RECISTERED CHARITY NUMBER: 252207 Report ofibe Trustees and FID2DciI Ststements for the Year Ended 31 December 21123 for The IKtyrds Feolyees & Assistants of the Mttor ofBrldlin8ton Ashby Berry Coulsons Limited Ststutory AuditOT 2 B¢lgrave Crescent Swborough North Yorkshire Yoii IUB
Tb¢ IA)rd8 F¢offeu & knistants of the Manor of Bridlingto Contents of the Financial StstemeDts for th¢ Y¢gr EDdal 31 December 2023 Referenc¢ and AdmlDi8trative Details Report of the Truste49 2 to 5 Statement of Trustees, Responsibilities Report of tbe IDdep¢nd¢nt AudRtors 7 to 9 Ststsment ofFlo¥D¢ial Activithy io Balan¢¢ Sheet li Ch Flow Ststem¢nt 12 Notes to tbe Casb Trloiv Statement 13 Notss ttb the Financial Statem¢llts 14 10 28 Detailed Statement of Fill*n¢ial A¢tlvld¢s 29 to 30
The Lords Feoffees & AssiSt*nts of tbe Manor of Bridlingto R¢fer¢n¢e and AdmilltraI1ve D¢lail$ for the Year Eoded 31 De¢¢mber 2023 Lords Mr Gregory Gray (Chief Ird) Dr Allan Watson (Deputy Chief Lord) Mr David Mooney ITru5tee) Mr lan Thomp50n (Trust¢¢) Mr William Taylor (Twste¢) Mr Pder Firth (Trustee) Mr Richard Wity (Trustee) Mr Christopkr Thomas (Trustee) Mrs Diane Davison (Trustee) Mr Lesli¢ Taylor (deceased 15.10.23} Mrs Simone Wilkinson Clerk ¢0 th¢ Lord$ Feoffees Mrs Cheryl Newby Prlncipal address Manor House 64 High Sireet Bridlington East YorkqhitE Y0164PZ R¢gist¢red charity nufflber 252207 Auditors Ashby Beny Coulsons Limit Statutory Auditor 2 Belgrave Creent Scarlx)rough North Yorkshire YOII IUB Solicitor5 Gosschajks Solicitors Queen5 Gardens Hull HUI 3DZ Banker8 HSBC l King Street Bridlington East Yorkshire Y015 2DL Page I
The Lords FeofTees & Assistants of the Manor of BridlingtOD Report of the Truste for the Year Eoded 31 December 2023 The Lor(Ls prlxnt their report with the financial statements of the charity for the year ended 31 December 2023. Th¢ trustees have adopted the provisions of Accounting and Reporting by Charities: SMement of R¢ci)rnm¢nded Pra¢tice applicable to charilie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effertiv¢ l January 2019). StrurtU governanee manwgement The Town Trust or Lords Estste was estsblished by the Town Deed of 1636 and 15 an unincorpornted charitable organisation Tegistered with th¢ Charity Commission. The LoTds & Assistants who setved during the Ye were.. Mr Gregory Gray, Chief Lord (Trustee} Dr Allan watso Deputy Chief Lord (Trustee) Mr David Mooney (Trustee) Mr lan Thompson (Trustee) Mr William Taylor (Trustee) Mr Peter Flrth (Trustee) Mr Richard Witty (Tntee) Mr Ctwistopher Thomas (Trustee) Mrs Diana Davison (TTh1ee) Mr Leslie Taylor (Dece&sed 15 October 2023) Mrs Simon¢ Wilkinson Mr A Martyn Coltman Mr Liam De&llry Mr Andrew Smith Ms Gillian Andrews Mr Lawrence Dixon Ms Rachel Firth Mr Stephen Stanton Mrs Joy Verda Mr Ross Gunning Mr5 Carol French Mrs Phyllis Foster Freeholders wilhin thc Manor of Bridlington elect fellow freeholders to become Ass?stant8. When the Lords are redu¢ed to six by death. the seven *bl¢st Assistants become elevated to Lords based on the date eleded and voles received. Lords and Assistsnts ar¢ appointed f( life. All new Assistants are trninixl in &specls of their duties by ihe long¢r serving members. The Lords appoint a Clerk and administydtors who deal with the day to day operntional and administrdlive duties and who report regularly to the Trustees. The Lords meet throughout the year to consider requirements in relation to property issues and requests for 5UPPQrt. The Lords Jwve w¢ssed the major risks to which ihe Town Trust or Lords Estate is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Pag¢ 2
The Lords Feoffees & Assist4llts of Ihe Mgnor ofBridlington Report of the Trustefs for the Year Ended 31 Dec¢mber 2023 Objettive8 and activities Th¢ Lords Feoffees and Assistants of the Manor of Bridlington were esiAblished in 1636 and are a charitable organisation regi51eTed with th¢ Charity Commission. Thc purpos¢ olthe Charity, a5 ated in the Town Dced of 1636, 15 to benefit the Town and Townspeople of Bridlington. Th¢ Lords Feoffees seek to achieve these aims by their policy of maintaining their properties and ensuring maximum occupancy 15 maintained. The main income of th¢ Charity is derived from it5 PTop¢rty Portfolio. External advice is sought from professiona15. 5u¢h as Solicitors, Accountants, Bankers. Architects, Structural Engineer& Chartered Surveyors and Valuers. The Inco)ratIon of the Trustees for the "Town Trust or Lords Estate" was issued by the Charity Commission fur England and Wa]¢s dal¢d 26th January 2015. The objective of the Charity is lo achieve a level of in¢ome thai will support the charitable donations made whilst still allowing the eslate property to be well-maintained thus providing long-t¢rni income for the future. The Trnslees in conjunction with the Clerk to the Lords Feoffees and professional advisors have e5tabli5hed a maintenance and refurbishmcnt plan to support their properties and allow fimds to be expended on higher education, scholarship grants, apprenticeships and charitsble donations. Many individuals and organisations. including Bridlington Schoo15. local sports clubs groups benefit from the financial support thal the Lords Feoffee5 are able lo provide. Contributing to the local area best meets the objectives of the Town Deed and the Lords Feoffees are satisfied these objectives are best met by not tn&king financial contributions to National Charity Organisations, except when the funding can be allocated specifically to Bridlington wpl¢. Groups are favoured as they benefit a wider rnnge of pcopl¢ and the community. The main activity of the Clwity is derived from its property potrfolio. which consists of commercial and residenlial prop¢rti¢s, carparking. garages, land and the Bayle Museum. The Bayle Museum specialises in local history and is opernted with subsidised free admi55ion in place to encourage lo¢al people and visiiors io the Town to visit the Museum. The Charity also owns and operates a town centre car park and provides subsidised parking for locals atNI vi5itor5, which in lurn encourages the use of local bwsinesses within th¢ town centre. The Charity continues to pay due regard to guidance issued by the Charity Commission