Regiytered number: 294789 Charlty numb9r: 203048 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 BATH PRESERVATION TRUST BECKFORD'S TOIN'ER .415-D KoY.11. CRR-SCI,;,N I. MUSEUM OF BATH HETISCHIL IUSEUIM 01-, ASI"IIONOMY THE BATH PRESERVATION TRUST LTD (A COMPANY UAifTED BY GUARANTEE) Page Reference and admlnlstratlve detalls of the charity, its trustees and advise Trustees. report 2-12 Independent audltors. report 13-15 Consolldated statement of financial activiti•s 16 Consolldated and Conyany balance sheets 17 Consolldated statement of cash flows 18 Notes to th• financial statements 19.40 These statuiory accounts are for The Bath Preservatfon Trust Ltd (Charity No 203048 and Reg. Co. No 2947891, showlng the consolidated results for a group of four entities: The Bath Pre5ervatlon Trust (including the two museums No.1 Royal Crescent and the Museum of Bath Architecture); The Beckford Tower TnEt (Charity No. 2729861. The Herschel HouseTrust (Charity No. 298295) and No.1 Royal CreKent (Bath) Ltd, a tradin8 compary {Co. Reg. No. 20860601.There Is no legal or charity requirement to produce separate accounts for The Bath Preseryation Trust IBPTI as a separate entityp hovffler a summary version of the separate rewlts are produced in BPT'S Annual Revlew. obtainable from the registered office at 1 Royal Crescent, Bath. BA1 2LR. THE BATH PRESERVATION TRUST LTD (A COMPANY UMrrED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE COMPANY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 Trustees Diane Aderyn OBE 3,5 Dwglas Creed 1,2 Robert Dunton (resigned 11 July 2023) Julian Gooding lappoTnted 11 July 20231 Peta Hall 2,4 Bruce Haines 3.4,5 Colin Johnston 3.4.5 Annabel MacGregor lappolnted 11 July 20231 Tom Jllarshall Ire5igned 13 November 20231 Simon Morray-jones Eve Salomon CBE, Chair Ico-opted 1 November 20231 Thomas Sheppard DL, Cha7r {resigned 31 October 20231 Donna Speed lappolnted 11 July 20231 Vlctoria Thornton OBE I.1,3.4 2.3,4 3,4.5 denotes members of the A(fvocacy and Campaigns CrAnmittee denotes members of the Architecture, Plannlng and Place Committee denotes members of the Finance Committee denotes member5 of the Museums and Education Committee denotes members of the Recruitment Committee Company registered number 294789 Charity re815tered number 203048 Re¥lrtered office 1 Royal Crescent Bath BA12LR Independent audltors B15hop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Bankers Lloyd5 Bank 47 Mi150m Street 8ath 6A1 1DN CAF Bank Ltd 25 Klngs Hall Avenue West Malling Kent ME19 4JQ Solldtors Stone King 13 Queen Square Bath BA1 2HJ Page f THE BATH PRESERVATION TRUST LTD (A COMPANY LIhI￿ED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2024 TheTru5tee5 present thear annual report togetherwith theaudited flnancial statements for the year 1 February 2023 to 31 January 2024. TheTnJstees confirni that theAnnual Report and financial statements of the company comply wth the CUr￿nt statutory requirements. the requirements of the company's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing thefjr accounts in accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland (FR5 1021 leffect7Ye 1 January 20191. Slnce the company and the group quallfy as small under settion 383, the Strategic report requlred of medium and large c(Mnpanles ￿￿er The Companies Act 2006 Istrategic Report and Directorfs Report) Regulations 2013 Is not required. OBJECTIVES AND AcrNmES FOR THE YEAR The c*>jects of the Trust are to: Promote high standards of planning and arthiteciure and to secure the preservation, protertion, development and improvement for the public benefit of the character, amenities and buildings of historical. architectural or PLblic interest in and around the City of Bath: Protect and preserve public rights of way and the beauty of the countryside around the City of Bath land to promote its fullest enJo￿ent by the publicl; and Provide andlor participate in the provision and maintenance for the public benefit of museLMnS, libraries. galleries, and other facilities to promote the education of the publlc in relation to the history, geography> architectural heritage and other subjects of public interest in connection with the City of Bath and for the preservatlon and exhibition of object5 for the pub11c benefit. In the precedlng year. Bath Preservatlon Trust adopted a new strategy which framed a new, forward-thlnklng approach to address and re5ptr)d to contemporary and emerging issues, challenges and opportunities. 2023 saw the inception of activities and engagement both through museums and our a(fvocaey and campai8ning In the face of the cllmate and nature emergency. BPT explored the fea51bllity of retroflttlng Its own hlstorfc propertles. at the Herschel Museum of Astronomy and the Countess of Huntln8don's Chapel. Historic listed buildings require a whole house appralsal to understand opportunities and limitations and It is now clear that both buildlngs can be appropriately and carefully adapted to install alternatiye heating sources and improve thermal performance. The perfomance of our museums was in line with our expettatlons. as vlsitors fl¢xked to Bath. Tourism numbers in the city returned to pre-COVID levels although this is not fully reflected In visitor numbers at any of the museums in Bath. Including those operated by BPT. But vlsitor dwell time and engagement increased as people seek to get more of an experience when at an attrartion. Our advocacy and campaigning work continued to be in high demand and it has been encouraq1n8 to see a continued year on year increase in proposals to Install retroflt. To ccntinue our work to ploneer the widescale adoption of retrofit. BPT was a partner to Green Open Horne5 and Green Herltage Home5 - two projects which seek to break down the barriers and increase understanding abwt retrofit options. In the year, our lormal learning programme for Sta8e$ 2 & 3 exceeded all expectations. After 2 terns, we achieved our highest ever number of visits from school children in a single year. The trend continued in the final term. surfa￿ Impresslon were appointed as wr selected partner to de17ver a new 5Uite of websltes for BPT. But the year was dc*nlnated by the most significant pmjett BPT has orchestrated slnce 2012. A major capital restoratlon and engagemenl project commenced at Beckford's Tower and Museum, with the aim of dealing with some of its pervasive issues of water ingress, Internal temperatures and the imparts of a rapidly changing cllmate. A full project account is proylded in the Trustee's Annual Report for the Bed(ford Tower Trust. Page 2 THE BATH PRESERVATION TRUST LTD (A COMPANY LIM￿ED BY GUARANTEE) TRusfEES' REPORT Icontlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 Advocacy and Campal#ns The Ao*ocacy and Campalgns Commlttee {A&CI provide5 Strategic oversight of the Advocacy and Campaigning activitie5, including learning and outreach, and Planning Conseryation work of BPT. It provides scrutiny to proposals, enables advice, guidance and 5UPPOrt to Staff and over5ee5 project development and deilvery on behalf of the Board of Trustees. There are two primary objective5 for BPT'5 campaigning and leaming attiv7tie5. Sustalnablllty and deslgn excellence. It also Fdentlfles the vision for the Countess of Huntln8don's Chapel as the home of BPT and funttlon5 relating to A&C. In February, BPT organised a visit to Eddington In Cambridge, to see the mixed tenwe housing development. Some key B&NES Council officers and councillors attended with a tour prov(ded by W"iklnsonEyre archltects and councillor and officer representatlves from Cambrfdge Greater Planning Authority- The aim was to explore what makes the development SO successful and to di5CU5S transferable opportunities and lessons for Bath. In 2023 a refreshed version of the website was published. giving the opportunity to rfrcategcffise information a5 required and to represent information in a more legible format. The website is a significant public archTve and reference point for development proposal responses and position statements, spanning more than 10 year5. It also describes current campaigning priorities and themes and Ilnks ￿th sodal medla content. Thls prc(ess has prepared all Informatlon ready for transfer when the new sulte of BPT websites Is Launched In 2024. Soclal medla Is a primary focu5 to engage audlence5 and promote actlvlties. Engagement and growth have exceeded residual levels, particularly on Instagram, with slrong outcomes for targeted campaigns. In the year, a new public programme of practical workshops and expert talks was launched. Marketing events only on Instagram, the reach has been very positive with booking rates high, demonstrating that followers include many sector profe5STonals and people from andllary industries. Hiqhlights for the year Included: Hosting a visit to Eddington in Cambridge, for Councillors and Senior Officers of 8&NES Council. The purpose was to s* antj discuss an example of desig[7 excellence and envIr￿￿￿entalLy consthous and affordable contemporary housing at the site. The visit was very posltive and also served io strengthen understanding and the relationship between BPT and the Counal. Re5pon5e to the LLKal Plan Launch Document, advocating the inclusion of heritage and built historic environment as a primary consideration. Detailed en4agement with and response to Bath Rugby proposals for development on The Rec. BPT was represented on the advSs0ry panel which agreed the name Quay's Bridge which spans thè River Avon and provldès a footbrid8e to link to Bath Quays South. A consultatlon response submitted regarding proposed changes to the Natlonal Hannlng Poilcy Framework. BPT published its Position Stsltements, to provlde clartty and conslstency about dedslon.maklng and our approach to evaluating the balance of public benefit versu5 harm. Staff continued to provide site visits to homes, to provide a(ivice to historic homeowners wanting to better understand options ané how to best engage with the L￿al Plannlng Authority. BPT entered into a partnership project with Bath & West Community Energy. B&NES Coundl. the Centre for Sus¢a1nable Energy and People Powered Retroflt. called Green Open Home5. The project, funded through the Local Energy Advice Demonstrator, will create films and published material to infomi historlc homeowners about retrofit options and heritage Significance. Another project commenced. called View5 and Vistas. supported by the Bathscape scheme. The pmjert records many of the views which are protected as part of the Bath World Heritage Site. The work, Invol￿nI volunteers, ￿11 create an evidence base against whith to evaluate change. Dark Skies guidance was published, ab￿Jt how Ilghting should and can be installed whlch Ilmits hann to nature and the historic character of the city. Responses to major housing development proposals were submitted for site5 at Sulis Down near South Stoke, the former Bath Press site and the Aequu5 GaswoTk5 plans for mixed tenure homes. Engagement on the forthcoming review of World Heritage Site Management Plan. Online content & engagement for World Heritage Day. Supporting an internship for three month5, Supported by the Cari and Jeanette Mays legacy. Pale 3 THE BATH PRESERVATION TRUST LTD {A COAIPANY LIMITED BY GUARA1￿EE TRu¥fEES' REPORT q¢ontlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 R￿engagement ￿th modified plans for the Berkeley Homes Gasworks development. Foll￿￿7n8 the P￿LICatI￿ of an open letter in Deceynber 2022, the modifled plans brought forward in 2023 saw a reduction In height of approxlmateiy 16% and Improved landscaping. material choice and de518n. The Archlterture Plannlng ènd Place Commlttee (AP&P) coordinates reactive responses to indlvldual plannlng appliotions and listed building consents. pre.appl7cation conwltatlons, a￿ce requests, and planning guidance and policy c(￿Su1tat1O￿s. drawing on the skills and expertise of independent advi50f5. In 2023. AP&P responded to a total of 293 planning