtures Office Other flxed prnperty assets and flttlny ewlpment assets Total C014SOUDATED COST At 1 Febrry 2022 Addltions 855.281 482.898 285,175 398.367 19,950 89,955 7.484 1.833.985 305.125 At 31 Jarwary 2023 855.281 768.073 418.317 89.955 7.484 2,139.110 DEPREaATION At 1 February 2022 Charge for the year 386.172 18.849 84.271 5.684 477.927 24.533 At 31 January 2023 405.021 89.955 502,460 NET BOOK VALUE At 31 janu 2023 855.281 768,073 13,296 1.636.650 At 1 February 2022 855,281 482,898 12,195 5,684 1.356,058 Freehold property The freehold property at No 1 Royal Crescent was gifted to the Trust in 1968. It is recorded in the financial statements at deemed cost and an Endowment Fund of an equivalent value is included in Note 16. Statement of Funds. The COtesS of HUntingd'S Chapel was pvrchased in 1985 and is inclLKled in the financial statements at cost. No 1 Royal Crescent is used purfy fcf Trust and Museurn activities; The counte of Huntingdon s Chapel is ed partly for Tryt and Museum activitie5; the remainder being rented t as office space to tenants. It is not Possible to value separately the investment property element and the whole c05t of the Chapel ts Included in free1Id property. As part of the agreement for Heritage Lottery Fund support f(Y The Whole Story project. the National Lottery Heritage Fund has taken a charge over the Trust's property at No 1 Royal Crescent, which will be dlscharged after tWty-fIVe year5. The freehold land and tyJilding5 known as The Beckford T(FWtY. Lansdfrnfn. Bath were glfted to The Beckford Tower Trust in 1972 and 19 King Street was gifted to The Herschel House Trust in 1987; rbo value was placed on either gift. and there have been no subsequent fomal valuatiorns. 50 no cost or value for The Beckford To•¥er or 19 Ne+Y King Street 15 included in the financial statement5. As part of the agreement for Natial Lottery Heritage Fund support for the 'Our Tower. DiKovering ond reconnectins Beckford'5 rower ontj Lund5cope project, the Natial Heritage Memorial Fund has taken a charge over the Bed(ford Tower. vthich was dated 2 June 2023 and will be discharged after twenty.five years. Freehold Land a(Jjacent to the Beckford was purchased in 2020 and is iluded In the financial statements at cost. The Bath Preservaticffl Trust also owns: The freehold of Lymccxnbe Hill Burial Ground. Widccrfnbe. Bath. for which it pald £3.ofN) in 1990 Jt which was not recorded as an asset at the date of purchase, and Wh current value is considweLI to be minimal. .Page 28
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR E4DED 31 JANUARY 2023 TANGIBLE FIXED ASSETS (continued) The freeholds of b¥0 propertie5 Tn Bath. let on 999 year leases at n(#ninal rents. for which no cost or value was rec09ned when the leases were grnnted. whose current value Is also considered to be minimal. Museum exhlblts (Herltage assets) - Museum exhibits purchased pri(Y to 2013 were written off as historic a55ets on the date of purchase. Since this date wrchases over £1,CMXI are capitalised. Cost Valu•tlon Totsl Hefft4e wets •cqulred prk)r to 1 FebrUY 2022 Bath Preservation Trust Items acqLllred for ithspiay at No1 Royal Crescent John Wood instrwnents Bath in Time images Beckford Tower Trust Cabinet Coffer Beckford booklletter5 Herschel House Trust Items acqjlred for display at 19 New King Street prior to 2015 Letters from Sir Joseph Banks ar N11 l•askeLy Dudley Adams glots 18th Century guittar 16,508 26,160 3.765 16,508 26,160 3.765 64,(M)O 324.cllo 3.831 324,CQ) 3,831 18,526 18,526 4.608 19.CM)O 2,500 482,898 19,(J) 482,898 Addftlons In year Bath Preservation TnNt Gib50n collection Beckford Tower Trust Beckford p)rtralt Blavatnik Honresffjeld Llbrary books Herschel House Trust Caroline Herschel manuscript Caroline Herschel visitor 144.775 144.775 13.