in deciding what activities the Charity should U[ertAke. No Tjustee receives any remuneration from the Charity. Achievem¢nt and p¢rformaDce The Charity continues to work with the East Riding of Yorkshire Council to &0Mm0de the Multi Storey Car Park (MSCP) projecl to be built on the Charity's Current pay and display car park on Beck Hill. A long l¢as¢ of the land and an agreed rent with appropriat¢ reviews continues to be negotiated and will include an agr¢¢ment that will protect the current financial position of the Charity. Planning ¢onsent for the MSCP was granted on 31 March 2023. The Charity has taken a pm&ctive approach wiih regard lo their charitable giving in 2023 with a continued effort to slTengthen relationships with Bridlington's sch(K)Is and other non-profit organisalion. An increased effort was made to promote public awareness of the Lords Fcoffe¢s' work. Funding was pledged for over £85,000 in charitable and ¢du¢ational donations within 2023, including a significant pledge lo Intouniversity (reg cKqrily no. 1118525) to enable the set-up of a new Edu¢ation Centre within Bridlin8ton. Additionallyy lo support and encourage the pursuit of educational opportunity for Bridlington resid¢nts, thirteen new seholayships were awarded by the Charity in 2023. adding to the schedule of students receiving ongoing financial supwrt awarded in prior years. Seven Bridlington businesses benefitted from sponsorship toward the cost of providing an apprenticeship opportunity- Page 3
Tb¢ Lords Fe0ffe & Assistsnts of tbe Manor ofBridlingtOD Report of the Tru8tc&s for the Year Ended 31 December 2023 Achievement and perfornian¢¢- ¢OntlDued The volume of maintenance work scheduled in 2023 was helped significantly with the recruitment of a thll-time additional Maintenance person. Although thi5 showed an increas¢ in the Charity's salaries budget this was offset by a reduction of the Charity's prortY mainlenance budget. Long l¢mi this recruitment will dresS the potLiilial skills gap ¢reated by the fuliire relireiment of the ¢iwrent Maiiitenlince person. An extensive refurbislviient of the property 9 Queen Street, whivh is a listed building. w&8 Lomplct¢d. At the Bayle Museum. & Master Stonemason completed work to replxe stones to some cnmbling internal ¢halk walls within the Gar&robe. Collection Room. Military Roorn, Bayle RM and Victorian Kitchen. Financial review A review of the financial posilion of the Charity and ils principal management policies following the Independent Auditors Report has been undettsken. The CUTreni level of reserve allows for the ongoing provision of propety mainlenance and repairs and perniits th¢ Charity lo operate and continue to support the local area by way of grants and donation8. BridlingtO like other towns in the Country is affected by vacant coiniTJercial property. The Trusiees Estate comprises of over 130 individual lets, 47 of which are Lomniercial shops in the lown ¢entre. The emerging key financial risks for the Charity are in relation to commercial businesses. The growth of the out-of-lown retail parks and the ever-incr¢asing shift towards onlin¢ shopping has left the town cenlre vulneTabl¢. Bridlington also has the addcd difftculty of being a seaside town reliant on tourism which generntes a s50nal ii)comc for local businesses and is reliaiii on locals to survive the quieter WiT)t¢r Inonths. However, void losses on cominercial PpertieS has remained static in 2023 and residential rents and occupancy have remained stable. A requirement for the Charity to carry out rebuild valuation on all listed buildings h&s been requesled by its insurers. Some valuations have been completed and must be updated every 5 yeaTS. The insurer has agreed to a rolling programme of valuations over the next 5 y¢ars, to help ease the financial impact. Future plans The Charity is committed to Continue to work with the East Riding of Yorkshire Council on the d¢v¢lopment of a multi storey car park on the Beck Hill sile lo be run by the Council. The initial plan for the arca will fit in with the Lords Feoffees ¢haritsble endeavour to benefit the town and townspeople of Bridlington athl the Trustees will cc)ntinue to support and facilitate the Council plans lo build this car park. Proles5Lonal servic¢s have becn eniployuJd by ilie Trustees to iiegiotiate on this project and it is hoEKd that fjnal a¥r¢¢meni ¢an be reached in 2024 with a view to work starting in 2025. Contiiiued rcturbishmcnl ol- buildiT)gs wiihiil tlie Charity's property portfolio will ¢ontiniic ov¢r thc next 3-5 yeaTS including major rcstoration work to Lipgrade old piop¥rties. Loniplil£ ncc with new EPC legislation, electrical ¢ompliance, bird proofing. irnprovemcnts to rear yard Ic rea5. window repairslreplac¥ment5. roof8 and gLlrter% and upgrades io boilers. kilfjhens aiid bathrooins. full planning permission wa5 grnnled on 29 Marcli 20?3 for lh¢ render work to the froni elevalion ()r2 Cro&8 Street and work w&8 scheduled to start in March 2024. P&g¢ 4
Th¢ IrdS Feoffees & AssistaDts ofthe Mamor of Bridlington Report of the Trustecs for the Year Ended 31 De¢emb¢r 2023 ststemetht of ¢ompllan¢e witb prev4iliDg laws reglllation$ The financial statements have beert prepared in accordance with the accounting FM)licie5 set t in notes to the accounts and comply with the charity's governing duMent. the Charities Art 2011 and Accounting and Reporting by Charities- Siatement of Recommended Practice applicable Éo charities prepring their accounts in accordance with the Finala[ Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Th¢ Tn]stees thank all employees of the Charity for their work carri¢d out dwing the year to enable the Charity to function effectively. The annual rep)rt was approved by the Trustees of th¢ Charity as Fr the minutes of the 8 August 2024 and signed on its b¢half by: Mr Gregory Grdy- Trustee Page 5