applicaticffls. This figure wa5 ltr•ver than in prevfous years. following the resignation of a key member of Staff in September. B&NES Council has a PrO￿rtIOnateLY busy planning system with a perslstently hlgh caseloa¢J. The temporary redUctil￿ in staffing led to a revfew of how Bwf responds to planning proposals. to priorit15e those where our input has the greatest impact to minimise ham) to heritage. We malntaln our Involvement in and contribution to Bath's historlc envlronment by a55essFng all planning application5 received by B&NES each week, utllisin8 our personal planning and heritage expert15eto investigate the suitability of each application with the valuable input of our Archltecture. Planning & Place Committee. We corbtinue to work Wlth B&NES' plannlng officers, Planning Committee, local group5. indepen(ient developers applicants to advocate for managed and beneficial change that will contlnue to preserve and enhance Bath as a beautiful and flourishing oty. The Environs w￿coMmittee provldes a strateglc forum which enables representatlves from the fourteen rural parishes surroundlng Bath to discuss planning and World Heritage related matters whlch affect them. The Ewrons Crmnmittee ha5 SUPPOrted the follow6ng priorities in the parishes: South Stoke: Continued monltoring and response to proposals for up to 3(Kl new homes on the Plateau. Throughout the year, BPT worked with a local pressure gmup. the South of Bath Alliance ISOBA), who recognise the need for more housing but object to the significant overdevelopment of the site. 300 )uses were advised but plans for 471 were submitted. In November. BFT and SOBA convinced the Planning Committee to commi$5ion more research before agr&ing to make a decision on the prop05als. Mldford: C¢)ntinued monitoring of development at Grade l Midford Castle, where the construction of rwi agricultural building is in breach of plannlng pern)ission. Action wa5 taken to pursue an enforcement order and uphold the enforcement declslon at appeal. St CatherSne: Contlnued monitoring and response to ongoingtr unauthori5ed deveWment at Chamiydown Barn where this has resulted in hami to the appearance of the AONB and Green Belt. Engllshcombe and others." Discussion and engagement on retrofit measures within the village conservation areas. such as solar and photovoltaic IPV) panels, with Committee members encouraged to Share positive examples of retrofit in their areas. Bathford: Supprt to the Parish Ci¥Jncil where deallng wlth ongoing enfor￿meTht relatlng to a new camwng site. Corst￿". The succe55ful preyentlon the demolition of a historic, unlisted tdl house on the A39 outslde Corston. In 2023, wort< to restore and refuTbish the building and clear the site c(xnmeKed. World Herlta8e Slte Enhancement Fund The World Herita￿ Site Enhancement Fund {WHSEF) contlnL*d to inltiate and 5UPm interesting and worthwhlle projecis during 2023. It provides significant publTc benefit through the $￿teMatiC repair and restoration of the public realm in Bath. The Fund is a partnwship between the World Heritage Site Adwsory Board, B&NES Council and BPT. The aims of the Fund are: To initlate and organise. (Y SUPPQrt, projects whlch enhance Bath's historic fabric and heritage. To enhance public understanding and appreclatlon of the significance of the World Heritage Slte and Its Outstanding Universal Values. Page 4 THE BATH PRESERVATION TRUST LTD (A COhlPANY UAIITED BY GUARANTEEI TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024 To offer help and a¢fvlce to local residents, communTties and volunteer groups, and to wc*1( In partnership wth local organisations with mutual goals. To entourage hlgh standards of craftsmanship and provide practlcal experience. WHSEF ro'ects com leted in 2023 Elim church Stained gl355 Y￿ndOws. Productlon of an historic map of Bath Showing Roman/MediaevallGeorgian history. Jewish Burial Ground Inner walls. The officer and administrator of the fund retired from her p051tion at the very end of the year, following 15 years of active and committed serwce. This planned exit coupled with a change to the ￿jrce of funding wll see the Enhancement Fund undergo some change in 2024. However both of the funding partners remain COFnmitted to contlnue this important contributor to the hlstorlc streetscape of the clty. Aluseums In the year, BPT wa5 required to renew its Accre(Iltation documentation through the Arts Council, England scheme and this saw the development of s¢)me key documents, to prowde a strategic approach to how eath museum will develop. For each of the four museums, a new forward plan was prepared, a collectlon evelopment policy, documentation policyj collections care and conseNation policy and access pollcy. Following 5ubmi5sion it was conflmied that Accrethtation had been renewed for all four mUSe￿nS. Only two museums were open to the public in the year, No. 1 Royal Crescent and the Herschel Museum of Astronomy. Visitor numbers at these sites were broadly in line with expectations. The retail offer at No. 1 Royal Crescent exceeded all expectations and a greater level of investment to diversify stock has resulted in an improved turnover, The main focus of the year was to provide support ané guidance to inform the process of restoration of Beckford's Tower and Landscape and the resetting of the museum wlthin the Tower. This work was managed alongside general BPT curatorial duties. The Tower project progressed very well throughout the year and the Musewi reopened to the public at the end of June 2024. The curatorial team were particularly involved with the development of Interpretation, way finding* identifying loans for the displays and attvising on changes to the building and finishe5 for the museum. A fuller report is prowded in the Trustee's Annual Report for the Beckford Tower Trust. A new feature was installed in the temporary exhlbltion gallery at No. 1 Royal Crescent - the Georgrobe. The gallery was decorated with wallpaper deslgned by a l(£al artlst as a backdrop to this Georgian dressing-LP experience. The installation was very popular and demonstrated a creative use of this space in the absence of a temporary exhibition. Just over 9000 people were recorded visiting the experience, which is a very positive outcome. Towards the end of 2023, the deasion was made to reopen the Museum of Bath Architecture for one more year in its current format. The reason for this was to capture the interest of people who had expressed the wish to vlslt the museum aqaln. whilst providing an opportunity to consult at￿￿t future plans for redevelopment of the site. The reopening of the museum will be planned to coinade or to fit wlthin the wider program of the museum's team in what looks to be a busy year in 2024. A fea5iblllty study was commisgioned for the Herschel Museum of Astronomy to better understand opportunltles for how the house may be restored and to provide a new museum experience. Connolly Wellingham were appointed to undertake the feasibility and plans were drawn up to demonstrate the potential that the h)L￿e fflay hold based on aspirati¢Ms for future use. The brief provided to Initiate the work included a list of aspirations for what a scheme might achieve. which Includ￿.. Retrofit and energy efficiency. A new learning space for schools. Potential spaces for research. Page 5 THE BATH PRESERVATION TRUST LTD (A COMPANY UAIITED BY GuARA￿￿EEl TRUSTEES. REPORT {¢ontiNed) FOR ThE YEAR ENDED 31 JANUARY 2024 A new temporary exhibitions gallery. The alm to make the whole building accesslble by all. A fuller report about the act1vltles of the Herschel muse￿ of Astronomy features In the Trustee's Annual Report for the Herschel House TnJ5t. In the middle of the year, Director of Museums and Deputy CEO Claire Dixon announced her resignation following her appofjntment as the Executive Director of Dorset muse￿￿. On 4th Octcl)er 2023, Patrlcla Rlbul started a5 the new Director of Museums for BPT. Leamlng and Ensagemerrt 2023 saw the Learning & Engagement team dellver the highest number of session5 ever recorded at BPT. with 58 sessions provlded. This TS an excellent achievement and demonstrates the appetlte of schwls to diversify their offer by engaging with local attractions. This number is higher than either 2022 or 2019 as full ¢)perational years. For the last 2 years. BPT has borrowed a mobile planetarium from the Unlversity of Bath to provide learning experiences for children ab(MJt the nights sky. Following the 5￿CesS and popularity of these sesslons, BPT successfully fundraised to purchase its planetarium, so these sessions can continue. The newly commissioned unit 15 expected to be received and r4)erational in 20Z4. The Learr)ing & Engagement team has also focused on bringing back the previously popular craft sessions for adults at No. 1 Royal Crescent and the programme restarted in 2023. This is a popular addition and bring a different audlence to the museum. Flnanci•l Review Museum Income was £699,357. an increase of £95,784 cijmpared to the prevlous year. The income demonstrates a return to a more familiar trading envlronment, vrith visitor ccffifidence gro￿n4 steadlly throughtyjt the year. Membership income includes tours and other activities organised for member5, and thls year saw a limited return to these activities. Membership income decreased to £13,439 (pn'or year.. £14,537) because 5(Mne rwewals were less than the membership fee and were accounted under donations. BPT Is looking forward to a continued return ￿th more member events and artiYltle5 planned in 20Z4. Income from investments for the year was £89,283 comprising E73,039 of rental inc(¥ne and £16.244 of ir)ve5tment Income and bank interest. (Prior year £85,745 and £10,331 respectiveiyl. Total income from other trading activities was £152.249 {prior year £122,733). The majority of this income relates to sales in the shop at No 1 Royal Crescent and to filmine income. Expenditure on charitable actlvitles iKreased by £1.852,809 this year to £3.144,300 mainly in relation to Beckford Tower repairs. Wages and salarie5 Costs were 10% higher than in 2022123 as staffing levels increased in line with income but also as a positive response to the rising rate of inflatTQn. Total expenditure of the World Herftage Slte Enhancement Fund for the year wa5 £30.823 Iprfor year £20.994). Unre5tricied fund5 increased by £42,726 restricted fund5 decreased by £1,738,961. The siqniflcant decrease In restricted funds 15 due to the full recognltlon of the delivery stage 8rant awarded by NLHF for Beckford's Tower and Landscape in the prewous year and the. drawdown incurred in the year as the work5 were carried out. The level of £￿￿0￿ment funds increased marginally by £1,628. As a result, total funds at the end of the year decreased by £1,694,￿7 to £4,964,980. Page 6 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANfEEI TRLISTEES. REPORT Icontinued} FOR THE YEAR ENDED 31 JANUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing Document The Bath Preservation Trust Ltd is a charitable company limited by guarantee, established In 1934 and governed by Artlcles of Assoclatlon dated 23 March 2021 (ln place of th¢)se dated 15 October 20091- It is registered as a Charity with the Charity Commission. Any member of the public can become a member of the Trust, subject to the Trustees. fom)al approval and making the payment required. Volunteer guides at the Trust's museums are granted honorary membership while they contlnue as guides. There are currently approximately 1.