**REGISTERED CHARITY NUMBER: 252207**
## **Report of the Trustees and**
## **Financial Statements**
**for the Year Ended 31 December 2024**
**for**
**The Lords Feoffees & Assistants of the Manor of Bridlington**
Ashby Berry Coulsons Limited Statutory Auditors 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Contents of the Financial Statements for the Year Ended 31 December 2024**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Cash Flow Statement**|11|
|**Notes to the Cash Flow Statement**|12|
|**Notes to the Financial Statements**|13 to 26|
**The Lords Feoffees & Assistants of the Manor of Bridlington**
**Reference and Administrative Details for the Year Ended 31 December 2024**
|**Lords**|Dr Allan Watson (Chief Lord)|
|---|---|
||Mr Ian Thompson (Deputy Chief Lord)|
||Mr David Mooney (Trustee)|
||Mr Gregory Gray (Trustee)|
||Mr William Taylor (Trustee)|
||Mr Peter Firth (Trustee)|
||Mr Richard Witty (Trustee)|
||Mr Christopher Thomas (Trustee)|
||Mrs Diane Davison (Trustee)|
||Mrs Simone Wilkinson|
|**Clerk to the Lords Feoffees**|Mrs Cheryl Newby|
|**Principal address**|Manor House|
||64 High Street|
||Bridlington|
||East Yorkshire|
||YO16 4PZ|
|**Registered charity number**|252207|
|**Auditors**|Ashby Berry Coulsons Limited|
||Statutory Auditors|
||2 Belgrave Crescent|
||Scarborough|
||North Yorkshire|
||YO11 1UB|
|**Solicitors**|Gosschalks Solicitors|
||Queens Gardens|
||Hull|
||HUB 3DZ|
|**Bankers**|HSBC|
||1 King Street|
||Bridlington|
||East Yorkshire|
||YO15 2DL|
Page 1
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Report of the Trustees for the Year Ended 31 December 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting 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) (effective 1 January 2019).
## **Objectives and activities**
The Lords Feoffees and Assistants of the Manor of Bridlington were established in 1636 and are a charitable organisation registered with the Charity Commission. The purpose of the Charity, as stated in the Town Deed of 1636, is to benefit the Town and Townspeople of Bridlington. The Lords Feoffees seek to achieve these aims by their policy of maintaining their properties and ensuring maximum occupancy is maintained. The main income of the Charity is derived from its property portfolio. External advice is sought from professionals, such as Solicitors, Accountants, Bankers, Architects, Structural Engineers, Chartered Surveyors and Valuers. The incorporation of the Trustees for the "Town Trust or Lords Estate" was issued by the Charity Commission for England and Wales dated 26th January 2015.
The objective of the Charity is to achieve a level of income that will support the charitable donations made whilst still allowing the estate property to be well-maintained thus providing long-term income for the future. The Trustees in conjunction with the Clerk to the Lords Feoffees and professional advisors have established a maintenance and refurbishment plan to support their properties and allow funds to be expended on higher education, scholarship grants, apprenticeships and charitable donations. Many individuals and organisations, including Bridlington Schools, local sports clubs and groups benefit from the financial support that the Lords Feoffees are able to 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 making financial contributions to National Charity Organisations, except when the funding can be allocated specifically to Bridlington people. Groups are favoured as they benefit a wider range of people and the community.
The main activity of the Charity is derived from its property portfolio, which consists of commercial and residential properties, carparking, garages, land and the Bayle Museum. The Bayle Museum specialises in local history and is operated with subsidised free admission in place to encourage local people and visitors to the Town to visit the Museum. The Charity also owns and operates a town centre car park and provides subsidised parking for locals and visitors, which in turn encourages the use of local businesses within the town centre. The Charity continues to pay due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. No Trustee receives any remuneration from the Charity.
## **Achievement and performance**
The Charity is working with the East Riding of Yorkshire Council to accommodate the Multi Storey Car Park (MSCP) project to be built on the Charity's current pay and display car park on Beck Hill. A long lease of the land and an agreed rent with appropriate reviews continues to be negotiated and will include an agreement that will protect the current financial position of the Charity.