The Lords Feoffees & A&sistants of the M*thor of Brmllington ststement of Tr51¢¢, Responsibilities for the Yr Ended 31 December 21)23 The trustees are responsible for preparing the Rert of the Trustees 2nd tlK financial statements in aw)rd8n¢¢ with applic&ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require5 the trustees to prepare finwKial statements for each financial year which give a true and fair view of the state of affair5 of the ¢harity and of the incoming resources and appli¢ation of resources, including the income eXtndItre, of ihe tharity for that period. In preparing those financial statemeftts, the irustees ar¢ required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable aTrJ prudent. state wheth¢r applicable accounting standards have been followed, subject to any material departures dis¢losed and explained in the financial ststements. prepare the financial statements on the going concern b&%is unless it is inappropriate to presum¢ ihal the charlty will continue in business. The trustees are responsible for keeping proper acromting records which disclose with Teasonable accuracy at any titne thc finan¢ia] posilion of the charity and to enabl¢ them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Account8 and Reports) Regul&ions 2008 the provisions of the irust deed. They are also responsible for s&f¢guarding the assets of the charity and hence for iakin8 ¢Easoftable ste for the prevention and detection of fraud and other irregulariÉie%. Page 6
Report of the IDd¢pend¢nt AdItorS to tbe Trustees of The Lords Feofftts & Assistants of the Manor of BridliDgÈo OpithbOII We have audited the financiaI statemcnts of The Lords Feoffees & Assistants of the Manor of Bridlington {Ih¢ '¢harity) for the year ended 31 Decetnber 2023 which comprise the Statement of Financial Activities, Ihe Balance Sheet, Ihe Cash Flow Statement and notes to the financial stateJnents. including a summary of significant accouniing policies. The financial reporting framework that hos been applied in their preparation is appli¢abl¢ law and Untted Kingdom Accounting Standards (United Kingdom Generally Accepted A¢c<>unting Pra¢ti¢e)- In our opinion the financial statements: give a true and fair view of the state of the charity's affair5 as at 31 December 2023 and of ils incoming resource5 and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom GeallY Accepted Accounting Prnctice. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. B¥si8 for opinion We conducled our audit in accordance with IntenmtiorI Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standard5 aTe further described in the AuditOTS' responsibilities for the audii of th¢ financial statements section of our report. We ar¢ independent of the Charity in accordance with the ¢thi¢al requirements thal are relevanl to our audit of the financial aleMen1S in the UK, including the FRCS Ethical Standard. and we have fulfilled our other dhical responsibilities in accordance with these requirements. We believe that the audit evid w¢ have obtained is suffici¢nt and appropriate to provide a basis for our opinion. Conclusions relating to golng ¢on¢¢rn In auditing the financial statemenls. we have Concla¢d that the trustees, use of the going concern basis of accounting in tIK prq)aration of the financial statements is appropriate. Bas¢d on the work we have perfomied. w¢ have not identified any material U(ertainl7eS Telating to evenis or ¢ondilions that. individually or collectively, may cast significant doubt on the charity's ability to continu¢ as 4 going concern for a period of at leasl twelve months from when the financial statwnents are authorised for iSSU¢. Our responsibilities and the restM)nsibilities of the irustees with respect to going concern are dewibed in th¢ relevant sections of this report. Other inform•ti(bn The trustees are responsible for the other inforniation. Th¢ other infotination comprises the tnforn)ation included in the Annual RewrL other than the financial statements and our Report of th¢ Ind¢pendent Auditor5 thereon. Our opinion on the financial statements does nol the other information and, except to the extent othe]wise explicitly stated in our report, we do not express any form of assurance nclusion thereon. In connection with OUT audit of the financial stalementy our responsibility is to read the other inforni&tion and, in doing so, consider whether the other itrforniation is materially incon5i5tenl with the financial statements or our knowledge obtaid in th¢ audit or otherwise aptKars to be materially misstated. If we identify su¢h material inconsislen¢ies or apparent Materi misstatements, we are required io determine whether this gives rise to a malerial mlsstatement in th¢ financial statements themselves. If. based on the work we have perforn)ed, we conclude that there is a material misslatemenl of this other inforniation. we are required to report that fact. We have nothing to report in this regard. Page 7
Report of the Independent Auditors to the Trnstee3 of The Lords Feoff¢¢s & A$5iSt*nts of the M4nor of Bridlingto Matters on which we are required to report by exception We have noihing to report in respect of th¢ following matters Whe the Charities (Accounts and Reports) Regulalion$ 2(K>8 requires us to report lo you if, in our opinion.. the infomiation 8iv¢n in the Report of the Trustees is inconsistent in any material respect with the fin&ncial slat¢ments' or sufficient OUntIng records have n(A b¢¢n k¢pt" or the financia] statements are not in agreement with the accounting records and returns" or we have not re¢eived a]1 the infonnalion and explanations we require for our audit. Responsibilities of trustees As ¢xplained more fully in the Slaiement of TnLStees' Responsibilities. the trustees are responsible for thc preparation of the financial statements which give a true and fair view, and for such ithernal control as the tThstees deterniine is necessary to enable the prepardlion of financial Semen1$ that are free from material misstatement, whet]Kr due to fr&ud or error. In preparing the financial Statements, the truslees are Tesponsible for assessing th¢ charity's &bility lo ¢ontinue as a going Con disclosing. as applicable, matters related to going concern and using the going ¢on¢em basis of accounting unless the tntslees either intend to liquidate the charity or to ce&se operntions, or have no realistic alternative but to do 50. Our responsibilities for the audit of the fioan¢ig1 statsments We have been appointed as auditor5 under Se¢lion 145 of the Charities Act 2011 and report in