￿0 members who are ￿titled to attend and vote at the Annual General Meeting and any other special meetin85. The Group The Group compri5e5: The Bath Preservation Trust Ltd, which operates the activities of the Trust itself, No. l Royal Crescent Museum ané the Museum of Bath Architecture; No 1 Royal Crescent (Bath) Ltd, which operates the museum 5hop5 and any other trading activity. The Beckford Tower Trust lan unincorporated charity) which operates the Beckford Tower Museum,. and The Herschel House Trust lan unlncorporated tharilyl which operates the Herschel Museun of Aslronomy. The Bath Preservation Trust Ltd, The Bed(ford Tower Trust and The Herschel House Trust are registered charities With their own Article5 or Trust deed. Apwlntment of Trusteès As set out in the Art7cles of A$50ciation, up to eighteen Trustees are eletted by the member5 of the Trust at the Annual General Meetlng IAGMI. New Trustees are appointed for a tem of four years. and may stsnd for re-elettion twice before retirement. Elected Trustees may choose to co-opt additional Trustees before presenting them for election at the following AGM. All Trustees must be members of the Trust. All members are arculated prior to the AGM advising them of the retirtng trustees and requesting nominations fcff the AfJM. The Chair. with other Tru5tee5, draws on advice to make recommerbdation5 for the appointment of new Tnjstees. particularly havlnq regard to any 5pKi41ist skills nee(le¢i. New trustees are given a copy of the Articles of As5o￿at70n, the Trust's internal guldellnes and a copy of the Charity Commission's guidance "Responsibilities of Trustees" New Tntstees are introduced to the organi5ati by the Chalr. who brfefs them on decision making processes and the recent flnancial perfomiance of the Trust and invites them to serve on one of the Trust's four principal sub-commlttees. Further brtefings wlth the Chief Executive an(J olher staff are then arranged to 5UIt. Organtsation of Commlttees The Board of Trustees admini5ter5 the Trust and its subsiéiaries. In 3 normal year. the Board meets on a quarterly basis,. the principal sub.committees cover Finance, Museums & Educatton. A(fvocacy and Campaigns, and meet on a regular cycle to make policy, financial and management decisions. In addition, the Architecture, Plannin8 an¢J Place and Environs of Bath Committee5 deal with issues relating to development proposals which affect Bath an¢J the fourteen parishes around the City. An ad hoc Recruitment Committee was convened in the year to coordinate and oversee the selectlon of a new Chalr. In 2022, the Board of Trustees agreed new Terms of Reference for the Committee5: The Museums and Educatlon Commlttee IM&E) provldes strategic oversight of the h￿seumS provided by BPT, collectlons (including the archive and library), the public programme and temporary exhibitions and the Page 7 ThE BATH PRESERVATIOHTRUST LTD IA COMPANY Um￿E0 BY GuARAtr￿EE) TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED 31 JANUARY 2024 museums, leamlng programme. It provides scrutiny to prop05als, enables advice? guidance and support to staff and oversees project development and delivery on behalf of the Boar(J of Trwstee5. It delegates individual responsibilities to sub-committee5 as apwopriate. The Advocacy and Campaign5 Committee IAftCI provldes strateglc oversl8ht of the Aifvocacy and Campaigning activities, incI￿￿1ng learning and outreach, and Plannin8 Con5erYation work of BPT. It provldes scrutiny to prop05als, enables advi￿. guidance and support to staff and oversees project development and delivery on behalf of the Board of Trustees. With a close interaction with the AP&P Committee and Environs sub.Committee, A&C prepare5 the settlng, strategy and priorit?es which guide the I￿guage of the responses provided by those committees. It delegates Indivldual resF*)nsib?lities to sub-committees as appropriate. The Archltectur• Plannln8 and pla￿ Commlttee (Apap) cocffdinate5 reartive re5ponse5 to individual planning applications and listed tmjilding consents. pre-application consultation5, advice request5, and planning suidance and policy consultations, dray￿ng on the skills and expertise of independent advisors. The collectiye memory and professional representation prowded by AP&P Trustee5 and athlsors Is an important asset to ensure BPT may offer qualified advfce and opinions based on policy. best practlce deslgn standard5 and an understanding of development issues affectlng Bath and its envlrons. Worklng wlth a group of experien￿ and informed advisors, the committee contributes to response5 which are subsequently compiled and edited to create a collective BPT resporhse, signed off by Trustees as atTJropriate. The Envlrons 5uIFCommlttee provides a strategic forum whlch enables representatives frLNn the fourteen rural parishes swrounding Bath to di5CU5s matter5 which affect them. These may relate to planning policy, local planning appLicati￿S, listed building consents and other development5 which may affect or of inf luence the chararter of the rural areas. The sub-Ci¥nmittee provides an opportunity to engage the support and expertise of BPT officer5 and other attendees. Particular area5 of focus Include protectlon of the Green Belt. inappropriate development and the conslderation of any issues which might deteriorate or erode communltles. or enable urban sprawl. The FITran￿ Commlttee prowdes strategic oversight, advice and leadershlp In the financial management of BPT to ensure the group Is financially sound and weil managed. It provide5 Scnrtiny and a sense check for new activities, revenue budgets, investments and capital projects. There is a tlear requlrement to obSe￿e the highest ethical standarés to maintaln and enhance the reputatlon of BPT. The Committee provides a forum through which to explore, discuss and agree approprfate financial policies and procedures and appropriale mechanisms through which thvy are delivered. The Cc*nmittee reviews and contribLrte5 to governance rewews. The Audlt sublommlttee is convened annually to review and scrutini5e the flndlngs of the annual auéit. It receive5 brleflng5 from the appolnted auditors and discusses potentlal changes to practice and remedial measures in response to Issues identified. The Chief ExecLrtive manage5 the day-to-day operations of the Trust asslsted by paid staff. Key Management Personnel and stafflnl matters The key management personnel of The Bath Preservation Tr4Jst were deemed in-year to be the Senior Management Team, which comprise5 the Chief Executive, BPT Director of Museums and the 8PT Management Accountant. In 2023, the Director of Museums resigned from her position and the post wa5 left vacant for a number of mfmths before being reappointed in Ortober. The members of the Senior Management Team are employed and remunerated by The Bath Preservatlon TnJst Ltd. Total employee costs for key management personnel are dlsclosed within note 10. Page 8 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GUARA￿￿EE TRusfEES' REPORT Icontinued) FOR THE YEAR ENDED 31 JANUARY 2024 Volunteers Our thanks go to all those who continue to help and 5UPPQrt us. We are very grateful to Vol￿teerS who worked acfOSS all a5perts of our organlsatlon. Whether they acted as trustees or advisors, prowded great visitor experiences in our museums, helped with our inspirin8 and creative leaming programme. developed our understanding of the archives, participateil in the Beckford project or helped behlnd the scenes to ensure our prtsperties were looked after. Thelr contrfbutions are valued and appreciated. Internships and student placements also supported BPT'S campalgning and plannlng team and helped wlth learning and engagement projerts. Risk Management The Trustees have a risk management strategy whlch comprises an annual review of the high-level risks the Trust may face, implementat?on of systems and procedures to mitigate those rlsks Identified in the plan, an(J procedures designed to minimise any potential impact on the Trust sh¢)uld those risks malerialise. This also takes into account external Health and safety and Property audits on a regular basis. Risk management is appraised no than quarterly and discussed at each meeting of the Board of Trustees. Inflatlon was a significant risk in the year and reached double flgure5. The annual budget was re-appraised and felt to be fit for purpose and was monitored throughout the year for risk. The greatest threat ar05e from the ending of fixed tariff utility agreements acros5 all sites. Thls was effectlvely mltlgated by holdin8 out for the lowest P05s?ble unit cost in each case. The increase in inflation did however create a maj¢y challenge for the Beckford Tower capital development projett. Forecast spend rose by close to 25% in the period between submission of the grant application to the NLHF in May 2022 and the tendering process for contractors in 2023. The increase in price was managed by value engineering and from a further 'top-up' grant from NLHF, recognislng the unprecedented context. Investment5 Power5 and Poli The Trustees have a wide range of investment powers and have appolnted professlonal a¢fvisors to manage the portfollos belongln8 to The Bath PreseNation Trust. The Beckford Tower Trust and The Herschel House Trust; the policy is to provlde a balanced return from Income and capital growth on a medium risk port(olio. T Investment portfolio management was transferred at the end of 2021 to the Sarasln Endowment Fund. Connected Charitie5 The results of the connected charities The Beckford Tower Trust and The Hersd)el House Trust are consolldated In the accounts of The Bath Preservation Trust Ltd, which acts as sole trustee for both connected charities. Separate Annual Reports of The Beckford Tower Trust and The Herschel House Trust are also produced. Herltage A$sets Donated heritage a55ets are recorded at deemed cost at the date of acquisition, which may be establlshed by a probate value or a formal valuation, where applicable and reasonably obtainable. Heritage assets costing £1,000 or above purchased by the Trust after 1 March 2C(15 are recorded at cost. These assets are not depreaateil as they are deemed to have indefinite live5 and are reviewed annually for any impairment. They are Intended to be held as permanent additions to the collections. It is the Tru5t'5 polity not to revalue heritage assets once capitali5ed as undertaklng valuatlons at a sufflclent frequency for th￿ to remaln current would incur disproportlonate cost. The Trust ha5 a clear duty to care lor and make avallable these assets for the enjoyment and education of the publlc as far as is possible, commensurote wth the long term care of these items. The highest P05sibte standardg of collection management are applied, and the catalogue5 are made available as widely as possible Pase 9 THE BATH PRESERVATION TRUST LTD (A COAIPANY LIMITED BY GuARA1￿EEl TRUSTEES. REPORT (continuedl FOR THE YEAR ENDED 31 JANUARY 2024 to facilitate all enquirie5 and requests for Tnformation, subject to appropriate security and data protection Euidelines. All the Trust'5 museums have Accredited statu5. Other Flxed Assets Movements in other fixed assets durlng the year are srt wt in note 11 to the flnandal statements. Re5erve5 Pollcy Total reseThes of the Trust are £4,964,980 of which £334,209 are ￿Tr￿owMent funds and £2,447.881 are restricted funds. The balance of £2,182,890 is unrestricted and has been designated as detailed below and In note 16. leaving free reserves of £552,596. The Tru5tees' have set separate rese￿e5 policies for The Beckford Tower Trust and The Herschel House Tr￿t, whlch are further explained in those Trusts. annual reports. For The Bath Preservation Trust a5 a separate entity. the Trustees have designated the property assets as e55ential to their current strategy of running museum5 at No 1 Royal Cres￿nt and the Countess of Huntlngdon's Chapel. No 1 Royal Crescent Is a Grade l Listed Buildlng and the Countess of Huntingdrffl's Chapel Is a Grade Il. Llsted Builéing and as such have slgnificant ongoing maintenance needs. Therefore, Trustees have deslgnated a slgnlficant further reserve for the e55entlal medium- and longer. term maintenance. In addition, as an organisatlon not In recelpt of regular statutory funding and currently very (iependent on a Source of Income (museum admissions) which is capable of being heayily affected by factors outside the Trusts control, the Trustee5 believe that bullding up a