The Charity has maintained a proactive approach with regard to their charitable giving in 2024 working toward strengthening relationships with Bridlington's schools and other non-profit organisations. A continued effort was made to promote public awareness of the Lords Feoffees' work. To support and encourage the pursuit of educational opportunity for Bridlington residents, ten new scholarships were awarded by the Charity in 2024, adding to the schedule of students receiving ongoing financial support awarded in prior years. Seven Bridlington businesses benefitted from sponsorship toward the cost of providing an apprenticeship opportunity. The large amount of funding pledged to Into University was paid to the organisation and the project was launched in May 2024. The opening of this educational centre in Bridlington would provide a safe accessible learning centre for disadvantaged children in Bridlington to study after school with the potential to reach every primary school child in Bridlington. Further funding, of over £26,000, was also pledged for charitable and educational donations within 2024.
Page 2
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **Achievement and performance-continued**
One of the vacated properties that had been leased as a bank from 1880 until 2023 is now occupied by Citizens Advice. The Trustees believe a prominent presence from Citizens Advice in one of their town centre properties will be of benefit to the town.
There has been extensive refurbishment and upgrade maintenance work to a number of vacated commercial properties in 2024 including new shop fronts, roofing work, rendering of front elevations and replacement windows. Upgrade work to kitchens and bathrooms and window replacements in residential properties have also been completed.
## **Financial review**
A review of the financial position of the Charity and its principal management policies following the Independent Auditors Report has been undertaken. The charity made net surplus of £2,587 comparing to net deficit of £50,742 before recognised gains in 2023. Unrestricted reserves at 31 December 2024 amounted to £4,545,264 with £863,527 in liquid net assets, excluding fixed assets and investments. The current level of reserve allows for the ongoing provision of property maintenance and repairs and permits the Charity to operate and continue to support the local area by way of grants and donations.
Bridlington, like other towns in the Country, is affected by vacant commercial property. The Trustees Estate comprises of over 130 individual lets, 47 of which are commercial properties in the Town Centre. The emerging key financial risks for the Charity are in relation to commercial businesses. The growth of the out-of-town retail parks and the ever-increasing shift towards online shopping continues to leave the town centre vulnerable. Three of the Trust's larger properties have banks as tenants, unfortunately two of these high street banks have closed and the properties vacated. Bridlington also has the added difficulty of being a seaside town reliant on tourism which generates a seasonal income for local businesses and is reliant on locals to survive the quieter winter months. However, void losses on commercial properties remains static in 2024 and residential rents and occupancy have remained stable. There has been an added cost to the Charity to carry out rebuild valuations on all listed buildings at the request of the insurance company.
## **Future plans**
The Charity is committed to continue to work with the East Riding of Yorkshire Council on the development of a multi storey car park on the Beck Hill site to be run by the Council. The initial plan for the area will fit in with the Lords Feoffees charitable endeavour to benefit the town and townspeople of Bridlington. Professional services have been employed by the Trustees to negotiate on this project and the Council have confirmed that the financial proposal for the development of the multi storey car park was approved by Cabinet on 10 December 2024 and that the project has their approval to go ahead. This will be subject to heads of terms being agreed between the Chairty and the Council and it is anticipated these negotiations will be concluded in 2025. The Trustees will continue to support and facilitate the Council plans to build this car park.
Continued refurbishment of buildings within the Charity's property portfolio will continue over the next 3-5 years including major restoration work to upgrade old properties, compliance with new EPC legislation, electrical compliance, bird proofing, window repairs/replacements, roofs and gutters and upgrades to boilers, kitchens and bathrooms. Stonework repairs to the front elevation of the old bank on Manor Street are planned to restore and maintain the original features of this old building.
The Trustees thank all employees of the Charity for their work carried out during the year to enable the Charity to function effectively.
Page 3
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **Structure, governance and management**
The Town Trust or Lords Estate was established by the Town Deed of 1636 and is an unincorporated charitable organisation registered with the Charity Commission.