acrordance with the Act and relevant regulations made or having effect theTeuTMler. Our objectives are lo obtain reasonable assurance aly)ut wh¢ther the financial statements as & whole are free from material rnisStat¢menl, wh¢ther due to fraud or error. and to issue a Report of the Independent Audilors that includes our opinion. Reasonable a55urance is a high level of &ssuran¢e. bul is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement wh¢n il exists. Misstat¢menls can arise frotn fraud or error and are considered material if, individually or in the aggregate, th¢y could re&80nably be expected to influ¢n¢e the economic decisions of users tsken on the basis of ih¢se finan¢ial statemenls. The extent to whi¢h our procedures are capable of dd¢cting iTregularities. including fraud is detsiled below: Irregularities, including fraud, are instances of non-wmp1lan with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect Materi misstat¢m¢nts in respect of irregularities including fraud. The extent lo which our PTocedures are capable of delecting irregularities. including fraud is detailed below. OUT audit procedures have includ¢d'. - Perforniing audit work over the risk of management override of ¢onlrols, including reviewing accounting estimates for bias and testing journal entries and other adjStMentS for apprOprienesS. - Reviewing minutes of meetings of tknse charged with govemance. Reviewing finan¢ial statement disclosures to assess compliance with applicable laws and regulation5 - Enquiry of management and those charged with governance corKeming potential litigdtion and claims. We consider that these procedures, together wilh evid¢n¢e acquired from our other audit work> provide an audit approach enabling a re&8onable likelihood of deteclion of irregularities. Page 8
Report of ¢he Independent Auditors to the Tstea of Th¢ Lords Feoffe¢s & A&si8t*llts of the M4Dor of BridlingtOD Our ruponsibilities for Ihe adi( of the fiDaDclal ststem¢nts- ¢on¢lnu¢d Because of the inhereni limitstions of an audit, there is a risk that we will rK)t ddect all irre&iularities, including those leading to a material misstatement in the financia] statements or non-¢ompliance with regulation. This risk increases th¢ more that compliance with a law or regulation is removed from the events and Iransactions reflected in th¢ financial statements, as we will be less likely to become awaff of instances of )n-complian¢e. The risk is also greater regarding irregularitie5 0urring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audil of the financial statemenls is located on the FInK&a1 Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. Use of our r¢port This report is made solely to ihe charity's trust¢¢s, as a body, in accordanc¢ with Part 4 of ihe Charities (Accounts and Repo]ts) Regulations 2008. Our audit work has been undertaken so thai we might state to th¢ charity's ITUStees those matters we are required to state to them in an auditors. rel and lor no oiher purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to aTJyone oth¢r than the charity and the Charity's trustees &s a body, for our audil work. for this report, or for ihe opinions we have fornied. Ashby BeTry Coulsons Limited ststutory Auditor 2 Belgrave Cr¢s¢¢ni S¢8rborough North Yorkshire YOII IUB Date:....................... Page 9
The Lords Feoffee5 & Auistsnts of the MY4nor of Bridlington Statement of FiD8Dcial Adivi¢ie4 for the Year Ended 31 December 2023 2023 Total nds 2022 Total nds Unrestricted Endowment fimd fund Notes In¢ome and endowments from Charitable activities Community Engagement Support 183,478 183,478 183.640 Investment income 570,675 570.675 595.931 Tot*1 754,153 754,153 779,571 Expenditure on Raising funds 215,168 215,168 185,425 Charitable activities Community Engagement Support Grant making 457,447 127,902 4?78 461025 127.902 380,389 68,921 Total 78 804,895 634.735 Net gAins on investments 3,966J33 3,966 33 NET INCOMEI(EXPENDITURE) (46,364) 3,961,955 3,915,591 144,836 Reconciliation of futtds Total funds brought forward 4,584,663 12J8I336 16,96&999 16.822.163 Totsl funds carried forward 4538,299 16J44291 20,88U90 16,966,999 The notes forni part of these finjncial statements Page 10
Th¢ IAJrds Feoffees & Assistants of the Manor of Bridlington Balwoee Sheet 31 December 2023 2023 Totsl funds 2022 Total funds Unrestricted Endowm¢nt fund fund Notes Flx¢d $s¢ts Tangible assets Heritage assets Investment proi 12 13 14 48&805 332,022 7,591,0110 &421269 81&827 7591,OIM 11,617,781 821.338 5,265.351 9,977,097 3,J9&512 3,683J17 16J44291 20,027,608 16,063,786 Current &85ets Stwks D¢btors C&sh at bank and in hand 15 16 17 7,010 55,480 949,799 7,010 55,480 949,799 7285 52,471 951,892 1,012289 1,012289 1,011,648 Creditors Amounts falling due within one year 18 (157J07) (157J07) {108,435) Net current •ssets 854982 854,982 903,213 Total ssets less current li¥4biliti 4,538399 16J44291 20J82,590 16,966,999 NET ASSETS 4J38299 16J44291 20.882JYJ 16,966.999 Funds Unrestricted funds Eindowment funds 19 4538,299 16Jrf291 4,584,663 12 382 336 To141 funds 20 882 590 16 966 999 The financial statements were approved by the Lords on 8 August 2024 and signed on its beha]f by: MT Gffgory Gray- (Chief Lord) Trustee The TKbtss fotin part of these finan¢ial statements Pag¢ll
The Lord5 Feoff¢u & Assistsnts of the Mgttor of Bridlington Csb Flow Sl4¢ement for tbe Year Ended 31 December 2023 2023 2022 Notes Cash flows from operating 2etivities Cash gerrated frotn operations {2,4721 159.067 Net c&sh (used inyprovided by operating activities 159.1167 Cosh flows from Inve8tlttg a¢tivities Purchase of tangible fixed &ssets Interest re7ved (8,132) 522 Net c&8h provided by investing activilies 379 522 Change in ¢#sh and cash equivalents ID the reporting period Csh gDd equiv*leDts at tb¢ beElnnin8 of the reporting period (2,093) 159.589 951.892 792 303 CAsh eash equivalents at the end of the reporting period 949,799 951892 The notes forn) part ofthese financial s¢aternents Page 12