( 13,000 13.4 13,4(Kl 108,IKK) 108,000 6,000 Heritage a55ets at 31 Uary 2023 609,898 158,175 768.073 The Gibson cdlection was a bequest frryn Dr Derek Gibscm and comprised a harp5Tcord lon loan to the Bath Preservation Trust since 2012). a c(4lection of bc4)ks and print5 rdated to the building of Bath and a Gege 111 malwany folio stand. A p(Ktrait of William Beckftyd his deathbed, painted for his daWter Susan. DIKhess of Hamilton, was acqulred at auct1 during 2022.23. A donation of 35 books. formerly from William Beckford's library. was made to the Beckford Tower Tntst by the Fdends of National Libraries as part of the d1stribLrti( of the Biavatnik Honresfield Library. The Caroline Hff5chd manLKriPt 15 57 page5 of autograph manuscript draft for Caroline's memoirs describing her chilthc(l in Hanover and early years In Bath. The Caroline Herschel vi51tor l)rx)k was compiled by Caroline frun the mid.1780s and lists over 1 names of people who came to look thrgh William Her5chei's telesccpes. including the king and queen. It has been on loan to the Herschel House Trust since 1996. Page 29
THE 8ATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 JANUARY 2023 TAIIGI8LE FID ASSETS {tontlNed) Freehold Herltage Ffjxtures and Offlce operty ffttlngs equlpment Total TRUST COST At 1 Fery 2022 Addltlons n4.969 46.433 144,775 365,893 19,950 89.955 1,277.250 164,725 At 31 January 2023 774,969 191.208 385.843 89.955 1.441.975 DEPRECIATION At 1 Fetwry 2022 Charge for the y 356,533 16,014 84.270 5.685 440,803 21,699 At 31 January 2023 372.547 89,955 462.502 NET BOOK VALUE At 31 January 2023 774,969 191.208 13,296 979,473 At 1 February 2022 774.969 46.433 9.360 5,685 836.447 FIXED ASSET INVESTAIEKrs Total CONSOLIDATED IAARKET VALUE At 1 February 2022 Withdrawalsladth'tlons Revaluations 827,215 (83 124,887 At 31 January 2023 802.245 CONSOUDATED INVESTIAENTS AT W4ARKET VALUE COAIPRISE: 2023 2022 Llsted investments 802.245 827,215 Page 30
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEKIITS FOR THE YEAR ENDED 31 JANUARY 2023 12. FIXED ASSET INVESTMENTS Icontlnued) Ail investsnents are heid in the UK and in units in the Sarasin En(Iwment Fund. Shares in Listed Iroup securltles undertakln Total TRUST MARKET VAWE At 1 February 2022 Withdrawalsladditi( Revaluations 537.037 537.039 110.8891 110.8891 At 31 January 2023 526.157 526.159 COMPAMY INVESTMEiffs AT AIARKEf VALUE COMPRISE: 2023 2022 Listed investments Group 526.157 537.039 Total 526.159 537.041 All investments are held in the UK and units in the Sarasin Endment Fund. 13. ST(KKS COM50UDATED 2023 2022 TRUST 2022 2023 Goc#* for resale 33.745 12.140 14. DEBTORS CONSOUDATED 2023 2022 TrUST 2022 2023 Am(Kmt5 owed by gr(Kp undertakings Trade debtors Other taxati and soaal 5eoJrity Prepaymeyts and acu1 inccxne 62.1x17 39.140 275 1.170 7.498 3,075,813 625 251.355 21,541 247,069 3,084,481 251.980 83,548 286.484 Page 31
THE BATH PRESERVATION TRUST LTD (A COMPANY LWIITED BY GUAW4TEE NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 JANUARY 2023 15. cREoR5 Amouiffs FAWNG DUE wrrHIN ONE YEAL" CONSOUDATED 2023 2022 TRUST 2022 2023 Trade ueth'tors Other taxation and soci& searity Other creditors Accruals and ferred Inc Bank loans . repat5 d within one 109.513 14,011 16.003 17.508 10.000 124.OTI 14,955 14.164 24,620 10.000 69.834 ,972 16.003 9.343 10.(M)O 98,824 10,134 14.132 13,117 lo.l0 167,035 187.816 114,152 146,207 Amouiffs FAWNG DUE AFTER MORE ThAN ONE YEAL. CONSOLIDATED 2023 2022 TRUST 2022 2023 Ba[ loans . repayrnts after than (me year 24.167 34.167 24.167 34.167 24.167 34,167 24.167 34.167 Bank loans represent amLKnts wtstanding the Bffice Back Loan Scheme: Repat5 th vrith"n fM)e Repayments within two to five years 10,000 24.167 10,0 34.167 10.( 24.167 10,C 34.167 34,167 44,167 34,167 44.167 Page 32