The Lords & Assistants who served during the year were:
Dr Allan Watson, Chief Lord (Trustee) Mr Ian Thompson, Deputy Chief Lord (Trustee) Mr David Mooney (Trustee) Mr William Taylor (Trustee) Mr Peter Firth (Trustee) Mr Richard Witty (Trustee) Mr Christopher Thomas (Trustee) Mrs Diane Davison (Trustee) Mr Gregory Gray (Trustee) Mrs Simone Wilkinson Mr A Martyn Coltman Mr Liam Dealtry Mr Andrew Smith Ms Gillian Andrews Mr Lawrence Dixon Ms Rachel Lowe Firth Mr Stephen Stanton Mrs Joy Verda Mr Ross Gunning Mrs Carol French Mrs Phyllis Foster
Freeholders within the Manor of Bridlington elect fellow freeholders to become Assistants. When the Lords are reduced to six by death, the seven ablest Assistants become elevated to Lords based on the date elected and votes received. Lords and Assistants are appointed for life.
All new Assistants are trained in aspects of their duties by the longer serving members.
The Lords appoint a Clerk and administrators who deal with the day to day operational and administrative 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 support.
The Lords have assessed the major risks to which the Town Trust or Lords Estate is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
Page 4
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **Statement of trustees' responsibilities - continued**
In preparing those financial statements, the trustees are 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 and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of compliance with prevailing laws and regulations**
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting 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 published in October 2019.
Approved by order of the board of trustees on 14 August 2025 and signed on its behalf by:
Dr Allan Watson (Chief Lord) Trustee
Page 5
**Report of the Independent Auditors to the Trustees of The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Opinion**
We have audited the financial statements of The Lords Feoffees & Assistants of the Manor of Bridlington (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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 6
**Report of the Independent Auditors to the Trustees of The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our audit procedures have included:
- Performing audit work over the risk of management override of controls, including reviewing accounting estimates for bias and testing journal entries and other adjustments for appropriateness;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures to assess compliance with applicable laws and regulations
- Enquiry of management and those charged with governance concerning potential litigation and claims.
We consider that these procedures, together with evidence acquired from our other audit work, provide an audit approach enabling a reasonable likelihood of detection of irregularities.
Page 7
**Report of the Independent Auditors to the Trustees of The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Our responsibilities for the audit of the financial statements- continued**
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Ashby Berry Coulsons Limited Statutory Auditors 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
14 August 2025
Page 8
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|Notes
**Income and endowments from**
**Charitable activities**
3
Community Engagement Support
Investment income
2
**Total**
**Expenditure on**
Raising funds
4
**Charitable activities**
5
Community Engagement Support
Grant making
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**2024**
Unrestricted
Endowment
**Total**
fund
fund
**funds**
£
£
**£**
**187,259**
**-**
**187,259**
**578,539**
**-**
**578,539**
**765,798**
**-**
**765,798**
**184,683**
**-**
**184,683**
**491,701**
**4,378**
**496,079**
**82,449**
**-**
**82,449**
**758,833**
**4,378**
**763,211**
**-**
**-**
**-**
**6,965**
**(4,378)**
**2,587**
**4,538,299**
**16,344,291**
**20,882,590**
**4,545,264 **
**16,339,913**
**20,885,177**|2023
Total
funds
£
183,478
570,676
754,154
208,741
468,253
127,902
804,896
3,966,333
3,915,591
16,966,999
20,882,590|
|---|---|---|
The notes form part of these financial statements
Page 9
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Balance Sheet 31 December 2024**
|Notes
**Fixed assets**
Tangible assets
12
Heritage assets
13
Investment property
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
17
**Creditors**
Amounts falling due within one year
18
**Net current assets**
**Total assets less current liabilities**
**NET ASSETS**
**Funds**
20
Unrestricted funds
Endowment funds
**Total funds**|**2024**
**£**
**812,869**
**7,591,000**
**11,617,781**
**20,021,650**
**7,140**
**46,715**
**922,157**
**976,012**
**(112,485)**
**863,527**
**20,885,177**
**20,885,177**
**4,545,264**
**16,339,913**
**20,885,177**|2023
£
818,827
7,591,000
11,617,781
20,027,608
7,010
55,480
949,799
1,012,289
(157,307)
854,982
20,882,590
20,882,590
4,538,299
16,344,291
20,882,590|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 August 2025 and were signed on its behalf by:
Dr Allan Watson (Chief Lord) Trustee
The notes form part of these financial statements
Page 10
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Cash Flow Statement for the Year Ended 31 December 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|**2024**
**£**
**(30,526) **
**(30,526) **
**(8,218)**
**11,102 **
**2,884 **
**(27,642)**
**949,799**
**922,157**|2023
£
(2,472)
(2,472)