Tbe Lords Feofftts & knistants of the MaDor of Brid11£10 Notes to the Csb Flow Ststement for tbe Year Ended 31 December 2023 RecoDcilition of ne¢ Income to net $b flow from opernting tIVItIeS 2023 2022 et In¢ome for the reportlDg period {45 p¢r ¢he StstsmeDt of Financial Acllvitiu} Adjustments for: Depreciation charg Interesi re¢eived Revaluation gains D¢¢re&se in stocks In¢rease in debtors Increase in creditors 3,915591 144,836 10.643 (&511) {3,966J33) 275 (3Jb09) 472 10,942 (522) {9,621) 12,546 iyet easb {used inVprovideO by operatlon$ 2,472 159.067 AnNlysl$ of changes net fuDds At 1.1.23 Cash flow Al 31.1123 Ne¢ cash Cash at bAt]k and in hand 951892 2.093 949,799 951.892 949 799 Total 9SI 892 949,799 The notes fi)rni part of these financial staiements Page 13
Tb¢ rdS Feoffees & AssistsDts of the Manor of Bridlington Notes ts the FIDameial Statememts for ibe Year Ended 31 De¢¢mber 2023 A¢¢ountittg poli¢ies Geller41 information The Lords Feoffees & Assi51anls of the Manor of BridliTJgton is an unincortA)Tated charity r¢gist¢red in England I Wales. The address of the registered office 15 given in the charity infomation on page l of these financial statements. The nature of the charity's operations and principal a¢tivities are management of the estate prop¢rty to provide long-tern) in¢om¢ to b¢nefit the Town and Townspeople of Bridlington. Ba$i$ of preparing the financigl st#tements The charity constitutes a public knefit entity &8 defined by FRS 102. The financial statements have been prepared in accordance with Aw)unting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. the Financial Reporting Standard applicable in the Unit¢d Kingdom and Republic of Ir¢land (FRS 1021 the Charities Act 2011 and UK Generally AcceNed Prnctice. Statement of complian¢e Ivith previling law8 glDd regultk)n$ The financial statements have i*en prepared to give a 'true and faiv view and hav¢ departed from ihe Charilies (Arrounts and Reports) RegLblations 2008 only to the extent required to provide a'true and fair view,. This departure has involved following the A¢wunting and Reporting by Charities: Ststement of Recommended Pwti¢e applicable to charities preparin¥ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) rather than the Accounting and Reporting by Charitie5: Statement of Recommendtrj Pra¢ti¢e ¢ffective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical Cost Convention. rnodified to include ¢ertain it¢ms at fair value. Th¢ financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant coUnting polici&% applied in the Preparation of these financial statements are s¢1 out below. These y)licies have been consistently applied to all years presented unle&8 otherwise stated. Judg¢ments and key source5 of ¢stimalioD MDcertainty The truslees consider that no judg¢menW apart from thos¢ involving estimates, h&ve been made in the process of applying the above accounting policies whith have had a significant effect on amounts recognised in the finan¢i&l ststements. The trustees Consider that Th) key assumptions Concerning the fure and other key sources of estimation uncertainty at the reporting dale have been made which have a signifit risk of causing a material adjusthienl lo tk carrying amounts of assets and liabilities within the next financial year. Funds Unrestrict1 funds are available for use at the discretion of the inL8tees in furthernnc¢ of the general objectives of the charity and which have >t been designated for other purposes. Designated funds comprise UnStriCted fund5 that have been set &side by the trust¢es for particular purposes. The aitn and use of each d¢signated fund is set out in the note5 to the fin2ncial statements. Page 14 continued...
The Lords Feoffees & A55i$tsnts of tbe Manor of Bridlillgton oteg to the Finaocial Stxt¢m¢nts- ntinUed for tbe Year Ended 31 December 2023 Ae¢ounting polieies- continued Fvnds-colltinued Restricted funds are funits which are ¢0 be used in accorda¢ with specific restrt¢tions imposed by donors or which have In raised by the charity for particular purposes. The Cost of raising and administering such funds are charged against the spe¢ifi¢ fund. The aim and us¢ of each iestricted fund is set oul in the notes to the finan¢ial $ementS. EndowTn¢nt funds represent those assets which must be held pernianently by the charity. principally endowment investment property and heritage assets. Income arising on the eymlowment funds can be used in accordance with th¢ objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the inveslmenls fomi pth of the fund. Investment management charges and legal advice relating to the fund charged against the fund. Income All incom¢ is recognised in the Statement of Fitydncial Adivilies once th¢ charity ha5 eniitlement to the funds, it is probable that the income will be r¢¢eived and the amount ¢an be measured reliably. Interest receivable Interest on fund5 held on deposit is included when rettivable and the atnount can be measured reliably by the ctwity; this is nornially upon notification of the interest paid or payabl¢ by the Bank. EJpendltsre Liabilities a r¢¢ognised as expenditure &8 sn Is there is a legal or ¢¢)nstructiYe obligation committing the ¢harity to that expenditure, it is probable that a transfer of economic benefits will be required in settlernent and the amount of the obligation can be measured reliably All expendire is aoUnted for on an aru2[S basis. All expenses. including 5UPPOrt costs and govcmance costs, ar¢ allocated or apportioned to the applicable eXnditI¢ headings in the stst¢m¢nt of financial activities. Expenditur¢ on charitable activities includes the costs of a¢tivities undertaken to further the purposes of Ihe charity and their associated support costs. Support costs are those funclions that assist the work of the charity but do not directly undertake charithble activities. Support cosls include administrdtive and governanc¢ costs. Goveman¢¢ ¢osts comprise all ¢osts involving the public accountsbility of the chATity and ils compliance with r¢gulalion and good pra¢ti¢e. Grants offered subject to conditions which hav¢ not been met at the year ertd date are noted as a commitJnent but not accrued a5 expenditure. Irreeovmble VAT Irrecoverable VAT is charged a5 a cost 88ainst t activity for which the expenditure was incutTed. Re¢ogniwl gains and losses All gains and10&8es are tsken ¢0 th¢ slatement of financial activities as they arise. Page 15 continued...