THE BATH PRESERVAnON TRUST LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEIAENT OF FUMDS Total reserves of the Trust are £6,659,587 of which £332.581 are end¢y+vment funds and £4.186,842 are restr6cted funds. The balance of £2.140.164 is unrestricted and has been designated as detailed bel¢)W, leaving free reseryes of £524.848. DESIGNATED FUNDS Inverted In Property This reserve represents the cost of the Cwntes5 of HUntIn4dL's Chapel which was wrchased by the Trust in 1985. Future Malntenance No 1 Royal Crescent is a Grade l Listed Building and the Countess of Huntingdon's Chapel is a Grade Il. Listed Building and as such have signifTcant cfflgoing maintenance needs. Therefore. Trustees have designated a significant further reseThfe for the essential mediwi and longer term maintenance based on the results of the 2016 (inquennlal survey. At Beckford Tower arKI the Herschel House Trust. the current Ie1 of unrestricted funds may not be sufficient to meet all fLrture maintenance requirements. In order to reach a position where maintenance requirements do not exceed available capital, any unrestrirted windfalls (legacies. gifts etc.) should pass to designated reserves if appropriate. In 2023, the unrestricted 5urplu5 of £15,354 in Beckford T¢)wer Trust and of £76.656 (after the transfer of £2.105 to Restricted Fund5 to fund a shortfall in fund5 raised to purchase museum exhibits acquired dur6ng the year} in Herscw House Trust was transferred to the Future Maintenan fund. FUre loss of Inc¢)me and Operatln8 Costs 5 an orqanisation not in receipt of regular statutory funding and currently very dependent on a source of income (museum adMissic$) which is capable of being heavily affected by factors outslde the Trust's control. the Trustees believe that building up a fund T5 the apprcyriate response in order to secure the long tern) future of the Trust. Therefore. they believe that the optimum level of reserves Should be: In Bath Preservatit Trust. sufficient to culer the impact of a loss of fifty percent of annual income. in Beckford T¢Jwer Trust. eouivalent to ten months. operati(al costs {a nomial opening season), and, in Herschel Hw5e Trust. sufficient to cover the knpxt of aloss of fffty percent of annual InctNne. and have allocated a proportion of LreStricted reserve5 accordingly. C•rl •nd Jeannette Alays Legacy In 2019. a legacy was fecelved fr(Mn Cari and Jeanetiepty vkno had a partTrcular Interest In conservatic architecture. The Tntstees deslgnated the gift as 'The Carl and Jeanette Plays Fund. in thelr memory. ENDOWKNT FUNDS The Endowment Fund in Beckfd Tower Trust wa5 establTshed under the 1977 Trust Deed which set up theTrust.' the income arising from Permanent End¢)wment investments can be used for the maintenance, general upkeep and administration of the Tower. and the capital can. in certain circum5tance5, be used to fund capital expenditure. The Endth¥ment Fund in Bath Preservation Tnjst rewesents the deemed cost of No 1 Royal Crescent. Page 33
THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARAi¥fEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS Icontlnued) STATEMENT OF FUNDS- CURRENT YEAR BalafK• at I Trarnf•rs Income Expenditure IAlout (Losses) Balance at 31 janu 2023 2022 DESIGNATED FUNDS Invested In property Future maintenarte Future loss of income Operatlng costs Carl and Jeannette FuThl 542.978 571.159 271.524 25.600 113.712 542.978 663.169 271.524 25.61)0 112.045 92.010 11.667) 1.524.973 90.343 1.615.316 GEI4ERAL FUNDS Bath Preservation Trust Her5thel Hw5e Trust Beckford Tower Trust No.1 Rordl Crescent Ltd 593.620 608.157 158.443 31.107 1693.9621 27.819 110.889) 174.8041 178.761} 14.878) 111.7851 115.354) 13.968) (J5.4191 126.152) 524,745 103 103 TOTAL FREE RESERVES 59J.723 909.278 1865.9701 192.448) {19.735) 524.848 TOTAL UNREsTricfED FU14DS 2, 118.696 909.27 1865.970) 12.105) (19.735 2.140.164 ENOOWMEiif FUNDS Beckford Tower TrLSt 8ath Preservation Trust 105.742 231.991 15.1521 11)0.590 Z31,991 337.733 15.152) 332.581 Page 34
