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 Se￿rate 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 T￿Stee$ 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 c￿Mittee 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 re￿rt together with the audited financial statements for the year 1 February 2022 to 31 January 2023. The Trustees c￿fIrM 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 provisi￿5 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 j￿Uary 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 cov1￿19 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 am 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 applicatic￿S IL8Asl. and had an overall impact on 74% of the applications to which we resp￿ded, a 3% ifKrease on our previc￿5 influence in 2021. We saw the number of LBAS we resp￿de 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 Sessic￿5. 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 collecti￿5 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 hor￿St 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 thr￿gh 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 I991.2￿K} 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 g￿atlY adding to the Tower archive and IhSrary collection as a research re￿￿rce 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 editI￿S of every early printed book ￿ Bath Including John Jones The the5 of Bath {15721, Thomas Guidott's A Discourse of Bathe11676) and every pth175hed bc*Jk 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 I￿￿￿k, 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 He￿thet 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 wc*k 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 T*￿er, the team c￿tIn￿l 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 mmendati(Th for the appointment of new Tntstees. partlcularly having ward to any specialist skills needed. New tntstees are gfven a cq)y of the Articles of Associati￿. the Twsts internal gUidd￿e5 and a copy of the Charity Commissions guidance -Responsibilities of Tnjstees" New Trustees are Introduced to the organisation by the Chair. who briefs them on decision making processe5 and the recent financial performance of the Trust antj invites them to ser¥e on one of the Trusts f¢wr principal 5ub-committee5. Further briefings with the Chief Executive and other staff are then arranged to suit. Orwlsatlon of C(Mnmlttees The Board of Trustees admlnisters the Tnt5t and its subsTdiarie5. The Board meets on a ouarteriy basis; the principal yjb-tommittees cover Finance. Museums ft Education. Advocacy and Campaigns. and meet on a regular cycle to make policy* financial and management deci510n5. In addition, the Architecture, Planning and Place and Environs of Bath Committees deal with relating to developnent prop)5a15 that affect Bath and the fourteen parishes arcKmd the City. An ad h{￿ Recruitment Committee. convened In 2021 to coordinate and oversee the Selectic￿ of a new Chlef Executive. continues to meet as the need arises to deal wlth recruTtment. 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 T￿￿teeS agreed new Terms of Reference for the c￿Mittee5. The Museums and Educatlon Ccrfnmlttee (AI&E> pr(Nides strateglc oversight of the 1*tsY￿LKnS provided by BPT. collections (including the archive and library), the public programme and temporary exhlbltlons and the mLtseums' learning programme. It pr￿deS scruiiny to protKrJals. ￿abLe5 advice. guidance and support to staff and oversees projert d￿elOPMent and delivery behalf of the Board of TTustee5. It delegates individual respcfflsibilities to sub-cfymmittees a5 apprC￿ate. 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 OVe￿ee5 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 recoqni5Tng and respecting the value of fts herStage and green setting whilst belng an evolving. vibrant and C￿temporary 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￿. thr￿gh which we lead by e￿MPle. implementing sustainable design and construttion as well as aalocating positive adaptation of historTrc buildings. and the public realm In Bath and b￿0nd. 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 collerti￿5 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, S￿la1 and environmental Improvement of the City: To become an exemplar in deM￿Strating 8ath'5 contribution to arthitecture, science and creatlvlty through engagement and leaming* To work in the interests of Bath's citizens by tr￿￿1ng I￿aL eovemment and developers to the highest Standards of InfC￿rned 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 IMP￿tsnt step fcrnrd to assert BPT as a charity which is leading the narrative about how heritage and cw*tempwy d￿elopM￿t shwld be c¢ynpiefflentaryi achieving social, economic and envirc￿mental 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 statem￿ts 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 inc￿1n8 re50urce5 and application of resources, including the income and expenditure. of the charitable group for that period. In preparing these fift￿claI 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 tranSaCtiL￿5 and disclose with rea￿￿able 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 Inf￿mation arKI to e5tsbiithr that the tharitabie grwp's al￿ltOrS 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 Stat￿entS of The Bath Preservati￿ Tr￿t Ltd Ithe'charity.) and its subsidiarie5 (the 'Group } for the year ended 31 January 2023 which comprise the C￿5011dateonsibie the other infomwtion. The other Infern￿tI￿} ccffiprlses the information included in the Annual RepNt. other than the financial statements and our Auditors. Report thereon. Our opinion on the financial Statements does not cover the other Informati￿ and, except to the extent otherwise explicitly stated in our report. we do not express any fom of assurance concluslon thereon. In connection with aLKlit of the financial statements. (￿r reSP￿sIbilIty is to read the other informatic and. in doing so, cmsider whether the other information 15 fflaterially incon5i5tent with the financial statements or our knowledge obtained in the audit w otherwise appears to be materially mi5Stated. If we identify Such material inc(￿SiStenc?es ￿ apparent material misstatements. we are requireij to determine whether there is a Mat￿31 misstatement in the financial staternents ￿ a material mi5Statement of the other inftymation. If. based on the woth we have performed. we concI￿le that there is a material mi$5tatement of this other information, we are required to rem that fact. We have noth￿8 to rep)rt in thi5 regard. Page 15 THE BATH