(8,132)
8,511
379
(2,093)
951,892
949,799|
|---|---|---|
The notes form part of these financial statements
Page 11
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Cash Flow Statement for the Year Ended 31 December 2024**
## **1. Reconciliation of net income to net cash flow from operating activities**
||||**2024**|2023|
|---|---|---|---|---|
||||**£**|£|
||**Net income for the reporting period (as per the Statement of**||||
||**Financial Activities)**||**2,587**|3,915,591|
||**Adjustments for:**||||
||Depreciation charges||**14,176**|10,643|
||Interest received||**(11,102)**|(8,511)|
||Revaluation gains||**-**|(3,966,333)|
||(Increase)/decrease in stocks||**(130)**|275|
||Increase in debtors||**8,765**|(3,009)|
||(Decrease)/increase in creditors||**(44,822)**|48,872|
||**Net cash used in operations**||**(30,526) **|(2,472)|
|**2.**|**Analysis of changes in net funds**||||
|||At 1.1.24|Cash flow|**At 31.12.24**|
|||£|£|**£**|
||**Net cash**||||
||Cash at bank and in hand|**949,799**|**(27,642)**|**922,157**|
|||**949,799**|**(27,642)**|**922,157**|
||**Total**|**949,799**|**(27,642)**|**922,157**|
The notes form part of these financial statements
Page 12
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1. Accounting policies**
## **General information**
The Lords Feoffees & Assistants of the Manor of Bridlington is an unincorporated charity registered in England / Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are management of the estate property to provide long-term income to benefit the Town and Townspeople of Bridlington.
## **Basis of preparing the financial statements**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting 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 United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice. **.**
## **Statement of compliance with prevailing laws and regulations**
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting 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) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
## **Accounting policies**
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Judgements and key sources of estimation uncertainty**
The trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.
The trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
continued...
Page 13
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. Accounting policies - continued**
## **Funds-continued**
Endowment funds represent those assets which must be held permanently by the charity, principally endowment investment property and heritage assets. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Income and expenditure for current and previous year apart from endowment depreciation and revaluation gain (where applicable) has been allocated to unrestricted funds. Allocation for current year is available from Statement of Financial Activities and for comparative year in Note 11, Page 21. Full fund movement is available in Note 20, Page 25-26.
## **Comparatives**
The charity's insurance costs have been reclassified to reflect the nature of raising funds and charitable activities costs. The pension costs have been reclassified between direct and support costs. There is no overall effect on the total expenses for the comparative year.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Irrecoverable VAT**
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Recognised gains and losses**
All gains and losses are taken to the statement of financial activities as they arise.
continued...
Page 14
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. Accounting policies - continued**
## **Tangible fixed assets**
Tangible fixed assets other than freehold investment properties and land are stated at cost less accumulated depreciation.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Freehold buildings - 1% Plant and machinery - 10% straight line Fixtures, fittings and equipment - 10% straight line Motor vehicles - 25% reducing balance
Included in Freehold Property are various properties let below market value for charitable purposes. Total market value rent of properties is £41,719. The actual rent received was £2,600. The reduction given for charitable purposes was £39,119. (Note 6, Page 18)
## **Heritage assets**
The Bayle is considered by the Trustees to be of historical importance and is central to the charities objectives to educate the local community and to preserve and conserve the nations culture at a local level. The Bayle dates from the 14th century and was once a Manorial Courthouse. The historic contents that have been loaned or donated have not been valued but all new exhibits purchased are included at cost.
A requirement for the Charity to carry out rebuild valuation on all listed buildings every 5 years has been requested by its insurers in 2023. The Bayle is therefore included as a Heritage Asset at its insured value of £7,591,000 at the date of 31 December 2023. In accordance with the SORP the change in valuation has been recognised in the SoFA.
As it is included in the Town Deed and cannot be disposed of, it is not considered necessary to revalue this asset each year.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Included in Fixed Asset Investment Property are several properties let below market value for charitable purposes. The total market value of rents was £38,960 and the actual amount received was £23,788. The result is a total reduction given for charitable purposes on these properties of £15,172. (Note 6, Page 18).