fund to cover future Ios5 of Income in The Bath Preservation Trust is the appropriate response in order to secure the long.term future of the Trust. Therefore. they belieye that the optimum level of reseryes should be sufficient to cover the itnpact of a loss of fifty percent of annLral museum admissions income and have historically allocated a proportion of unrestrlcted reserve5 accordingly. As a consequence of the COVID-19 pandemic and the subsequent evolving (wating environment. the Trustees decided to suspend transfers to the future loss of income reserve and to retain funds as free reserves. Thi5 policy has continued at 31 January 2024 wth the intention of enabllng sufficient cash-flow for future restrirted projects and ensuring flexibility to continue to respond to an agenda for thange and continual development jdentified in the 5trate8yTr Vision for 2030. The Trustees Intend to revlew the reserves wlicie5 of all the Trusts during the year ended 31 January 2025. Plans for the Future The Board of TTU5tees approved a new forrtard stratew for BPT at its meeting in April 2022. Our Vision for 2030 sets out a strategy for the charfty BPT wlll become - a statement of our intent and aspiration and how we will achieve the vision. It defines the sustainable SL*ial. environmental and economic Impacts we wtll make by ￿7(h we wtll measure success. BPT has been on a journey of rapid change in recent years and emwged from the global pandemic as 3 Stronger. fnore resilient and more necessary organisation. Climate change and the Climate emergency continue to be a global threat requldng urgent action. Our Vision for 2030 fs one of optimism and ambition, through whlch we lead by example. implementing sustainable deslgn and construction as well as advocating posltive adaptation of historic buildings. and the public realm in Bath and beyond. BPT will exernplify the sustainable change we want to effect as a positive partner and actiye catalyst for action. Equa17ty l equity, diversity and inclusion IEDII Is central to our eth05, our workforce and vdunteers and our public programmlng. We VAII continue our process to decolonise crfjr collections and museum5 to ensure we provlde safe spaces in which to question. to challenge, and to engage with the past, the present and the future. Page 10 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMrrED BY GUARANTEE TRUSTEES. REPORT {contlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 The strategy revisits the Mi55ion and Vision of BPT and focuses on four primary objectives: To be recognised a5 the key guardian of Bath's rich cultural heritage and campaigner for the sustainable econom7C, social and environmental Improvement of the Clty. To become an exemplar in demonstrating Bath's contribution to archltecture, science and creativity through engagement and learning. To work in the interests of Bath's citizens by holdlng local governrnent and developers to the highest standards of Infomied declsion-making and sustainable. de.carbonised design. To be. and to be seen as. an open. inclusive or8anisation wei¢omlng all who share our passlon for Bath and it5 wellbeing. Short to medium term prioritie5 also include: Income diversTfication. Improyed w51tor data collection to evaluate marketing and improve targeting. Delivering greater social impact through outreach and engagement. particularly for adv(Kacy and campaigning. Capital renewal of museums. In 2023. Thomas Sheppard DL announced his intention to resign frorn his F*)Sition as trLtstee and Chair of BPT following the selectlon and appolntment of a successor. The process was an orderly one and an external agency* Peridot Partner5, wa5 engaged to manage the process. Following a national recruitment campaign, 11 candidates expressed an interest wlth 7 making a formal submission. Eve SalL¥nLM CBE was selected and co. opted by the Board Of Trustees to become a trustee and elected as Chair, commenang the role on 1 November 2023. Following thi5 appointment, a Govemance Review commenced which is experted to conclude in 2024. Jullan Goodlng, Annabel MacGregor and Donna Speed were fonnally appointed as Trustees at the Annual General Meeting held on Tuesday 11 July 2023. TRUSTEES. RESPONSIBILITIES STATEMENT The T￿￿tee5 (who are also directors of The Bath Preservation Trust Ltd for the purposes of company lawl are responsible for preparine the Trustees, report and the finanoal statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law require5 the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true aThJ fair view of the state of affairs of the charitable company and the group and of the incoming resources ond application of ￿oUrCes, including the income and expendlture, of the charltable eroup for that perlod. In preparfn8 these flnandal statements. the Trustee5 are required to: select sultable accountlng policie5 and then apply them consi5tently- observe the methods and principles In the Charlties SORP. make Judgments and accountine estimate5 that are reasonable prudent. prepare the financial 5tatement5 on the going concem basis unless it is inappropriate to prw•ume that the charitable group will contirbue in operation. The Trustees are responsible for keeping adequate accounting record5 that are SLrfficient to show and explain the charitable company and the group'5 tran5actlons and disclose with rea$￿able accuracy at any time the financial position of the charitable group and enable thern to ensure that the flnandal statements comply with the Companies Att 2006. They are also responsible lor safeguarding the assets of the charitable company and the group and hence for taklng reasonable steps for the prevention and detection of fraud and other Irre8ularities. Page 11 THE BATH PRESERVATION TRusf LTD IA CI)MPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (contlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 DISCLOSURE OF INFORMATION TO AUDrroRS Each of the persons. who are Trustees at the time when thi5 TnJ5tees' report Is approV￿j has confirmed that: so far as that Tntstee is aware. there is no relevant audit Infomiation of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit inforniation and to establish that the charitable group's auditors are aware of that informat1r￿. This report wa5 approved ty the Trustees ￿ 18 July 2024 and Sign￿ on their behalf by: Eve Salomon, Chair - The Bath Preservatlon Trust Ltd Page 12 THE BATH PRESERVATION TRUST LTD IA COMPANY LIM￿ED BY GUARANTEEI INDEPENDE1￿ AuD￿ORs, REPORT TO THE MEMBERS AND TRUSTEES OF THE BATH PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2024 AUDrroRS OPINION We have audited the financial statements of The Bath Preservation Trust Ltd (the [harit￿l and its subsidiaries Ithe 'Group'i for the year endeLI 31 January 2024 which comprise the Con501idated Statement of Finanaal Activitie5, the Consolidated Balance Sheet, the Charlty Balance Sheet. the Consolidated Statement of Cash Flowg and the related notes, including a summary of significant accountlng polldes. The financial reportlng framework that has been applled In their preparation is applicable law ar)d United Kingdom Accountlng Standard5, including Flnancial Reporting Standard 102 The Financial Reporting Standard applicable in the LIK and Republlc of Ireland. Iunlted Kingd￿Tr Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group'5 and the Charity5 affairs as at 31 January 2024 and of the Group's incoming resources and application of resources. incI￿7￿g it5 income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice. and have been prepared in accordance with the requirements of the Cornpanie5 Act 2006 and the Charttles Act2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. resp(￿$1b71it1es for the audit of the financial statements section of our report. We are independent of the Group In accordance wlth the ethical requirements that are relevant to our audlt of the flnancial statements in the United Kingdom, Inclltding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirements. We believe that ¢he audit e￿den￿ we have obtaineyl Is sufficient and appropriate to provide a basi5 for our opinTOn. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statement5, we have concluded that the members. use o( the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertaintie5 relating to events or conditions that, individually ￿ collectively) may cast significant doubt on the Group or Charitys ability to continue as a going concern for a period of at least twelye months from when the financial statements are authorised for issue. Our responslbllities and the responsibilities of the members With respeci to golng ¢oncem are descrfbed in the relevant 5ettions of this report. OTHER INFORAiITION The members are responslble for the other Informatith). The other information cornprises the infomati included in the Annual Report, other than the financial statements and our Auditors, Report thereon. Our ¢Jpinion on the financial statements ¢Joes not cover the other information and, excepl to the extent other)Yise expliatly stated in our report, we do not express ary form of assurance conclu570n thereon. In connection with our audit of the financial statements, our re5pon51bility Is to read the other informali( and, in doing so, consider whether the other infomiation 15 materlally inconsistent ￿th the financial statements or our knowledye obtained in the audlt or otheThvise appears to be materially misstated. If we Identify such material inconsistencies or apparent materfal misstatements. we are required to deterrnine whether there is a material mlsstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfom)ed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard. Page 13 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDrroRS' REPORT TO THE MEM8ERS AND TRUSTEES OF THE BATH PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2024 IAITfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the l74ht of our knowledge and under5tonding of the Group and Charity and its enwronment obtained in the course of the audit, we have not identified material misstatements in the Annual Report. We have nothing to report in respect of the following matters in relation to whlth we to report to yrA if, In ¢)ur opinion.. the Charity has not kept adequate and sufficient accountlng records, iy retums adÉ¥wate for our audit have not been received from branches not WSlted by us. or the Chartty flnancial statements are not in agreement with the accounting records and returns; or we have not received all the inforniatlon and explanations we require for wr audit. RESPONSIBILITIES OF MEMBERS As explained more fully in the member's re5POf15ibilities statement. the members are responslble for the preparation of the financial Statements and for beirbg satisfied that they give a true and fair view. and for such internal control as the members detemine is necessary to enable the preparation of financial statements that are free from materfjal misstatement. whether due to fraud or error. In preparing the financial statements, the members are responsible for a55e5sing the Group's and the Charity's ability to continue as a going concern. di5c105ing) as applicable. matters related to going concem and u5ins the going concern basi5 of accounting unless the members either intend to liquidate the Group or the Charity or to cease operations. or have no realistic altemative but to do so. AUD￿oR5. RESPONSIBILrfiES FOR THE AUDIT OF THE FINANCIAL ￿ATEmENTs Our (bJÉrtive5 are to obtain reasonable 3$5urance about whether the finanaal statements as a whole are free from malerial mi5Statement, whether due to fraud or error, and to issue an Auditors, Report that include5 our opinion. Reaswable a$5urance is a high level of assurance. but is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are Instances of non-compliance with law5 and regulations. We design prc(edures in line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregularitTe5, indudlng fraud. We have considered