The Li>rds Fevir & Assistants of the MaDor of BridliDgto• Notes to the Flnandal St*ltments - ¢ODtlnued for the Year Ended 31 December 21)23 A¢¢ounting pollcies- cOntined Tangibk fixed assets Tangible fixed assets other than freehold inv¢stm¢nt properties and land are slated at Cost les5 accumulated depre¢iation. tkprecialion is provided at rales ca]culated to write off the cost less estimated residua] value of ea¢h a&s¢l over its ¢xp¢¢ted useful lif4 &8 follows: Freehold buildings- 10 Plant and machinery- 250/0 reducing balan¢e Fixtures, fittings and equipment- IOQ/o reducing balan¢¢ Motor vehicles_ 250/0 redIng balan¢¢ Included in Freeh)Id Property are Vario properties let below mke1 value for charitable purposes. Totsl market value rent of properties is £41,719. The actual Tent received w&8 £2,6(M). The reduction given for charttable purposes was £39,119 (Note 6. Pag¢ 20). HeritAge assets The Bayle is considered by th¢ Tn¢¢¢$ to be of hion¢al importance and is ¢¢ntral to the charities obje¢tives to educate the Iwal community and to preserve and conserY¢ the nations culture at a local level. The Bayl¢ dates from the 14th century and was once a Manorial Courthous¢. Th¢ histori¢ contenls that have been loaned or donated have not been valued but all new exhibits purch&8ed are included at cost. The Bayle w&5 I]Jed as a Heritage Asset at its insured value of £5.265.351 at the date of 31 December 2011. A5 it is included in the Town D¢¢d and ¢annot k disposed of, it 15 not ¢onsidered necessary to revalue this asset ¢a¢h y¢ar. A requir¢ment for the Charity to carry out rebuild valuation on lll listed buildings every 5 years has been requested by its insurers in 2023. The insured value of the Bayle is £7,591.000 &s at 31 December 2023. In accordance with the SORP the change in va]u&tion has been recognised in the Statement of Financial Activities. Inves¢mettt property Investtnent property is shown at most recent Valuatio Any aggregate surplus or deficit arising from changes in fair value is recognised in the Staternent of Financial Activilies. Included in Fix¢d Asset Investment Propety are sever&1 prorkrties let below market value for charitable purposes. The totsl market value of rents was £38.960 and th¢ actual amount received w&8 £23,788. The Tesult is a totsl reduction given for charitable puw these properties of £15,172 (Note 6, Page 20). It is a requirement that these properties should be shown at markel value and th£s¢ should be valued by an external valuer at least every 5 years. The TrSte¢s hold the view that as a) Ihe properties are severnl hundred years old and maintained lo a high slaTbJard' b) the same PToperties cannot be sold the tems of the Town I)eed. without consent of the Charity Commission and; c) the costs of a professional valuation would b¢ substantial with no discernable benefit to the Charity that no external valuation will carried oul. Page 16 continued...
The knbrd5 Feoffeu & knistaDts of the Manor of Bridlington Notsj to lh¢ Fin4n¢io1 Statements - continued for the Year Ended 31 Decefflber 2023 ACCOUntig policia- continued Investmettt property- continued The endowment properties were revalued in 1997 aThJ the unrestricted properties revalued in 2004 by the trLeS and were based on the insLTfdnce value. A requirement for the Charity lo carry out rel)uild valuation on all listed building5 every 5 y¢8rs has iK¢n requestcd by its insurers in 2023. The insurer h&s agreed to a rolling programme of valuations over the next 5 years, to help ease th¢ financia] impact. Changes in valuations completed in 2023 have been recognised in Statement of Financial Activities. All improvement costs and renovation work on the properties is shown at Cl)5t when it o¢eurs. Any impairment or diminution in value will be accounted for in th¢ fInala1 staternents in ihe year in which irnpairnient or diminution (tturs. Sto¢ks Stocks are valued at the lower of cost and net realisable valu< after making due allowance for obsolele and slow moving items. Pension Costs oth¢r post-retlr¢m¢n¢ b¢nefits The ctwity operates a d¢fin¢d ¢ontribution pension heMe. Contributions payable to th¢ ¢harily's pension scheme are charged to ihe Stalement of Financial Activities in the perii)d to which ihey relate. Debtors and creditors receivablelpayble Debtors and creditors with no stated interest rate and rtt¢ivable or payable within one year are recorded al transaction pric¢. Any losse5 arising from impaimient are recognised in exF¢nditure. Cskn and Cash equivalents Cash and ¢ash equivalents comprise cash on hand and c1 deposits, and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Impairnbertt Assets not measured at fair value are reviewed for any indication that the ass¢t may be impaired at ¢a¢h balance sheet date. If such indi¢alion exists, the recoverable amount of the assel. or the asset's ¢ash gener&ling unil, is estimated and compared to the caTrying amount. Wher¢ ihe carrying amount exceeds its recoverable amount, an impairn)ent loss is recognised in profit or loss unless th¢ ass¢1 is catTied al a revalued amount where impainnent lo&s is a revaluation decrease. Provisions Provisions are recognised when charity has an obligation at the balance sheet date as a result of a past evenL it is probable thal outflow of e¢onomic benefits will be required in settlement and the amount can be reliably estimated. Rentals payable and receivable und¢r op¢raltng leases are charged to the SOFA on a straight line basis over the period of the lease. Page 17 ontinued...
Th¢ Lords Feoffees & Assistants of ¢b¢ M*r of Bridlington Notes ¢0 tb¢ Flnan¢l¥l Stst¢ments- COD¢illued for the Ye4r Ended 31 De¢ember ZIJ23 Aeeounting policies- continued Employee benefi¢$ When employ¢¢s have rendered service to the chwity. short-temi employee benefits to which th¢ employe¢s ar¢ ¢ntitled are recognised al the undis¢ount¢d amount expecte to be paid in exchange for that service. The charity contribul¢s lo a defined contribution workplace pension plan for the benefit of its employees. Contributions are eharged to the ststement of financial activities in the period to which they relate. Terniination payments are recognised as a liability and an expeme when the charity is committed to terrninate the employment of an employee. Taxation The charity is exempt from ¢orporation on its charitable activities. Going concern The fIn8cIal statetnents have been prepared on a going concern b&sis as the trustees believe that no rnaterial uncertainlies exist. Th¢ trustees have considered the l¢v¢l of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. In their view, th¢ budgeted income and ¢xpeThliture is sufficient with the level of reserves for ihe charity lo be abl¢ to continue &s a going (4em. Investment income 2023 2022 Rents r¢ceived from investment properties DeSit account interest 562,164 595,409 522 570 675 595931 Income from ehgritsble gctivitles 2023 2022 Activity Community Engagemeni Support Community Engagement Support Car park The Bayle Mu5euTn Income from community organisatiol 98,617 4,182 98,005 4,956 Community Engagement Support 183,478 183,640 Page 18 continued...