THE BATH PRESERVATION TRUST LTD {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS CURRE1 YEAR (crntim*d) RESTRICTED FUNDS BPT Assets: John Wc#)d irfjtruments GSb50n Collection The Whole Story MOBA th'splay ca5e5 NLHF grant assets BPT Fund5: WHSEF Donations for E(kKation Bath In Time B&NES NLHF CRF grants Other grants 26.160 26.100 144.775 8.294 144,775 8,294 5.757 6.755 15.757) 16.755 58.085 1.685 3.764 13 180.121 26.143 316,777 25.150 120.994) 62,241 1.685 3.764 1.763 94.551 26,143 369.376 11250) (85.570 173.92S 1121.326 BTf A55etS: Cablnet Colfer Beckford Ix)oklLetters Beckford rtrait Blavatnlk Honresfleld Llbrary T Pad(k)cks rr Funds: Rimington Legacy .r Tower, NLHF Proje¢¢ '(r Tower. other funds B&NES NLHF CRF grants Other grants 64.000 324.000 3.831 13.000 13,400 80.J12 324.000 3.831 13.000 13.400 80.312 49,916 (32.9931 3.276.031 35,724 161.577 66 49.916 2.944.810 165.990 1.066 1298.228) (31.311) 1.338 6.917 525.281 3.473.263 q1.33B (5.0411 {335.9181 42S 2.301 3.662.626 HHT Assets: Mu5eurn ExhibltS Display cases HHT Funds: Royal AStrCYica1 Sc<iety Spark grant NLHF CRF grants NLHF Herschel 2 Other Srants 23.825 1,164 112.015 (120) (1.164) 2.105 137.825 8.9 98 8,954 98 494 30.355 2.000 144.864 30.355 2.108 (56.311 11.144) (59.3331 4,399 3.564 154.840 67.204 2.105 TOTAL REsTricfED FUNDS 909,262 3.792.052 1516.577) 2,105 4,186.842 TOTALOF FUNDS 3.365.691 4.701.330 11.382.547} 124.887} 6.fj59.587 Page 35
THE BATH PRESERVATION TRUST LTD (A COMPANY LiIArrED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS (contlnued) STATEMENT OF FUMDS- PRIOR YEAR Bae at i Transfers Gains1 7nlout (Losses) Balance at 31 January 2022 2021 ExF*nditure OESIGNATED FUNDS Invested in Future maintenan Future Loss of irKome Cwating c05t5 Carl and Jeannette Ma)s 542.978 529.907 263,439 542.978 571,159 271,524 25,600 113.712 41,252 8.085 114,515 18031 1.476,439 18031 49.337 1,524,973 GENERAL FUNDS Bath Preservation Trust Herschel Hoe Trt Beckford Tower Trust N¢.1 Royal Crescent Ltd 225.680 378,059 103.369 44.278 57.734 174,5461 28.436 147.8831 161,7321 120.6001 128.9881 129.2981 128,4361 35.991 6.246 5.310 593.620 103 103 TOTAL FREE RESERVES 225,783 583.440 1172.3271 190.7201 47.547 593,723 TOTAL UNAESTRicfED FUNDS 1.702,222 583.440 1173.1301 {41.383) 47.547 2,118,696 ENDOWIAEiff FUNDS 8ed(ford Tower Trust Bath Preservation Trl 59.135 231,991 41.383 5.224 105,742 231,991 291,126 41,383 5,224 337,733 . Page 36
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS PRIOR YEAR qcryrtlrnMI) RESTRICTED FUNDS- PRIOR YEAR BPT Assets: l*bJseLm Exhibits The Wlvjle Story l•loBA DisFlay case5 NLHF grant assets BPT Funds: WHSEF Donatfjons for Etthutic Costumed Interpretation Bath in Time 8GS Cayser Charitaile Trust NLHF CRF grants Other grants 26.1 8,294 11,514 13.509 26.160 8,294 5.757 6.755 15.7571 16.7541 49.730 1,685 3.850 3,764 14,2 297.551 24,079 IZ1.6951 58.085 1.685 13.8501 3,764 788 180,121 25,368 113.4121 11.148,232} 17.6971 1.030.802 8.986 454.336 1.069.838 11.207,39n 316.777 Brr A55et5: Cabinet Coffer 8eckfor¢J twklletter5 The Padthxks rr Furtds: Cemetery costs Rimington Legacy Beckford Project Phase 1 -our Tower- NLHF Project NLHF CRF grants Other grants 324,IKKI 3.831 80.312 324,000 3,831 80,312 2.146 49,916 