the nature of the sector, control environment and financial perfomiance; we have considered the results of enquiries with management and members in relation to their own identificati(J) and assessment of the risk of irregularities within the entity; we have reviewed the documentation of key processe5 and controls and perfom)ed walkthrouEhs of transartions to confirm that the systems are operating in line with documentation- and we have considered the matters discussed among the audlt engagement team regarding how and where fra￿$ might occur in the financial statements an(J potential indicator5 of fraud. As a result of these prtxedures, we have considered the opportunities and incentives that May exist within the organisation for fraud and identified the highest area of risk to be in relatil￿ to revenue recognition. with a particular risk in relation to year-end cut off. In common with all audits under ISAS IUK) we are also required to perform specific procedures to respond to the risk of management overri¢Je. We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, frKusin£ on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disc105ures in the financial statements. The key law5 and regulations we considered in this context Included thecharlties Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a dirert effect on the financial statements but cc¥npllance with which may be fundamental to the Gr￿p,5 ability to operate or avoid Page 14 THE BATH PRESERVATION TRUST LTD (A COMPANY LIAIITED BY GUARANTEE) INDEPENDEKf AUDrroRS' REPORT TO THE MEAIBERS AND TRUSTEES OF THE BATH PRESERVATION TRUST LTD FOR THE YEAR ENDED 31 JANUARY 2024 a material P￿alty. (ljr prrKedures to respond to risks Id￿tIfIed included the following: reviewng the financial statement disclosures and testing to SiVPQrtirig do¢umentstim to assess compliance with provision5 of relevant laws and regulations described as having a direct effert on the financial statements. performing analytical procedure5 to identify unusual or unexpected relationship5 that may indicate risks of material misstatement due to fraud; reviewing board meeting m7nute5', enquirlng of management in relation to artual and potential claims or litigations; perfoming detalled transactional testlng In relation to the recognition of revenue, with a partiwLar focus around year-end cut off. and In addresslng the rfsk of fraud through management override of controls, testing the appropriateness of journal entrie5 and other adjustments. We also communicated identif7ed laws and regulations and potential fraud rlsks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulation5 throughout the avth't. A5 a result of the Inherent Ilmltatlons of an audlt. there is a risk that not all irregularities, including a material misstatement in finanaal 5tatement5 or non-compliance Mth regulation. will be éeterted by us. The risk increases the further removed compliance with a law and regulation 15 from the events and transactions reflected in the financial statements, given we wll be less likely to be aware of it, or should the irreEularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment. forgery. coIIu5ion, omission or misrepresentation. A further description of our responsibilities for the aud?t of the finanoal statements FS located c¥) the Financial Reporting Counthl's website at: www.frc.org.uklauditorsresp¢Jnsibilitles. This description forms part of our Auditors. Report. USE OF OUR REPORT This report 15 made 501ely to the members. as a body, in accordancewith Chapter 3 of Part 16 of thecompanies Act 2006. and to the charitable company's Trustees, as a bodyp Part 4 of the Charities (Accounts and Reports1 Regulations 21N)8. Our audit work has been undertaken $0 that we might state to the members tl)ose matters we are required to state to them In an Auditors, Report and for no other purtM)se. To the fullest extent permitted by Law, we do not accept or assume respons?bllTty to anyone other than charitable Cr￿panY and its members, as a body, for our audit work, for this report, or for the oplnlons we have fom)ed. (Jk- Chr1$ Trantham FCA (Sènior Statutory Audltorl for and on behalf of B15hop Flemlng LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol B51 6FL Page 15 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING IMCOAIE AND EXPENDrruRE ACCOU1￿ FOR THE YEAR ENDED 31 JANUARY 2024 R•5¢ri¢t•d Endowmen fund5 t funds Total funds Total fund5 2024 2024 2024 2023 Unrestrlcted funds 2024 INCOME AND ENDOWMENTS FROM: DonatwJn5, le¥acie5 and grant5 Ch)ritabie artfvitles Other trading aLtivities Inve5trnents 120.862 712.796 152.249 89.283 472.195 593,057 3.864.411 712.796 618,110 152.249 122.733 89.283 96.076 TOTAL INCOAIE 1.075.190 47Z.195 1.547.385 4.701.330 EXPENDrruRE ON: Raislng fLmds Charftal)ie artfvltfes 126.701 933.144 126,701 91,056 3.144.300 1,291,491 2.211.156 TOTAL EXPENDITURE 1.059,845 2.211,156 3.271.001 1.382.547 INCOME BEFORE INVESTAIENT GAINS 15.345 (1.738.961) (1.723.616) 3,318,783 et galnslllos5e51 on investment 12 INCOME BEFORE OTHER RECOGNISED CJAINS AND LOSSES 27.38t 1.628 29.009 124,8871 42,726 11.738,961) 1.628 11.694.607) 3,293,896 TRANSFERS BETWEEN FUND5 16 NET AlOVEME1￿ IN FUNDS 42.726 11.738.961) 1.628 11.694.607) 3,293,896 RECONCIUATION OF FUNDS: Total fund5 ￿0￿ht forward 2.140.164 4.186.842 332,581 6,659,587 3,365,691 TOTAL FUNDS CARRIED FOKWARD 2.182.890 2.447.881 334,209 4.964.980 6,659,587 The notes on pages 19 to 40 form part of these financlal statements. Page 16 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GuARA￿￿EEl CONSOLIDATED AND PARENT COMPA14Y BALANCE SHEEr AS AT 31 JANUARY 2024 GROUP 2024 COMPANY 2024 2023 2023 Note FIXED ￿sE[S Tangible Assets 1.706.935 1.636,650 992,088 979,473 Investment5 12 831.261 802,245 2,438,895 550,707 1.542.795 526.159 1.505.632 2.538,196 CuRREp￿ ASSETS Stock5 13 41,541 33,745 C*btors 14 1.781.224 3,084,481 184.303 83,548 Cash at bank and in hand 19 1.051.120 1,293,668 539,845 740.676 2.873.J85 4,411.894 724.148 824,224 CREDITORS: amoLmts fa117ng due within one year 15 {432.9341 1167,0351 1143.9301 1114,1521 NET CURRElff ASSETS 2.440.951 4.244,859 580.218 710.on TOTAL ASSETS LESS cuRREtr￿ LIABILMES 4.979.147 6.683,754 Z.123.013 2,215,704 CPEDITORS.. amount5 falling due In m￿e than one year 114.1671 124.1671 114.167) 124,1671 Assrrs 4,964.9BO 6,659,587 2.108.846 2.191,537 CHApifY FUNDS Endowment funds 16 334,209 332,581 231.991 231.991 Re5trl¢ted funds 16 2.447.881 4,186,842 260.873 369.376 Unrestricted funds 16 2.182.B90 2,140.164 1,615.982 1.590,170 TOTAL FUNDS 4.964.980 6,659.587 2.108,846 2.191,537 The company's financial statements have been prepared In accordance with the provisions applicable to companies subject to the small companies, regime. The finanaal StateM￿ts were approved and authorfsed for issue by the Trustees on 18 JLIY 2024 and signed on their behalf by: Eve Salomon, Chalr - The Bath Preservatlon Trust Ltd D Aderyn, Chalr - Flnance Comrnittee The notes on pages 19 to 40 form part of these financial Statements. Page 17 THE BATH PRESERVATION TRUST LTD IA COMPANY UMrrED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED 31 JANUARY 2024 2024 2023 Note Cash flow5 from operatin4 actlvitles Net cash (used In)Iprovlded ty owating activities 18 1241,250) 372,353 Cash flows from Investing activities tAvidends, interest and rent from investments Purchase of tangitAe fixed assets Purd)ase and sale of inve5tmentS 89.283 180,574) {7) 96,076 1305,1251 83 Net cash (used inyprovlded by InvestlnB actlvitie5 8,702 1208,9661 Cash flow5 from flnanclng actlvltles Cash inflow5 from new ￿rrOW1n9s11Outflow5 fr(xn repayment51 {10,000) (10,0001 Net cash {useO inyprovlded by flnandng activitles (10.000> (10,0001 Change In cash and cash ewivalent5 in the year (242.5481 153,387 Cash and cash equivalents brought forward Cash and cash equivalents carried forward 1,293,668 1,051,120 1.140,281 1.293,668 The notes on pages 19 to 40 form part of these financial statements. Page 18 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL fATEMENTS The finanoal statements have been prepared in accordance wlth Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to tharitie5 preparing their accounts in accordance with the Fir)ancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 . (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Bath PreseNation Trust Ltd meets the definition of a publlc beneflt entlty under FRS 102. Assets and Ilabllltles are Inltlally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Statement of Financial Activities (SOFA) and Balance sheet consolidate the financial stattynents of the company and its subsidiary undertakings. The result5 of the sub5idiarie5 are consolidated on a line by line basi5. No separate SOFA has Lttn tKesented for the company alone as pemiltted by sectlon 408 of the Companies Act 2006. 1.2 COMPANY STATUS The company is a company limited by guarantee. The members of the compary are the Trustees named on page 1. In the event of the ccrfnpany being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 1.3 INCO All income is recognTsed once the company has entitlement to the income, it 15 probable that the income will be received and the amount of income receivable can be measured reliably. For legaoes, entitlement is taken as the earlier of the date on which elther.. the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executorl51 to the Trust that a distribution will be made, or when a distribution 15 received from the estate. Receipt of a legacy, in whole or in part, is only cons7dered probable when the amount can be measured reliably and the company has been notified of the executorf5 intention to make a distribution. Where legacies have been r￿tIlled to the company. or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy Is treated as a contlngent asset and dlsdosed If mater(al. Donated serwce5 or facilities are recognised when the company ha5 control over the item, any conditions a550aated with the donated item have been met, the receipt of economic benefit from the use by the company of the item is probable and that economic benefit can be measured reliably. In accordatKe with the Charities SORP IFRS 1021, the general volunteer time of the guldes ts not recognlsed- please reler to the Trustees. report for more Information about their contribution. Income tax recoverable in retstion to donatlons recelved under Glft Ald or deeds of covenant Is recognised at the tiTne of the donatlon. Grants are included in the Statement of Financial Actlvfjtles on a recelvable basis. The balance of income received for specific purpose5 but not expended during the period 15 shown in the relevant funds on the Balance Sheet. Where Income is received in aévance of meeting any performance related conditiorfj, there is not unconditional entitlefflent to the income and its recognition is deferred and included in creditors as deferred income wt71 the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued. Page 19 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GuARA￿￿EE) NOTES TO THE FINANCIAL 5TATEMEKrs FOR THE YEAR ENDED 3 1 JANUARY 2024 AccouKnNG POLICIES (continued) 1.4 EXPENDITURE Expenditure is reco£n15ed once there Is a legal or con5tnJciive obligat?on to transfer economic benefit to a thlrd party, it is probable that a transfer of economic benefits will be req￿red in settlement at the amount of the (￿lIgatIon can be measured reliably. Fundraising costs are those incurred in 5eekin4 voluntary contributions and do not include the costs of (Jisseminating information in 5UPPOrt of the charitable activities. Governance costs are those incurred in connection wth administration of the company and compliance ¥￿th constitutional and statutcry requfrements. Costs of taising funds are cost5 incurred in ralslng f￿d5 for the Tr￿t'S tharitable purpose5. Charitable aciivitie5 and Govemance costs are costs incurred on the company's charitable operations. Including suw)ort costs, and costs relating to the govemance of the ¢￿panY apportloned to charitable activities. 