Tbe Lords Feoffe¢s & Asslstants of the Manor of Bridlington Nots8 to the FiDanci41 St¥t¢m¢nts- continued for the Ye*r Eod¢d 31 December 2023 Raising funds Inve5tm¢nt management costs 2023 2022 Inveslment proFerty- rdtes and utilili Investhient property- insurance Investment property- repairs and tnaintenance Investment property- professional fees 36272 22J60 117J54 13,521 15,946 142,693 215.168 1115.425 Cbarltable Activities Ct5 Granl funding of activilies {see note Direct Costs (see note 6) Sllprt Costs (see note 8) 7) Totals Community Eytgagement Support Grani making 229562 232363 461,82S 127,902 127,902 231263 Comparatives for charitable ac¢ivities funding of activities (see no Direct Costs (see note 6) Support Costs (see note 8) 7) Totals Community Engagement Support Grdnt making 187J79 193,010 380J89 68,921 Page 19 continued...
Th¢ Lords Feofftts & Assi5tsnts of the M•nor of Bridlington No¢es to ¢h¢ Fln4n¢lal Ststements- con¢inuul for Ibe Year Ended 31 De¢¢mb¢r 2023 Direct costs of charitable activlties 2023 2022 Propety let below market value High Gr¢¢n The Bayle Museun] Car park costs Other chariiable costs 54291 18,760 58512 90,555 54,291 720 43,547 86,689 2.132 229 187 379 GraDts payable 2023 2022 Grant making 127 902 The total grants paid to institirtions during the year was as follows: 2023 2022 Group Educational Group Charitsble Individual Educational 23,610 67,092 37 12,929 19,392 36,600 Support wsts Governance Manag¢m¢nt Tolals Community Engagement Support 220,498 11.763 232263 Comparative5 for 5UPPOrt ¢osts Governance costs Management Totsls Community Engagement Support 182,478 10,532 193,010 Pag¢ 20 ontinued...
Tbe Lord5 F¢off¢¢s & Asskstsnts of the Manor of BridlfiDgto Notes to the FinaD¢ial St4¢¢m¢ots- ntinued for the Year Ended 31 December 2023 Support costs- co11¢ Support cost4 included in the abov4 are a5 follows.. Management 2023 Community Engagement Support 2022 Total 8Ctivities Wages Pensions Rates and water Insurance Light and heat Tel¢phone & IT Postage and stationery Sundries Vehicle expenses Security Maintenance Depreciation oftongible and heritsge assets 162,919 1&431 iJ83 1,862 11,918 7,190 2,128 858 130,970 12,629 1,426 1,465 9.454 6.238 4.423 1,623 li 597 2,102 516 295 1,24J 1,826 io 10,886 220,498 182,478 GovernaDce costs 2023 Community Engagement Support 2022 Total activities Auditors, remuneration Trnstees, liability insurance L¢gal fees 7,018 S408 2261 11,765 10,532 Trustees, remuTr¢r•tion and benefits There were no trustees, remuneration or other benefils for th¢ ye3r ended 31 tk¢¢mb¢T 2023 nor for the year end 31 December 2022. Trustees, eipenses Ther¢ were no trustees, expenses p8id for the year ended 31 De¢emE*r 2023 nor for the year ended 31 December 2022. Page21 continued...
The Lords Feofftts & A&sigtallts of the Manor of Brldlington Notes to the Financial Ststem¢nts- ¢ontlllued for the Yer Ended 31 Dec¢mber 2023 io. Stsff Costs 2022 Wa8¢s and salaries Pension wsts 162,919 130.970 181J50 143,599 The average monthly nUMr of employees during the yw was as follows: 2023 2022 Administrative (4 Full Time&1 Part Time) Car Park Attendants (Part fime) Bayle (Part Time) 17 17 Key management personnel remuneration amounted to £54,770. No ¢mployees re1ved emolutn¢nls in excess of £60,000. Compratlve8 for the 8talement of finaCIal activléie8 Unrestricted Endow]nent nd fu Totsl funds Ineome and endowments from Charitable activitie5 Community Engagemeni Support 183,640 183.640 Investment iTOMe 595.931 595.931 Total 779,571 779.571 Expendltur¢ on Rai$in8 funds 185.425 185.425 Cbarl¢gble g¢tivities Community Engagement Support Grant making 376,011 68.921 4,378 380,389 68,921 Total 630,357 634.735 NET INCOMEI(EXPENDITURE) 149,214 (4.378) 144.836 Re¢oneiliation of fuDds Total funds brought forward 4,435,449 12,386.714 16.822.163 Total funds c¥4rried forward 4,584.663 12,382,336 16.966.999 Page 22 ontinued...
The iA)rds Feoffee5 & As5i¥t#ttts of the Manor of Bridlin£ton Not¢8 to ¢h¢ Flnanclal Sttements- ntinUed for tbe Year Ended 31 Dettmb¢r 2023 12. Tgogible fixed &8sets Fixtures and fittings Freehold Property Plant and machinery Cost At l January 2023 Addilions 995JOI 3J70 65,787 &132 Ai 31 DeCemr 2023 Depre¢i#tion At l January 2023 Charg¢ for year 205,034 2,943 49 63,061 336 At 31 De¢emb¢r 2023 214,989 2.994 N¢t book value At 31 December 2023 780,512 276 At 31 Dellber 2022 790.467 325 2,726 Bayle Fittings & Breviary Motor vehicles Totals Cost At l January 2023 Additions 13.194 212075 1290,627 &132 At 31 December 2023 13,194 212 875 298,7$9 Depreeitio At l January 2023 Charg¢ for year 11,984 303 186,265 469,289 10,643 At 31 DecemlKr 2023 12 87 186,265 479,932 Net book value At 31 De¢ember 2023 907 818.827 Ai 31 December 2022 1210 26,610 821.338 Pag¢ 23 ontinuaj...