PRESERVAMON TRUST LTD {A COIAPANY LIAIITED BY GUARAIITEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE BATh PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2023 AIArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of wr kn(NAedge arKI understanding of the Gr￿P and Clkirity and its en¥iro)ment obtained In the course of the audit. we have not identiffjed material misstatements in the Annual Repxt. We have nothing to report in respect of the following matters in relati￿ to v*thich we to repDrt to you if, in r opinion: the Charity has not kept adequate and sufficient aCCo￿lIng record5, or returns adequate for our audit have not been received from branche5 not visited by us; ¢Y the Charity financial statements are not in agreemwt with the accountlng records and return5; IX we have r¥X received all the infom)ation and eypianation5 we require for our audit. RESPONSIBILMES OF IAEMBERS As explained more fully in the member's resp￿51b?1?tieS statement. the members are respcfflsible fcff the preparation of the financial statements and for being satisfied that thty give a true and fair view. and for such internal C(￿trol a5 the membeT5 determine is necessary to enable the preparatirffi of finarKial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the members are re￿$￿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 ab￿t 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 mi￿raternents 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 d￿uMentati￿. we have c(￿51dered the matters discussed among the audit engage*ment team regarding how and where fraud might ￿C￿r 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 reSp￿d 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 C￿￿111￿$ 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 AuD￿oRs. 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 resp￿n￿ 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 transacti￿al testing in reLation to the recognitic￿ of revenue. with a particular fcru5 around year.end cut off: and In atldressing the risk of fraLKI thr￿h management override of contyois. testing the apprcpriatene55 of j￿rnal entries and other adjustment5. We a150 communicated identlfied iav*S 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. finc1￿1￿g 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.ukla￿jit0r5resF￿5lb11jtle5. 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 C￿panIeS Act 2006. and to the charitable company's Trustees. as a bcwfy. Part 4 of the Charities (Accounts and Reports) Regulations 2￿8. ()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 resp￿57b111ty to anyone other than charitable company and its members, as a bc*Jy. 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 f￿d5 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 B￿EEN 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: arnO￿ts 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 f￿d5 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 apWO￿l and w[h￿sed 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 fin￿claI 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 e￿rivalents 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 Rec￿ffle￿ded Practice applicable to charities preparing their acC￿ntS 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 Bal￿e 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 C￿lp￿Y alone as pemitted by sectlon 408 of the Companies Act 21J%. 1.2 COMPANY STATUS The company is a C￿panY limited by guarantee. The members of the company are the Trustees named page l. In the event of the ct*mpany 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 C￿pany* 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, ￿p￿t fer rn(￿e InflymatT￿ ab(MJt their ￿tributIon. Income tax recoverable in relaticffl to ¢krf￿t1(￿l5 receive(l under Gift Aid or deed5 of covenant Is recognlsed at the time of the d￿￿ti(￿. Grants are If￿1[1ded in the Statament of Financial Activiiies on a receivable basis. The balance of income received for specific pur￿Se5 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 uncontjiti0r￿1 entitlement to the inc¢)me and its recognition ts deferred and included in creditor5 as deferred income until the performance-related conditic￿5 are met. Where entitlement occur5 before income is received, the inct be rec￿eratsIe. Shortfalls between the carrying value of fixe¢J assets and their recoverable amounts are recognisefl as impairments. Impaimient losses are recognised in the Consolidated Statement of Financial Activities incorporating income and expenditure account. Tangible fixed assets are carried at CQ5t, net of depreciati￿ and any provisi￿ for impalment. Page. 22 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 equiE￿ent 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 SUbseq￿ntIY measured at fair value at the Balance sheet date, unles5 fair value cannot be measured reliably in which case it is measureecific projects. Donation5 for Education thi5 primarily comprises a donation from the Medlock Charitable Trsjst trywards the c05t of C￿tin￿1n8 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 t￿rdS 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 exhibitiC￿S. 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 imP￿tantlY 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 p￿trait of Willian Beckford on his deathbed. painted for his daughter Susan. Duchess of HaMiltL￿. was acquired at a￿70￿ 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 Nati￿aL 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 arn1￿nt from the Trust's reseThes. The pages cover her chIldh￿d 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 C￿clI is a CL￿tribl￿70n 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 F￿d for Herfjtage grants held ty The Bath Preservation Trust. NLHF Herschel 200- this is a £60.710grant fr￿ the Nati￿01 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 re￿7Ved fr￿ B&NES contributing towards the cost of exhibiti￿$ at the museum. SLIAVAARY OF FUNDS- CURREKf YEAR Balance at I February 2022 Tr4n5fer5 Galnsl I￿oMe Eyndture I￿lO￿t (Losses) Balance at 31 January 2023 Deslgnaied fiJr•Js Ge￿al 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￿[b￿lUre 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 c￿e year Creditors due after ffl￿e 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 F￿anCIal Activities) 3.293.896 342,IX15 Adjustment for: Depreciati￿ charges Lossll8ainl on investM￿ts 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￿ aCtivit￿S 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 5￿pOrt 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