1.5 8ASIS OF CONSOLIDATION The financial statements con501idate the accounts of The Bath Preservation Trust Ltd and all of its subsidiary undertakings I'sub5idiarie5'1. The company has taken advantage of the exemptlon contained within sectlon 408 of the Companies Act 20C￿ not to present its own Income and expenditure account. 1.6 HERITAGE ASS￿5 Donated heritage assets are recorded at deemed cost at the date of acqulsitlon, vthich may be established by a probate value or a formal valuation, where applicable and reasonably obtainable. Heritage assets C05ting £1,000 or above purchased by the Trust slnce 2013 are recorded at Cost. These assets are not depreciated as they are deemed to have Indefinite live5 and are reviewed annually for any ?mpairment. They are intended to be held as penna￿nt addition5 to the collections. It IS the Trust's policy not to revalue herltage assets once capitallsed as undertaking valuatlons at a suffldent frequency for them to remain current would incur disproportionate c05t. It 15 very important for a museum to account to the public for the management and care of the collections entrusted to it. High Standards of Collections Management are applied to the collertion in order to preserve and manage it on behalf of. and to make it available to, the public. A Register and full recordg are kept on the collection, its provenance, and its donors. These are made ayallable for all e￿uirIeS and requests, subject to appropriate security and data protection guidelines. ConservatiL expenditure incurred on heritage'assets, has been written off to the Statement of Flnancial Activities. 1.7 TANGIBLE FIXED ASSEfs AND DEPRECIATION All asset5 Costing £1,000 and aboye are capitalised. A review for Impairment of a fixed asset Is carried out if events or change5 in drcumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrwng value of fixed assets and their recoyerable amounts are recognised a5 Iinpairments.. Impaiiment losses are recognised in the Consolidated Statement of Financial Activities incorporating income and expenditure accoLnt. Tangible fixed assets are carried at cost, net of depreciation and any provision for Impalm)ent. Page 20 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 JANUARY 2024 AccouKriNG POLICIES (continued) Depretiatlon Is wovlded at rates calculated to write off the cost of fixed asset5, le55 theTr estimated residual value, over their expected useful lives on the following base5: Freehold property not depreciated Heritage assets not depreciated Fixtures and fittings 5 year5 Straight line Offlce equipment 5 year5 Straight line Other fixed asset5 3 years straight line 1.8 INVESTMEfr¥rs Flxed asset Investments a￿ a form of flnancial instrument and are initTally recognlsed at thelr transaction cost and subseqL*ntly measured at fair value at the Balance Sheet date, Lnless fair value cannot be measured reliably in thich case it is measured at cost less irnpairment. Investment gains and 1055es, whether realised or unrealised, are c¢)mbined and shown in the hea¢Jing 'Net gains/l1055e5) on investments, in the Consolidated statement of Finanoal Activitie5 incorporating income and expenditure account. Investments in SLI)sidlarie5 are valued at cost less provision for impairment. 1.9 IKfEREST RECEIVABLE Interest on funds held on deposit is included when reC￿Vable and the amount can be measured reliably by the company. this 15 nomally upon notification of the interest paid or payable by the Bank. 1.10 STOCKS Stocks are valued at the lower of cost and net reali5able value after making due all¢)wance for obsolete and slow-moving stock5. Cost includes all dirert costs and an approprlate proportion of fixed and varfable overheads. 1.11 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepigments are valued at the amount prepaid net of any trade discounts due. 1.12 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it 15 probable that a transfer of economic benefit will be required in settlament, and the amwnt of the Settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates Tt will pay to settle the debt or the amount it has received as advanced payments for the goods or seryices it must provide. 1. 13 FINANCIAL INSTRUMENrs The company only has flnancial assets and financial Ilabllitles of a klnd that qualify as basic financial Instruments. Baslt finandal Instruments are inltially recogni5ed at transactlon value and subsequently measured at their settlement value. Page 21 THE BATH PRESERVATION TRusf LTD (A COMPANY LIIArrED BY GUARAKfEE) NOTES TO THE FINANCIAL,STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES (continued) 1.14 TAXATION The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordlngly, the company is potentially exempt from taxatlon In respect of income or capital gains received withTn categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain5 Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.15 FUMD AccoukfnNG General funds are unrestricted funds which are available for use at the discretlon of the Trustees in furtherance of the general objectives of the ccrfnpany and which have not been designated for other purp05e5. Deslgnated funds comprise unrestricted funds that have been set aside by the Truste￿ for particular purposes. The aim and use of each éesignated fund are set out in the notes to the financial statements. Restricted fund5 are funds whlch are to be use(l in accordance wfjth spedflc restdctlons Imposed by donors or whlch have been raised by the company for particular purposes. The costs of ralslng and administering such funds are charged agalnst the speclflc fund. The aim and use of each restricted fund are Set out in the notes to the financial statements. 1.16 GOING CONCERN The Trustees assess whether the use of going concem is appropriate, i.e. whether there are any materlal LEncertainties related to events or conditions that may cast 518nificant doubt on the ability of the company to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financlal statements. Under all the scenarios reviewed, the ￿rnpanY has sufficient rewves to enable it to continue as a going concem for the foreseeable future. For this reason, It continues to adopt the going cr￿ceM basis in preparing the finandal statements. INCOME FROM DONATIONS, LEGACIES AND GRAKrs Unrestrlcted fund5 2024 Restrlcted Endowment fund5 funds Total funds Total funds 2024 2024 2024 2023 Legacies rkinatiors Grants Grants coronavirus related 92,331 7.157 21.374 92.331 205,131 74.372 44.772 426.354 3.612,676 1,832 67.215 404.980 120.862 472.195 593.057 3,864,411 Total 2023 n,359 3,792,052 3,864,411 Page 22 TrIE BATH PRESERVATION TRUST LTD (A COMPANY LIMITED BY GuAftAp￿EE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds 2024 Restricted Endowment funds funds Total funds Total funds 2024 2024 2024 2023 Mu5eurns admi5510ris Income Oiher museums fncome Membershlp Income 678.622 20,735 13.439 678,622 20,735 13.439 591.052 12,521 14,537 712.796 712.796 618,110 Total 2023 618.110 618.110 TRADING ACTivrriES Unrestrlcted funds 2024 Rertrfcted Endowment funds funds Total fvnds Total funds 2024 2024 2024 2023 TRADING INCOME No.1 Royal Crescent {Bathl Limited Other 142.811 9.438 152,249 142.811 9.438 152,249 111,571 11,162 122,733 FUNDIiAISING TRADING EXPENSES No.1 Royal Crescent (Bath) Limited er 98.279 4,763 103.042 98,279 4,763 103.042 68.816 6,543 75,359 Net income from trading activitie5 49,207 49,207 47,374 INVE.'fMEKf INCOME Unr*strided fvnds 2024 Restrlcted Endowment funds fund5 Total fund5 Total fund5 2024 2024 2024 2023 Investment incovne. rent Listed investments and bank interest 73.039 16.244 73.039 16.244 85,745 10,331 89.283 89,283 96,076 Total 2023 96,076 96,076 Page 23 THE BATH PRESERVATION TRUST LTD (A COMPANY LIAIITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ANALYSIS OF DIREcf EXPENDrruRE ON CHAR￿ABLE ACTWITIES. Unrestricted Rèstrlcted 2024 2023 Wages and salaries Premises costs: Insurances Repairs,malntenance and projects Heat and light Other premises costs Opening costs: Interpretationlconservation Leaflets and athertising Guiths and other otening c05t5 Costs of members. wpport Admlnlstratlon: offi￿ and other costs Auditor5, remuneration Professional fee5 tkpreciati( Other costs: COntribJti￿ to WHSEF WHSEF 8rantS Overheads met from NLHF grants 534,460 182,946 717,406 650,702 28.591 21,228 49,819 62.012 1,138,255 1,200,267 38.004 3,875 41,879 27,194 7,875 35,069 32,465 90,667 28,084 50,608 14.475 66.447 35.852 4,075 302.662 8.164 264.901 317,137 74,611 300,753 4,075 90,262 63,309 126,987 5,987 73.970 11.664 26.151 10.289 247.133 2,400 321,103 ..14,064 26.151 10,289 71,294 13,420 21,031 24.533 5,000 5,000 26,677 5,000 17.142 26,677 5,040 (5,040) Total 933,144 2.211.156 3.144,300 1,291,491 ANALYSIS OF EXPENDITURE BY EXPEND￿uRE TYPE Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Total 2023 Expendlture on raising funds shr￿ and weddings Rental woperty costs Investment manageM￿t fees 21,516 81,526 23,659 103.042 23.659 75,359 15,697 21,516 105,185 126,701 91.056 Expendlture on charltable activities Expenditure on governance 717.406 10,289 2,402,541 3,130.236 1,278,071 14.064 14,064 13.420 10,289 2,521,790 3,271,001 1,382.547 738,922 . Total 2023 670.990 24,533 687,024 1,382,547 Page 24 THE BATH PRESERVATION TRUST LTD (A r 'AIpANY UMITED BY GuARA1￿EEl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 INCOMEIIEXPENDITUREI This 15 Stated after charging: 2024 2023 Depreaation of tangible fixed assets: - owned by the charitable group Durinq the year, no Trustee5 received any remunerati￿7{2023. £NILI. During the year, no Trustee5 received any benefit5 in kind12023. £NIL}. During the year, no Trustee received a reimbursement of expen5es12023: £NILI. AUDrroRS' REhlUNERATION The luditor's remuneration amounts to an Al￿7t fee (including for No1 Royal Crescent Lirnitedl of £11 .)64 12023 £13.420). 10. STAi.'F COSTS Staff costs were a5 follow5.' 2024 2023 Wages and salaries 738.922 670,990 The average number of persons employed by the company during the year was as follows: 2024 No. 2023 No. Full time Part time 13 19 13 18 32 31 Thi5 presents a full time equivalent of 22 staff12023: 22 staff) In 2024, one employee received total employee benefits lexcludins employer penslon costs) in the band £60,¢)JO to £69,999. 