It is a requirement that these properties should be shown at market value and these should be valued by an external valuer at least every 5 years. The Trustees hold the view that as
a) the properties are several hundred years old and maintained to a high standard;
b) the same properties cannot be sold under the terms of the Town Deed, without the consent of the Charity Commission and;
c) the costs of a professional valuation would be substantial with no discernible benefit to the Charity that no external valuation will be carried out.
The endowment properties were revalued in 1997 and the unrestricted properties revalued in 2004 by the trustees and were based on the insurance value.
continued...
Page 15
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. Accounting policies - continued**
## **Investment property-continued**
A requirement for the Charity to carry out rebuild valuation on all listed buildings every 5 years has been requested by its insurers in 2023. The insurer has agreed to a rolling programme of valuations over the next 5 years, to help ease the financial impact. Changes in valuations completed in 2023 have been recognised in Statement of Financial Activities. (Note13, Page 23).
All improvement costs and renovation work on the properties is shown at cost when it occurs. Any impairment or diminution in value will be accounted for in the financial statements in the year in which impairment or diminution occurs.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Debtors and creditors receivable/payable**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Impairment**
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
continued...
Page 16
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. Accounting policies - continued**
## **Provisions**
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
## **Leases**
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
## **Employee benefits**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the statement of financial activities in the period to which they relate.
Termination payments are recognised as a liability and an expense when the charity is committed to terminate the employment of an employee.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. In their view, the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. Investment income**
|Rents received from investment properties
Deposit account interest
**Income from charitable activities**
Activity
Car park
Community Engagement Support
The Bayle Museum
Community Engagement Support
Income from community
organisations
Community Engagement Support|**2024**
**£**
**567,437**
**11,102 **
**578,539**
**2024**
**£**
**101,351**
**5,229**
**80,679**
**187,259**|2023
£
562,165
8,511|
|---|---|---|
|||570,676|
|||2023
£
98,617
4,182
80,679|
|||183,478|
## **3. Income from charitable activities**
continued...
Page 17
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **4. Raising funds**
## **Investment management costs**
|Investment property- rates and utilities
Investment property- insurance
Investment property- repairs and maintenance
Investment property- professional fees|**2024**
**£**
**36,260**
**18,869**
**103,784**
**25,770**
**184,683**|2023
£
36,272
15,933
117,354
39,182
208,741|
|---|---|---|
## **5. Charitable activities costs**
|Community Engagement Support
Grant making
**Comparatives for charitable activities costs**
Community Engagement Support
Grant making
**6.**
**Direct costs of charitable activities**
Property let below market value
High Green
The Bayle Museum
Car park costs
Other charitable costs|Direct
Costs (see
note 6)
£
**212,386**
**-**
**212,386**
Direct
Costs (see
note 6)
£
**236,693**
**-**
**236,693**|Grant
funding of
activities
(see note
7)
£
**-**
**82,449**
**82,449**
Grant
funding of
activities
(see note
7)
£
**-**
**127,902 **
**127,902**|Support
costs (see
note 8)
£
**283,693**
**-**
**283,693**
Support
costs (see
note 8)
£
**231,560**
**-**
**231,560**
**2024**
**£**
**54,291**
**2,741**
**59,555**
**95,713**
**86**
**212,386**|Totals
£
**496,079**
**82,449**
**578,528**
Totals
£
**468,253**
**127,902 **
**596,155**
2023
£
54,291
18,760
65,628
90,570
7,444
236,693|
|---|---|---|---|---|
continued...