Tbe Lord5 FeoffttJ & Assi$¢8nts of the MDor ofBridliDg¢on Notss to the Financial Sttem¢Dts- ¢on¢Snu¢d for the Year Ended 31 December 2023 13. Heritage a5$ets Total Market value At l January 2023 Revaluatio8 &265,351 2 325 649 At 31 December 2023 Net book valu¢ At 31 December 2023 7.$91.000 At 31 December 2022 5 •65351 Cost or valuation at 31 December 2023 is represented by: Heritage asset Valuation in 2023 7 591000 14. Inv&8tment property Fair v*lue At l January 2023 Revaluation 9.977.097 1,640,684 At 31 December 2023 11,617,781 Net book value A¢ 31 tk¢emlKr 2023 11,617,781 At 31 Decetnber 2022 9 977 097 Jnvestm¢nt properties comprise freehold properties held for rental. The investmenl properties were valued by the TTUStee5 ift 2(MM and were based on the insurdnce rebuild cost. A requirement for the Charity to ¢arry out rebuild valuation on all listed buildings every 5 years has been requested by its I8UrerS in 2023. Tr uplift on completed in 2023 revaluations w&8 £1,640,684. Page 24 continu...
Th¢ Lords Feoffees & Assi5tsDts of the Manor of Bridlittgto Noteg to the Finaocial StAtements - ¢ODllmued for the Year Ended 31 December 2023 15. Sto¢ks 2023 2022 Bayle stk 16. Debtors: amounts falling due wlthin one year 2023 2022 Trade debtors Other debtors Prepayments 36,687 1,996 I797 42,919 1.016 8.536 17. C*$h attd cagh equivjknts 2023 Total funds 2022 Tot funds Cash at bank and in hand Tenancy Deposit Account 901,050 921,702 Total 949,799 951.892 Investments represent monies held on deposit with major cl¢aring bank& Part of the investmenls include ihe reserve fund of £5(K),000 held for major proty restordtion and refurbishment work which is deemed necessary on properties at the end of long leases ajxl for maintsining an exlensive property EK>rtfolio. 18. Creditors: amounts falling due iyithin one year 2023 2022 Trade creditors So¢i&l security and other t&Kes VAT Other creditors Deferred income Accrued expenses 57,889 5,039 2,632 1277 416 22,880 1,484 80.971 3.100 157 07 108 435 Page 25 continued...
The iAbrds Feoffees & A$8i$tnts of the Mgnor of Bridlittgto Notes to ¢h¢ Financial Statements- continued for tbe Yr Eded 31 J)e¢¢mber 2023 19. Movement funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 4581663 {46J64) 438,299 Endowment funds Endowment 12J82J36 3.961,955 16J44291 TOTAL FUNDS I6,96999 3,915,591 20,882,590 Net movement in funds, included in the above as follows: Incoming resources Resources Gains and expended losses Movemeht in funds Unrestricted fuDds General fund 754,153 (8Th)Sl7) (46J64} Endowment funds Endowment {4J78) 3,966J33 3,961,955 TOTAL FUNDS 754,153 (804095) 3 966J33 3 915591 Compartlves for movement ill funds Nel mov¢m¢Trt in funds At 31.12.22 At 1.1.22 tinrestricted funds Generai fund 4.435.449 149,214 4.584.663 Endowment funds Endowment 12.386.714 (4.378) 12.382.336 TOTAL FUNDS 16.822.163 144.836 16.966,999 Page 26 ¢onlinued...
The r0$ F¢offtts & knis¢Ants of the Manor of Bridlington Notes to the Finan¢tsl St•t¢m¢nts - COtinued for Ibe Year Ended 31 December 2023 19. Movement in fuDds- eontlnued Comparntive nct movement in fLmds, included in the above are &$ follow5.. Incoming resources R¢sour¢es expended Movement in funds tinrestricted fuuds General fund 779.571 (630.357) 149,214 Endoivment fuDds Endowment (4,378) (4J78) TOTAL FUNDS 779 571 634,735) 144,836 A current year 12 months and prior year 12 months Combin position is as follows: Net movement in fijnds At 31.12.23 At 1.1.22 Unrestrl¢ted funds General fund 4.435,449 102,850 4.538.299 Endowment fvnds Endowment 12.386.714 3.957,577 16,344.291 TOTAL FUNDS 16,822.163 4,060,427 20,882.590 A cutTenl year 12 months and prior year 12 months Combined net movement in fund4 included in the aEK)ve are &s follows: Incoming resources Resources expended Gains and losses Movernent in funds Unrestrlcted funds Genernl fibnd 1.533.724 (1.430.874) 102,850 Endowment Endowment (8.756) 3.966,333 3,957.577 TOTAL FUNDS 1533 724 1.439.630) 3 966 333 Page 27 continued...
The Lords Feoffees & Assistsnts oftkne Manor of BridliDgton Notes to the Flngncigl St*tements - eontinu¢d for the Ye9r Ended 31 December 2023 20. Pen$K)n and other post-retirement benefjts Defined CODtribution pellsiott eme The charity operates a d¢fined contribution peA5ion s¢h¢me which includes a works place pension scheme. The pension cost charge for the year represents Contributi( payable by the charity to the scheme and amounted to £17,153 (2022 - £12.629). 21. Vunding eommitinents Total amount of charltsble donations previously plged but not provided in the financial slatements at 31 tk¢emb¢r 2023 w&s £8.5(K). Th¢ charity is committed to ¢ontinuing donations for charitable purposes with the objIlve of benefitting the Town & Townspeople of Bridlington. 22. Rtknted p4rty dlsclosures There wer¢ no related party trdnsactions ft)rthe year ended 31 December 2023. Page 28