12023: one). Key Itlanagement Personnel: The key marbagement personnel of The Bath Pre5eNation Trust in 2023-24 comprised the Chief Executlve, the Director of Museums and the Management Accountant. These staff members are all employed and remunerated by The Bath Preseryation Trust Ltd. Total costs for key management persgnnei are as follows- Wage5 & Salaries . £146,24312023: £1 Jf2,8261, Employer'5 Nl contributions . £18,27312023.' £16,625), Employer's pension contributions - £3.388 {2023- É3,624I. One key manager resigned in July 2023 and foLI'owirb8 ternporary arrangements was replaced in October 2023. Page 25 THE BATH PRESERVATION TRUST LTD (A COMPANY UMrrED BY GUARAKfEE) .'44•4J_ NOTES TO THE FINANCIAL ￿ATEmENTS FOR THE YEAR ENDED 31 JANUARY 2024 11. TANGIBLE FIXED AsS￿s Freelwld Herlta8e Flxtures Office Other fixed property assets and flttlngs equipment assets Total CONSOLIDATED COST At 1 February 2023 Addition$ 855,281 768.073 62,370 418,317 89.955 18.21M 2.139.110 80,574 At 31 JanLMry 2024 855.281 830,443 418,317 108.159 7.484 2,Z19,684 DEPREaAnON At 1 February 2023 Charge fix the year 405,021 6,648 89.955 3.641 7,484 502.460 10.289 At 31 January2024 411.669 93,596 7,484 512.749 BOOK VALUE At 31 January 2024 855.281 830,443 6,648 14,563 1.706,935 At 1 February 2023 855,281 768,073 13.296 1,636,650 Freehold property The freehold property at No 1 Royal Crescent was gifted to the Trust in 1968. It is recorded in the flnancial statements at (leemed c05t and an Endowment Fund of an equivalent Yalue is included in Note 16. Stateynent of Fund5. The Countess of Huntingdon'5 Chapel was purchased in 1985 and is included in the financial statem¢￿tS at C05t. No 1 Royal Crescent is used purely for Trust and Museum actlvities. The Countess of Huntlngdon's Chapel Is used partly for Trust and Museum activities; the remainder being rented out as office space to tenants. It is not posslble to value separately the investment property element and the whole cost of the Chapel is included 7n freehold property. As part of the agreement for Heritage Lottery Fund support for The Whole Story project, the Nati￿31 Lottery Heritage Fund has taken a charye over the Trust'5 property at No 1 Royal Crescent. which will be discharged after twenty.five years. The freehold land and buil(lings kTr)wn as The Beckford Tower, Lansdown, Bath were glfte(I to The Beckford Tower Trust in 1972 and 19 New King Street was elfted to The Herschel House Trust Fn 1987- no value was placeé on either glft. and there have been no subsequent formal valuations, so no cost or value for The Beckford Tower or 19 New King Street is included in the financial statements. As part of the agreement for Natlonal Lottery Heritage Fund support for the 'Our Tower, Dlscoverlns and reconnectins Beckford's Tower ond Landscape project, the National Heritage Memorlal Fund has taken a charge oyer the Beckford Tower, which was dated 2 June 2023 and Nwll be dlscharged after twenty-five years. Freehold land adjacent to the Bednation5 Beekford Tower Trust Books & Archlves: Hewat Jaboor Collectlon 8ot>ks & Archives.. Walnwrlght Collectlon 4.71)0 4,700 56,170 1,500 56.170 1.500 Heri"a8e a55ets at 31 January 2024 609.898 220,545 830,443 Museum exhibits donati¢)ns consist of Dr Jonson's Diciionary (donated by Mr Pollard to Bath Preservation Tnjst. This is a 1785 7th edition valued £1,500) and the Glasgow Sllhouettes that were arnong No1 Museum exhlblts on a long-term loan and were converted to gift during 2023-24 for a value of £3,2CQ. The Plewat Jaboor Collection of books with an estimated value of £56.170 was donated to the Beckford Tower Trust In 2023-24. The-wainwright Collectit)n of books and archives with an estimated value of E1.500 was donated to the Beckford Tower Trust in 2023-24. Page 27 THE BATH PRESERVATION TRu¥f LTD. IA COMPANY LIM￿ED'By GUARAKrÈE) NOTES TO THE FINANCIAI, STATEMENTS . FOR THE YEAR ENDED 31 JANUARY 2024 TANGIBLE FIXED ASSEfs {c¢)ntinued) ' Freehold Heritage Flxtures and Office property assets fittlngs equlpment Total TRUST COST At 1 February 2023 Additions tAsposal5.. 774.969 191.208 4.700 385,843 89.955 18,204 1.441,975 22.904 At 31 January 2024 774,969 195.908 385.843 108,159 1,464,879 DEPRECIATION At 1 February 2023 Charge for the year Ellmlnated on disF#)sal 372,547 6,648 89,955 3,641 462,502 10.289 At 31 January 2024 379,195 93,596 472,791 NET BOOK VALUE At 31 January 2024 774.969 195,908 6,648 14,563 992,088 At 1 February 2023 774,969 191.208 13,296 979,473 12. FIXED Assrr INVESTMENTS Total CONSOLIDATED MARKrr VALUE At 1 February 2023 withdrawalsladditi￿S Revaluations 802,245 29.009 At 31 January 2024 831,261 CONSOUDATED INVESTMEKfs AT MARKET VALUE COMPRISE: 2024 2023 Listed Investm￿¢5 831,261 802,245 .All investments are held in the UK and in units in the Sara5in Endowment Fund. Page 28 THE BATH PRESERVATION TRUST LTD O ,972 16,003 9,343 10,0 43Z.934 167.035 143.930 114,152 AMOU14TS FALLING DUE AFTER MORE THAN ONE YEAR: CONSOUDATED 2024 2023 TRUST 2023 2024 Bank loans - repayments due after more than one year 14.167 24.167 24,167 14.167 14,167 24,167 24.167 14.167 Bank loans repreS￿t amounts Outstanding ￿der the Bounce Back Loan kheme.. Repayments due within c￿e year Repayments due within two to live years 10,IJ 14,167 10,000 24,167 10.IXIO 14,167 10.C 24,167 24,167 34,167 24,167 34.167 Pale 30 THE BATH PRESERVATION TRUST LTD (A COMPANY UWTED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMEKf OF FUNDS Total reseNes of the Trust are £4.964.980 of whith £334.209 are endowment funds and £2,447,881 are restricted funds. The balance of £2,182,890 Is unrestrltted and has been designated as detailed below, leaving free reserYe5 of £552,596. DESIGNATED FUNDS Invested In Property This reserve represents the cost of the Countess of Huntingdon's Chapel which wa5 purthased by the TTUSt In 1985. F￿Ure Maintenance No 1 Royal Crescent is a Grade l Listed Building and the Countess of Huntin8don's Chapel TS a Grade Il. Listed Building and as Such have significant ongoing ma1ntenance needs. Therefore, Trustees have desllnated a slgnificant further reserve for the essential medium. and longer-term maintenance based on the results of the 2016 ¢JJinquennial survey. At Beckford Tower and the Herschel House Trust, the current level of unrestricted funds may not be sufficient to meet all future maintenance requirements. In order to reach a position where rnaintenance requirements do not exceed available capital, any unrestricted windfalls (legacies, gifts etc. I should pa5S to designate(I reserves if appropriate. In 2024, the unrestritted surplus of E8,337 in Beckford Tower Trust and of £8,577 in Herschel House Trust wa5 transferred to the Future Maintenan￿ fund. Future loss of income and Operatin8 Costs As an organlsation not in receipt of regular statutory funding and Currently very dep*)dent on a source of income Imuseum admisslonsl whlch is capable of being heavily affected by factors wtside the Trust's control, the Trustee5 believe that buildlng up a f￿d is the appropriate response in order to secure the long-temi future of the Trust. Therefore, they believe that the optlmum level of reserves should be: Tn Bath Preservation Trust, sufficient to c(wer the impart of a loss of fifty percent of annual incfflle, in Beckford TowerTrustTr equivalent to ten month5. operational costs la normal opening sea50n). and, in Herschel House Trust, sufficient to cover the impact of aloss of fifty percent of annual income. and h)ve allKated a proportion of unrestricted re5erve5 accordingly. Carl and Jeannette May5 Legacy In 2019. a legacy was received from Carl and Jeanette Mays who had a particular interest in tonservatkn) architerture. The Trustees deslgnated the gift as 'The Carl and Jeanette Mays Fund, in their memory. ENDOWME14T FUNDS The Endowment Fund in Beckford Tower Trust wa5 established under the 19TI TNst i)eed which set up the Trust. the income arising from Pernianent Endowment investments can be used for the maintenance. general upkeep and adminlstratlon of the Tower. and the capital can. in certain orcumstance5, be used to fwd capital expenditure. The Endowment Fund in Bath Preservation Trust represents the dtemed cost of No 1 Rtyal Crescent. Page 31 THE BATH PRESERVATK)N TRusf LTD, IA COMPANY LWITED BY GUARANTEEI NOTES TO THE FINANCIAL ¥fATEME1￿5 FOR THE YEAR ENDED 31 JANUARY 20Z4 16. STATEIAENT OF"FUNDS (contlnuedl STATEMENT OF FLINDS- CURRENT YEAR Balance at 1 February 2023 Trnnsfers G&ln Inlout IL05¥es} Balance at 31 January 2024 Income Exp•nditure DESIC+4ATED FUND5 Invested in proFerty Future rnalntenarKe Futwe 1955 of income Operaitng costs Carl and Jeannetle F￿d 542.978 663.169 271.524 25,600 112,045 542,978 680,083 271,524 25,600 110,109 16.914 11.9361 1,615.316 14,978 1,630.Z94 GENERAL FUNDS Bath Pre5ervatioTh Trust Herschel House TrLbSL Beckford Tower Trust No.1 Royal Crescent Ltd 524,745 797.499 127,716 7,164 142.811 1835.5031 41.2tI 24.541 1120.6961 (8,5771 1.557 11101 18,3371 1.283 1103.536) {39,2751 552.493 103 103 TOTAL FREE RESERVES 5?4.848 1.075.190 11,059,845) 1.14,9781 27.381 552,596 TOTAL UNRE¥fRicfED FUNDS 2,140,164 1,075,190 11.059.845> 27,381 2,182,890 ENDOWMENT FUNDS Beckford Tower frust Bath Prese￿atIon Trusl 100,590 231,991 1.628 102.218 231.491 332,581 1.628 334.209 Page 32 THE BATH PRESERVATION TRUST LTD IA COMPANY LIMrrED BY GUARAKfEE) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEAIENT OF FUNDS Icontlnued) STATEMENT OF FUNDS- CURRENT YEAR Icontlnued RESTRICTED FUNDS Balance at 1 February 2023 Transfer5 Gblns/ Inlout ILosse$> Balancé at 31 January 2024 Income Expenthtur• BPT Assets: John Wood instruments Whole Story Glb50n Collertlon Museum exhibits and donatlons Donatlons for Educatlon WHSEF Donations for Education 8&NES Bath In Tlme BGS Cayser Charltabte Trust NLHF CRF %rants Fresh Art other grants Z6,160 8.294 144.775 26.160 8.294 144.775 4.7LM) 4.700 62,241 1.685 1,763 3,764 788 94.551 5,100 2.500 130.8231 11.720) {7091 36.518 2.465 1.054 3.764 788 189.6641 14.8871 7.000 7.000 25.355 260.873 25.J55 369,376 19.300 {122,9161 14.8871 Assets: Cabinet Coffer Beckford Lx)¢J(Iletters Thè Paddocks Beckford kX)rtralt Books & Archlve5: 61avatnlk ett. BTh Funds: Rimington Legacy T¢)wir" NLHF Project 'Ow Towel . tsther funds 64,000 324.000 3,831 80,312 13,000 13.400 64.000 324.000 3.831 80.312 13,￿0 71.070 57,670 49.916 2.944.810 165,990 1,066 2,301 49.916 1,374,446 36,172 1,066 39 7,739 2,025,591 244.880 51,084 11,815.2441 1180,9021 B&NES Other srants CarE warr1￿$ 12.2621 {77.2721 12.075.680) 85,011 438.645 3.662.626 HHT Assets: m￿eurn Exhlblt5 HHTFunds: Royal AStr0￿mical knely Spark srant NLHF CRF grants NLHF Herschel 200 ICP 8rant WOE small museum 8r)nt Other grant5 137.825 137.825 8.954 98 8.954 98 14,8871 13,6801 13,3331 4,887 4,399 719 1.667 9.250 2.904 9,250 3.564 154.840 (6601 112,5601 14,250 4,887 161.417 TOTAL RESTRICTED FUNDS 4,186,842 472,195 12,211,156> 2.447,881 TOTAL OF FUNDS 6.659,587 1.547.385 13.271.001) 29,&)9 4,964,980 Page 33 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMrrED BY GUARAlffEE) NOTES TO THE FINANCIAL ￿ATEME￿rS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS (continued) STATEMENT OF FUNDS- PRIOR YEAR BalarKe at I Fetrruary 2022 Transler5 Gainsl inlout IL05sesl Balarfe at 31 JanL•ry 2023 IrKorr Expenditure DESIWTED FUNDS Invested in property Fvture maintenan Future loss of income OtwatTn8 C05Is Carl and Jeannette Mays Fund 542,978 571.159 271,524 25,600 113,712 542,978 663,169 271,524 25,600 112.045 92.010 11,6671 1,524,973 90.343 1,615,316 GENERAL FUNDS Bath Pre5er¥ation Trust Herschel House Trust Bed(ford Towèr Trust No.1 Royal Crescent Ltd 593,620 608,157 158,443 31,107 111,571 1693,9621 27,819 170,8B91 (74,8041 ¢78,761) 14,8781 {11,7851 115,3541 13,9681 {85.4191 (26,1521 524,745 103 103 TOTAL FREE RESERVES 593,723 909.278 1865,9701 (92,4481 119,7351 524,848 TOTAL UNRESTRicfED FUNDS 2,118,696 909,278 1865,9701 12,1051 119,7351 2,140,164 ENDOWME￿ FUNDS Bed(ford Tower Trust. Bath Ftreservation Trust 105,742 231,991 15,1521 100.590 131,991 337.733 15,152 332.581 Page 34 THE BATH PRESERVATION TRUST LTD {A CQAIPANY LIM￿ED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMEtr¥f OF FUNDS Icontlnued) STATEMENT OF FUNDS- PRIOR YEAR (continued) RESTRICTED FUNDS - PRIOR YEAR Balance at 1 February 2022 Transfers Galrtsl Tnlijui ILosse51 Balan￿ at 31 Jarthry 2023 Income Expendituie PT A55tts: John Wwd fnstrument5 Glb50n Collection The w￿)le Story MUBA Display case5 NLHF grant a55el5 BPT Funds: WHSEF Donatlon5 for EOJcatlon Bath in Time B&NES NLHF CRF grant5 Other grants 26,160 26,160 144,775 8,294 144,775 8,294 5,757 6,755 15,7571 16,7551 58,085 1,685 3,764 13 180,121 26.143 25,150 120,9941 62,241 1,685 3,764 1,763 94,551 26,143 12,250 185,5701 316,777 173,925 11 Z1.3261 369,376 Assets: Cabinet Coffer Beckford bjoklletters Bethford wrtralt Blavatnik Honresfleld Library t¥)0 The Paddocks BThFund$: Rlmlngton Legacy 'Our Tower, NLHF Project 'Our Tower. other fwds B&NES NLHF CRF nrants Cther gran.s 64,OC 324,OLXI 3,831 64,0￿) 324,1)00 3,831 13,000 13,400 80,312 13,COJ 13,411) 80,312 49,916 132,9931 3,276.031 35.724 161,577 49,916 2,944,810 165,990 1,066 (298,2181 1,338 6.917 1,3381 15,0411 1335,9181 4Z5 2.301 525,281 3,473,Z63 3,662.626 HHT Assets: Museurn Exhlblts tmspiay cases HHTFund5: Royal A5tronomlcal CLKlety Spark grant NLHF CRF grants NLHF Hersch4 2 Other grants 23,815 1,164 112,015 11201 11,1641 2,105 137,825 8,954 98 8.954 494 30,355 14941 156,3111 11,2441 159,3331 30,355 2,808 67,204 4,399 3.564 154,840 144,864 2,105 TOTAL RESTRicfED FUNDS 909,262 3,792.052 1516.5771 2.105 4,186,842 TOTAL OF FUNDS 3,365,691 4,701,330 11,382,547) 124.8871 