Page 18
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **7. Grants payable**
|Grant making
The total grants paid to institutions during the year was as follows:
Group Educational
Group Charitable
Individual Educational|**2024**
**£**
**82,449**
**2024**
**£**
**30,022**
**15,827**
**36,600**
**82,449**|2023
£
127,902
2023
£
23,610
67,092
37,200
127,902|
|---|---|---|
|**8.**
**Support costs**
Community Engagement Support
**Comparatives for support costs**
Community Engagement Support
Support costs, included in the above, are as follows:
**Management**
Wages
Social security
Pensions
Rates
Insurance
Utilities
IT costs
Postage and stationery
Sundries
Vehicle expenses
Security
Maintenance
Depreciation of tangible and heritage
assets|Governance
Management
costs
£
£
**273,559**
**10,134 **
Management
Governance
£
£
219,795
11,765
**2024**
Community
Engagement
Support
**£**
**178,756**
**16,376**
**9,025**
**1,729**
**1,962**
**21,633**
**9,090**
**4,630**
**13,802**
**389**
**1,016**
**1,621**
**13,530**
**273,559**|Totals
£
**283,693**
Totals
£
231,560
2023
Total
activities
£
**158,211**
**13,886**
**8,550**
**1,383**
**1,862**
**11,918**
**7,190**
**2,128**
**858**
**597**
**2,102**
**516**
**10,594**
**219,795**|
|---|---|---|
continued...
Page 19
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **8. Support costs - continued**
## **Governance costs**
|**2024**
Community
Engagement
Support
**£**
Auditors' remuneration
**3,948**
Auditors' remuneration for non-audit
work
**974**
Trustees' liability insurance
**2,349**
Legal fees
**2,863**
**10,134 **|2023
Total
activities
£
**7,018**
**-**
**1,884**
**2,863**
**11,765**|
|---|---|
## **9. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **10. Staff costs**
|Wages and salaries
Social security costs
Other pension costs|**2024**
**£**
**247,249**
**17,483**
**9,181**
**273,913**|2023
£
226,637
15,371
8,814
250,822|
|---|---|---|
Staff costs for parking attendants and Bayle assistants are included in charitable activities costs.
The average monthly number of employees during the year was as follows:
|Administrative (3 Full time and 1 Part Time)
Maintenance and garden (2 Full time and 1 Part Time)
Car Park Attendants (Part Time)
Bayle (Part Time)|**2024**
**4**
**3**
**6**
**4**
**17**|2023
4
2
6
5|
|---|---|---|
|||17|
Key management personnel remuneration amounted to £50,835 (2023: £54,770). No employees received emoluments in excess of £60,000.
continued...
Page 20
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **11. Comparatives for the statement of financial activities**
|**Income and endowments from**
**Charitable activities**
Community Engagement Support
Investment income
**Total**
**Expenditure on**
Raising funds
**Charitable activities**
Community Engagement Support
Grant making
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|Unrestricted
Endowment
Total
fund
fund
funds
£
£
£
183,478
-
183,478
570,676
-
570,676
754,154
-
754,154
208,741
-
208,741
463,875
4,378
468,253
127,902
-
127,902
800,518
4,378
804,896
-
3,966,333
3,966,333
(46,364)
3,961,955
3,915,591
4,584,663
12,382,336
16,966,999
4,538,299
16,344,291
20,882,590|
|---|---|
continued...
Page 21
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **12. Tangible fixed assets**
|**Cost**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for year
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023
**Cost**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for year
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|Freehold
property
£
**995,501**
**-**
**995,501 **
**214,989**
**9,955**
**224,944**
**770,557**
780,512
Motor
vehicles
£
**13,194**
**-**
**13,194 **
**12,287**
**227**
**12,514**
**680**
907|Fixtures
Plant and
and
machinery
fittings
£
£
**3,270**
**73,919**
**-**
**4,184 **
**3,270**
**78,103**
**2,994**
**63,397**
**276**
**3,348**
**3,270**
**66,745**
**-**
**11,358**
276
10,522
Bayle
Fittings
& Breviary
Totals
£
£
**212,875**
**1,298,759**
**4,034**
**8,218**
**216,909**
**1,306,977**
**186,265**
**479,932**
**370**
**14,176**
**186,635**
**494,108**
**30,274 **
**812,869**
26,610
818,827|
|---|---|---|
||||
||||
continued...
Page 22
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **13. Heritage assets**
|**Heritage assets**||
|---|---|
|**Market value**
At 1 January 2024 and
31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|Total
£
**7,591,000**|
||**7,591,000**|
||7,591,000|
The Bayle Museum is included as a Heritage Asset at its insured value of £7,591,000 at the date of 31 December 2023. As it is included in the Town Deed and cannot be disposed of, it is not considered necessary to revalue this asset each year.