25,870 114,865} 12,1461 49.916 35.n4 132,9931 28.065 7n,676 3.196 425 120.3571 {IfA),8041 13,1961 2.146 491 535.276 204,362 (214.3571 525.281 Hirr Assets.. Museum Exhlblts Display cases HHT Funds: Royal AstforlCal k(lety Spark grant Other grants NLHF CRF grants NLHF Herschel 2(KJ 23.825 2,838 23,825 11,6741 8.974 4.359 730 120} 8.954 98 2.808 5.647 2.058 15.802 30,355 53,862 19,9081 20 115.8021 30.355 67.204 40.726 127.3841 TOTAL REsTrJcfED FUNDS 1.030.338 1,328.062 11,449.1381 909.262 TOTAL OF FUNDS 3.023,686 1.911.501 11,622,2681 52,771 3.365,691 Page 37
THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS PRIOR YEAR (cOThtirrtd) The Bath Pre5erYation Trust IAuseum exhlblts - these relate to dran8 instruments bell9g to Bath Ar(hltect John Wood the Elder. creator of 18th Century Bath and architect in particular of (knn Square and the King's Circus and the Gibson collection which wa5 bequest by Dr Derek GIbX in 2022123. The collection comprlses a harpsicord loan to the Bath Preservati( Trust since 2012). a c¢Aletti(m of t)k5 and prlnts related to the building of Bath and a George111 mahogany folio stand. The Whole Stiry - th75 relates to the capital works for The Iyhole Story project that were completed In Z013. the costs of which were deprecfiated over subsequent years. The balance of £8,294 repre5ent5 her6tage assets purchased in the course of the project. NLHF grant assets - this fund represents capital assets purchased frthn National Lottery Heritage Fund {NLHFI Emergency and Culture Recovery Fund f Heritage grants. WHSEF Iworld Heritage Site Enhancement Fund)- this fund 15 a partnership of the World Heritage Site Steering Grtyjp. Bath and North East Somer5et Council {8&NESI and the Trust with the aim of initiating and supporting minor enhancements to Bath's Heritage. The closing balance of £62.241 hès been largely eannarked to fund ¥>ecific projects. Donation5 for Education thi5 primarily comprises a donation from the Medlock Charitable Trsjst trywards the c05t of Ctin1n8 and expaThJing the educational work of the Trust with Local schrx)is and community groups. Bath in Tlme - this relate5 to a grant received fw the purchase and prcmnotkm of dlgital Images. and all copyright related to them, of items in the Bath Preservati(m Trust collecti$ that are listed and available to search and wrchase the Bath in Time website. B&NES- these grants are trdS the cost of exhibitirm. NLHF CRF grants - this represents the funding received under the NLHF Culture Recovery Fund for Heritage grants that was allKated to Costs that will be incwred after the end date of the grant. Other 8rants & fundin8 - these include giants, legacie5 and dI)nati$ tward5 the acquisltion of museum objects and the costs of exhibitiCS. The Beckford T(r•ffi Trust Assets . a cabinet and a coffer, both fcymeriy belonging to William Beckford. were purchased in 200718 and 2011112 for £64,¢ and £324,IXXI respectivdy. In 2018-19, a k entltled 'Letters to the Right Ilmourable Lord Br¢xJghèm ar Vaux presenting rambling details of a tour. wa5 purchased. Thi5 book from Beckford's library includes notes by him but more imPtantlY a drawing by Beckford for a piece of fumiture at Lansdown. The Paddocks is freehold land adjacent to the Beckford Tower purchased in 2020121. Durlng the current year. a ptrait of Willian Beckford on his deathbed. painted for his daughter Susan. Duchess of HaMiltL. was acquired at a70 and wa5 funded by grants fr(Nn the Arts Councll EnglandlV&A Purchase Grant Fund, the Art Fund. private donations antj a small amtyjnt from the Tru5t'5 rvaerve5. In addit?on. the Trust received a donation of 35 books. fomieriy from William Beckford's library. frtNn the Friends of NatiaL Libraries as