6.659,587 Page 35 THE 8ATH PRESERVATION TRUST LTD (A COMPANY UAIITED BY GuARA1￿EEl NOTES TO THE FINANCIAL STATEMENTS , FOR THE YE4R ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS Icontlnued) The Bath Preservatlon Trust Museum exhibits - these relate to drawlng Instruments belonging to Bath Architect John W(MJd the Eider, creator of 18th Century Bath and architect in particular of Queen Square and the King's Circus and the GibsM collection which wa5 bequest by Dr Derek Gibg)n in 2022-23. The collection comprises a harpsicord lon loan to the Bath Preservation Trust Sin￿ 20121, a colltrtion of books and prints related to the building of Bath and a George111 mahogany folio stand. The additions in 2024 relate to Dr Jonson's Dictionary, donated by Mr Pollard and the Glasgow Silh￿ettes that were among No1 Museum exhibits a long-term loan and were converted to gift. The Whole Story- this relates to the capital works for The Whole Story project that were completed in 2013, the cost5 Qf whith were depreciated over subsequent years. The balance of £8,294 represents heritage assets purchased in the t￿r5e of the projett. NLHF grant assets - this fund represents capital assets purchased from National Lottery Herftaqe Fund INLHFI Emeryency and Culture Recovery Fund for Heritage grants. WHSEF (World Heritage Site Enhancement Fund)- this fund Is a partnership of the World Heritage Site Steering Group, Bath and North East Somerset Council IB&NESI and the Trust wlth the alm of Inltiating and supporting minor enhancements to Bath's Heritage. In 2023-24 B&NES started a review of the fund's govemance and funding. The process is still ongolrrfd and the closlng balance of £36.518 is largely earmarked to fund pre-existing spedflc projects. Donatlons for Educatlon - th15 primarily comprlses a donation from the MedlrKk Charltable Tnjst and the Orsels Trust towards the cost of continuing and expanding the educational work of the Trust with local schools and commun5ty groups. Bath in Time - this relates to a grant recelved for the purchase and promotion of digital images, and all copyright related to them, ol item5 in the Bath Preservatlon Trust collections that are listed and available to search and purchase on the Bath in Time website. BGS Cayser Charltable Trust - these grants were provide(1 to support improvements to the visitor experience, collections care and the offer for families and young children at No. 1 Royal Crescent. B&NES - these 8rant5 are towards the cost of exhibitlons. NLHF CRF grants - thi5 represents the funding received under the NLHF Culture Recovery Fund for Heritage grants that Wa5 allocated to costs that will be Incwre(J after the end date of the grant. Fresh Art - this is a grant received from the Quartet COMM￿ltY FouTrJation as part of the Pathways to Wellbeing programme in association with the Holburne Museum. Other grants & fundlng - these include grants, legacies and donations towards the a(qL￿57t1on of museum obJert5 and the costs of exhibitlons. The Beckford Tower Trust Asset5'_ a cabinet and a coffer, both fomierly belonging to William Beckford. were purchased in 2007-8 and 2011-12 for £64,000 and £324,000 respectively. In 2018-19, a book entitled 'Letters to the Right Honourable Lord Brougham and Vaux presenting rambling details of a tour, was purchased. This tK*ok from Beckford'5 library Thncludes notes by him but more importantly a drawing by Beckford for a plece of furniture ?.t Lansdown. The Paddocks is freehold land adjacent to the Beckford Tower purchased in 2020.21. A portrait of Willian Beckford on his deathbed was acquired in 2022 at auction. Lhjrirry the same.year, the'Trust received a donation of 35 b￿ks, fom)erly from William Beckford's library. from the Friends of. National Libraries as part of the distribution of the Blavatnik Honresfieid Library. To.thii. the donated Hewat J#boor and Wainwright collections were added during the current year. Page 36 THE BATH PRESERVATION TRUST LTD {A COMPANY LIMrrED BY GVARAKfEEI NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS {continued) Rlmlngton legaci - in December 2014 The Beckford Tower Trust received £50.640 from the executors of Mr Niel Riminiton. deceased owner of Fonthill Abbey, Wiltshire. This restricted fund is set aside to offset any costs incurred by the Trust in operating the 'Beckford Provis?ons'. which ensure that some public access to the Fonthill Estate is guaranteed into the future. In 2023, there was no expwmjiture from the Fund because other organi5ed access was pmwded for the public by the current owners of F￿thI11 at rK) cost to the Trust. 'Our Tower. NLHF Project- thi5 15 a grant received from the National Lottery Heritage Fund INLHFI for the 'Our Tower, Discoverlng and reconnecting 8e(kford'5 Tower and Londscope, a major project to restore the tower and its landscape and to increase public engagement wth its activities. The grant 15 in two stsges.. the Development stage, for which a grant of £422,000 was received, commenced In February 2020 ané flnished in May 2022. The Delivery phase started In September 2022 and is due to finish in June 2024. The NLHF grant for this phase of the project was initially £3,078.093 and this was accounted as income in 2022-23. in the current year an additional grant of £244,880 was agreed by the Lott¢ry in relation to the increased expendlture caused by the cost of living crisi5, with É1,374,446 tstandin8 as accrued income ￿thin iiebtors at 31 January 2024. 'OurTi>wer' other fund5- these are grants and donations received towards the 'OuT Tower. Discoverins and reconnectlns Beckford's Tower and Landscape project that will be used, inter alia, to fund any costs not recoverable from the NLHF. The income in the year includes £9,250 awarded by the West of England combined authority that will be pald later In the year and has been accounted as accrued income. NLHF CRF grants- this represent5 COSt5 that were met frcth the NLHF Culture Recovery Fund for Heritage grants held by The Bath Preservation Trust. Bath & North East Somerset {B&NES) Council - the grant was a contribution to the cost of exhlbitions at the rllu5eLml and it is accounted as match funding for the costs not recoverable frcffi NLHF. Other grants - thls represents the residual funding for assets acquisition that have been spent in the year for the costs Tn relation to the donated collections. Cane Warriors - this represents a research and development project which link5 the story of Tacws Rebellion with the history of Beckford Tower, funded by the Natlonal Lottery. The Herschel House Trust Museum exhlblts . this consists of heritage assets purchased for display in the museum. In the year 2022 23, the Trust acquired 57 pages in Caroline Herschel's manuscript of a draft for her memolrs at a c05t of £108,000. funded by grants from the National Heritage Memorial Fund, Arts Council EnglandlV&A Purchase Grant Fund, and the Friends of the National Libraries, together with private donations and a small amount from the Tru5l's reserves. The pages cover her childhotsl in Hanover and her early years Tn Bath. In addition, the Trust was able to pvrchase Carotine's visitor book. which had been on loan to the museum since 1996. This acquisition, which cost £6,(K)O, was funded by a grani from the Friend5 of the Natlonal Llbrarles and a small amount from the Trust's reseNes. Royal Astronomlcal Sodety- this relates to a grant towards the running costs of the museum. Spark grant - this grant fr(*n the Science and Technology Facilities Council is a contribution to the cost of upgrading the planetarium and related wsitor events. NLHF CRF yants- this represents costs that were met from the NLHF Culture Recovery Fund for Heritage grants held by The Bath Preservation Trust. NLHF Herschel 200- this is a £60,710 grant from the National Lottery Heritage Fund tosupport activitles celebrating the life and work5 of William Herschel 200 years after his death in 1822. Other 8rants - this includes grants from B&NES towards the cost of exhibition5 at the myse￿1.75 as well as other funding to support educatiLX)al actiwties. Page 37 THE BATH PRESERVATION TRUSf LTD {A COMPANY LIMrrED BY GUARANTEE) MOTES TO THE FINANCIAL STATEIAEKrs FOR ThE YEAR ENDEO 31 JANUARY 2024 STATEMENT OF FUNDS (contlnued) 5UMhlARY OF FUNDS- CURRENT YEAR B•lance at 1 February 2023 Tran5fer5 Galn fnlout {Losse$l Bal&nc• at 31 Jan￿ry 2024 I￿orne Expenditur• Ct5ignated funds General fuTrJ5 1,615,316 524,848 1,075.190 14,978 11,059.845} {14.9781 27,381 1.630.294 552.596 EnthyrtmeTht fvTrJs Restric￿￿ fth&s 332.581 4.186.842 1.628 334.209 2.447.881 472,195 12.211.156) 6.659,587 1,547.385 13,271.LWJ11 29.IK19 4.964.980 SUMMARY OF FUNDS- PRIOR YEAR BalarKe at 1 February 2022 Transfers Galnsl Inlout (Losses) Bala￿e at 31 Jan￿ry 2023 IrKrme ExpEnthture Designated fund5 GeT￿ra1 fvnds 1.524.973 593,723 2,118,696 90,343 1865,9701 192,4481 119,7351 1865,9701 Q,1051 119,7351 1,615,316 524,848 2.140,164 909,278 909.278 Enlkiwffent fvnd5 Restricted fvnds 337,733 909.262 15,1521 332,581 4.186.842 3,792,052 1516,5771 2,105 3,365,691 4.701,330 11,382,547) 124,8871 6.659,587 17. ANALYSIS OF ASSETS BEfwEEN FUNDS ANALYSIS OF ASSETS BMVEEN FUNDS- CURREKf YEAR Unrèstricted Restrlct•d End¢)wment funds funds funds Total funds 2024 2024 2024 2024 TanglbLe flxed assets Fixed asset investments Current assets Creéitors (kne wlthln one year Credltors the after more than one year 596.977 729.043 1,303,971 (432.934) 114.167) 877,967 231.991 1.706.935 102,218 831.261 2.873.885 (432.9341 114.167) 1.569.914 2.182.890 2.447.881 334.209 4.964.980 Page 38 THE BATH PRESERVATION TRUST LTD (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 17. ANALYSIS OF ASSEfs BrfiiEEN FUNDS {contlnued ANALYSIS OF ASSEf5 BEfwEEN FUNDS- PRIOR YEAR Unrestricted funds 2023 Re5trlcted funds 2023 End)wment fund5 Total fund5 2023 2023 Tangible fixed assets Fixed asset inve5trnents Current assets Crethtors due wlthin one yèar Creditors tkn after more than year 589.062 701.655 1,040,649 {167,0351 IZ4.1671 2,140,164 815,597 231.991 1CQ,590 1,636,650 802.245 4,411,894 {167,0351 {24,1671 6,659,587 3,371,245 4,186,842 332,581 18. RECONCILIATION OF MOVEME￿ IN FUNDS TO NEf CASH FLOW FROIA OPEIiATING A￿￿rnEs 2024 2023 Net incC￿e for the year las w Statement of Flnandal Actlvltlesl 11,694,607) 3,293.896 Adjustment for: Depreciation tharges Lossllgainl on Inve5tment5 Dlvldends, Interest and rents from Inve5tment5 Investment management fees Decrea5elllncrea5el In stctks Decreasellincrea5el in debtors Increaseiidecreasel in creditors 10,289 (29.0091 (89.283) 24.533 24.887 196,0761 {7.796 21,(A151 1.303.257 Q,832,5011 265,899 120,781) Net cash (used Inyprovlded by oper1t1￿ Jctlvltles {241.250) 372,353 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 Z023 Cash at bank and in hand 1.051,120 1,293,668 Total 1,051,120 1,293,668 20. CAPITAL COIAhllTMEKfs AND COIUINGENT LIABILrriES The contracted sum for the capital works to be carried out by Emery Brothers Limited at Beckford's Tower agreed in May2023 was £2.026,110 + VAT. Works carried out in the year 2023-24 had a total cost of £1.151.544 4 VAT. leaving a capital commitment at year-end (VAT excl.) of £874,56612023 - r￿ne1. 21. POST BALANCE SHEEf EVEKr As part of the agreement for National Lottery Heritage Fund support for 'Our Tower. Dlscoverlng and Page 39 THE BATH PRESERVATION TRUST LTD IA COIAPANY LIMITED BY GuARA1￿EE) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 reconnectins.Beckford's Tower ond Londscope project. the National Heritage IAemorial Fund has required a charge over the freehold Land and building5 known as the Beckford Tower, Lansdown, Bath. The charge will be discharged after 25 years and was entered into on 2 June 2023. 22. RELATED PARTY TRANSACTIONS The Bath Preservation Trust Ltd is the parent company wthln a group that prepare5 tonsolldated financial statement5. The company has taken advantage of the exceptlon from discloslnE transactions with group entities under the terms of FRS 102. Page 40