## **14. Investment property**
|**Investment property**||
|---|---|
|**Fair value**
At 1 January 2024
and 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|**£**
**11,617,781 **|
||**11,617,781 **|
||11,617,781|
Investment properties comprise freehold properties held for rental.
The investment properties were valued by the Trustees in 2004 and were based on the insurance rebuild cost. A requirement for the Charity to carry out rebuild valuation on all listed buildings every 5 years has been requested by its insurers in 2023.
The uplift on completed in 2023 revaluations was £1,640,684.
continued...
Page 23
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
|**15.**
**Stocks**
Bayle stock
**16.**
**Debtors: amounts falling due within one year**
Trade debtors
Other debtors
Prepayments
**17.**
**Cash and cash equivalents**
Cash at bank and in hand
Tenancy Deposit Account
Total|**2024**
**£**
**7,140**
**2024**
**£**
**25,690**
**1,042**
**19,983**
**46,715**
**2024**
Total
funds
**£**
**871,533**
**50,624**
**922,157**|2023
£
7,010
2023
£
36,687
1,996
16,797
55,480
2023
Total
funds
£
901,050
48,749
949,799|
|---|---|---|
Investments represent monies held on deposit with major clearing banks. Part of the investments include the reserve fund of £500,000 held for major property restoration and refurbishment work which is deemed necessary on properties at the end of long leases and for maintaining an extensive property portfolio.
## **18. Creditors: amounts falling due within one year**
|Trade creditors
Social security and other taxes
VAT
Other creditors
Deferred income
Accrued expenses|**2024**
**£**
**15,350**
**4,655**
**1,503**
**1,317**
**84,020**
**5,640**
**112,485**|2023
£
57,889
5,039
2,632
1,277
84,416
6,054
157,307|
|---|---|---|
continued...
Page 24
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **19. Analysis of net assets between funds**
|Fixed assets
Investments
Current assets
Current liabilities|**2024**
Unrestricted
Endowment
Total
fund
fund
funds
£
£
**£**
**485,225**
**7,918,644**
**8,403,869**
**3,196,512**
**8,421,269**
**11,617,781**
**976,012**
**-**
**976,012**
**(112,485) **
**-**
**(112,485) **
**4,545,264 **
**16,339,913**
**20,885,177**|2023
Total
funds
£
8,409,827
**1**1,617,781
1,012,289
(157,307)
**2**0,882,590|
|---|---|---|
|**20.**
**Movement in funds**
At 1.1.24
£
**Unrestricted funds**
General fund
**4,538,299**
**Endowment funds**
Endowment
**16,344,291**
**TOTAL FUNDS**
**20,882,590**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**765,798**
**Endowment funds**
Endowment
**-**
**TOTAL FUNDS**
**765,798**||Net
movement
in funds
£
**6,965**
**(4,378)**
**2,587**
Resources
expended
£
**(758,833)**
**(4,378)**
**(763,211)**|
At
31.12.24
£
**4,545,264**
**16,339,913**
**20,885,177**
Movement
in funds
£
**6,965**
**(4,378)**
**2,587**|
|---|---|---|---|
|||||
||
|||
continued...
Page 25
**The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **20. Movement in funds – continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment
**TOTAL FUNDS**|At 1.1.23
£
4,584,663
12,382,336
16,966,999|Net
movement
in funds
£
(46,364)
3,961,955
3,915,591|
At
31.12.23
£
4,538,299
16,344,291
20,882,590|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment
**TOTAL FUNDS**|Incoming
resources
£
754,154
-
754,154|
Resources
expended
£
(800,518)
(4,378)
(804,896)|
Gains and
losses
£
-
3,966,333
3,966,333|
Movement
in funds
£
(46,364)
3,961,955
3,915,591|
|---|---|---|---|---|
## **21. Pension and other post-retirement benefits**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme which includes a works place pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £9,181 (2023: £8,814).
## **22. Funding commitments**
Total amount of charitable donations previously pledged but not provided in the financial statements was £7,800 (2023: £8,500).
The charity is committed to continuing donations for charitable purposes with the objective of benefitting the Town & Townspeople of Bridlington.
## **23. Related party disclosures**
There were no related party transactions for the year ended 31 December 2024.
Page 26