part of the distribjtion of the Blavatnik Honresfield Library. Rlmln8ton legacy - in December 2014 The Beckford Tower Trust recelved £50,640 from the executors of Mr Niel Rimington. deceased owner of Fonthill Abbey, Wiltshire. This restricted fund ts set aside to offset any costs incurred by the Trust in wating the 'Beckford Pru47$i$'. which ensure that some public access to the Fonthill Estate is guaranteed into the future. In 2023. there was no expenditure from the Fund because orher txganised access was provfjded for the wblic by the cwrent owners of FLMthlll at no cost to the Trust. Page 38
THE BATH PRESERVATION TRUST LTD (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16. sfATEMENT OF FUNDS PRIOR YEAR (c(rtlnwd 'Our Tower, MLHF Project- this is a grant received frLm the NatiCA)al Lottery Heritage Fund INLHFI for the 'Our Tower. Discovering and reconnectins Beckford's Tower and Landscape. a major project to restt¥e the tower an¢J its Landw and to increase public engagement with it5 activities. The grant is In two stages: the Development stage. for which a grant of £422.¢XiI was recelved, commenced in February 2020 and finished in May 2022, having been delayed by the Covid pandemic. The Delivery phase started in September 2022 and is due to finish in June 2024. The NLHF grant for this phase of the project Is E3.078.093 and this has been included as in 2022123, with £2,997,429 outstanding as accrued Income within debtor5 at 31 January 2023. 'Our Tower. other funds- these are grants and thnation5 received t(ywards the 'Our Tower, Dlscoverins andreconnectins Becklord's Tower twKIL¢thds(ope woject that wlll be ed. inter alia. to fund any c¢)sts not recoverable frun the NLHF. NLHF CRF grants- this represents costs thatwere met fr the NLHF Culture Recovery Fund for Heritage grants held by The Bath Preseryaticrf) Trust. The Herschel H(Mtse Trust IIAtseum exhibits - thi5 con51Sts of heritage assets purthased f(v display In the museum. During the year, the Trust acquired 57 pages in Caroline Herschel's manuscript of a draft for her memoirs at a cost of C108,OW. funded by grants frtyn the National Heritage Plemorial Fund, Arts Council EnglandlV&A Purchase Grant Fund. and the FrieThls of the National Libraries, together with private donations and a small arn1nt from the Trust's reseThes. The pages cover her chIldhd In Hanover and her early years in Bath. In addition. the Tntst was able to wrchase Carollne's visitor , which had been on loan to the museum since 1996. This acquisitifffi. which cost £6.WO. was funded by a grant from the Friends of the National Libraries a small amtyjnt from the Trust's Royal Astronomical s - this relates to a grant iowards the runnlng costs of the museum. Spark grant- thls grant fron the Science and Technology Facilities CclI is a CLtribl70n to the c05t of upgrading the planetarium and related vi5itty events. NLHF CRF irants- this represents costs that were met from the NLHF Culture Recovery Fd for Herfjtage grants held ty The Bath Preservation Trust. NLHF Herschel 200- this is a £60.710grant fr the Nati01 Lottery Heritage Fund to SUPPOrt activities lebratTng the life and works of William Herschel ZIX) years after hts death in 1822. Other 8rants - the Income received durlng the year was a grant re7Ved fr B&NES contributing towards the cost of exhibiti$ at the museum. SLIAVAARY OF FUNDS- CURREKf YEAR Balance at I February 2022 Tr4n5fer5 Galnsl IoMe Eyndture IlOt (Losses) Balance at 31 January 2023 Deslgnaied fiJr•Js Geal fw 1.524.973 593.723 .110.6 90.343 {865.9701 192.4481 119.7351 {865.97 12.1051 119. 5) 1.615.316 524.848 .140.164 909.278 909.278 337.733 909.262 3.792.052 15.152) 332.501 4,186.842 RestrKted fvnd5 (516.5771 2.105 3.365.691 4.701.330 11,382.5471 {24.887) 6.659.587 Page 39
THE BATH PRESERVATION TRUST LTD (A COMPANY LIIAITED BY GUARANTEE) NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 JANUARY 2023 16. STATEMENT OF FUNDS (contlnuedl SUMIA4RY OF FUMDS- PRIOR YEAR February 2021 Transfers Gainsl 6nl(wJt (Losses) Balance at 31 Jarn*ry 2022 IrKorTP EX[blUre Etsrynated lu ,476,439 225.783 1.702.222 18031 49,337 11n,3271 190.7201 47.547 1173,1301 141.3831 47.547 1.524.973 593,723 2.118.696 583.440 583.440 291.IZ6 1.030.338 41.3B3 5.224 337.733 909,262 Restrirted fvnd5 1.328.062 11,449.1381 3.023.686 1.911.2 11,62Z,268) 52.771 3,365,691 17. ANALYSIS OF NET ASSETS BETWEEII Fu)s AIIALYSIS OF NET ASSETS BrrwEEM FUNDS- CURRENT YEAR Umestricted Restricted Endowment fund5 funds fund5 Total funds 2023 2023 2023 2023 Tangible fixed set5 Ffjxed asset imiestffthis Current assets Credrtws (kne withln ole year Credltors due after nve than le year 589.062 701.655 1.040.649 3.371,245 (167.035) (24.167) 115.597 231.991 1,636.650 100.590 802.245 4.411.894 (167.035) 124.1671 2.140.164 4.186.842 332.581 6.659.587 ANALYSIS OF NEf ASSETS BETWEEN FUNDS- PRIOR YEAR (knrestrKted Restrirted Endowment funds funds Total funds 2022 2022 2022 2022 Tangible fixed assets Fixed a55et investrrthts Current asset5 Creditors the WTthin ce year Creditors due after ffle th cffle JEar 579.598 n1.473 1,039.608 (187.8161 134.1671 2.118.696 544.469 231,991 1.356,058 105,742 827,215 1.404.401 1187,8161 134,1671 337.733 3.365.691 364,793 9]9,262 Page 40 .
THE BATH PRESERVATION TRUST LTD IA COMPANY UAIITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 18. RECONCILIATION OF IAOVEMEKf IN FUNDS TO NET CASH FLOW FROM OPEKATING ACTIVITIES 2023 2022 Net inc for the Jtar la5 w Statement of FanCIal Activities) 3.293.896 342,IX15 Adjustment for: Depreciati charges Lossll8ainl on investMts Dividends. Interest and rÈmts frcth Tnvestments Investment management fees Decreasellincreasel in 5tod(s Deueasellinueasel in Increaselldecreasel in uedit¢rs 24.533 24.887 {96,0761 19,215 {52.7711 {95.2311 6,113 121.6051 1,352 {2,832,5011 1218.1741 120,7811 74.388 Net ¢a5h (used Inywovided by Operati aCtivitS 372.353 76,897 19. AMALYSIS OF CASH AND CASH EQUNALEMTS 2023 2022 Cash at tsa and in harKI 1.293,668 1.140.281 Total 1.293.668 1.140.281 20. CAPITAL COIA411TMENTS AND C014TINGElff LIABIUTIES There were no capital c¢xThnltments or co)tingent liabilities at 31 January 2023 (2022 - none}. 21. POST BALANCE SHEET EVENT As part of the agreement for National Lottery Heritage FurKI 5pOrt for 'Our rower, Disc¢>vering and rec¢)nnecting Beckford's Tower and Landscape project. the National Heritage Memorial Fund has required a charge Lwer the freehold land and bLsilding5 known as the Beckford Tower. Lansdown. Bath. The charge will be discharged after 25 years and was entered into 2 June 2023. In additicm. The Bath PreseNatlon Trust Llmited. the parent ccmpany of The Beckford T¢y4ver Tnjst, will provide a facility of £1CiI,CK)O to support the working capital of The 8eckford TcMer Trust which will be secured by a charge over the a55ets of the Trust for the duration of the project. This charge was not finalised at the (late of signature of the financial statements. In May 2023, a Letter of Intent to appoint Emery Brother5 Limited a5 the main contractor for the capital work within the 'Our Tower. Dixovering and reconnecting 8eckford's Tower Landscope project was slgned. 22. RELATED PARTI TRAIISACTIONS The Bath preservati Trust Ltd is the parent cunpany within a group that prepares consolidated financial statements. The company has taken advantage of the exception frwb disclosing tran5action5 with group entities under the ternis of FRS 102. Page 41