Charity numb•r: 272986 THE BECKFORD TOWER TRUST TRUSTEfs REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 BI;ClCI,'OIID'S THE BECKFORD TOWER TRUST COlffENTS Page Reference and admlnlstratlve details of the charity, its trustee aomsers Trustee's report Independent auditors. report Statement of flnanclal activltie5 10 Balance sheet 11 Notes to the flnanclal statements 12-25 THE BECKFORD TOWER TRUST REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARrrY, rrs TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 20Z4 The Trustee of the charity at 31 January 2024. which has been the sole Trustee for the whole year emled on that date and since the year-end, was The Bath Preseryation Trust Limlted Icharfty number 203048). The directors of The Bath Preservati￿ Trust Limited durin8 the year and since the year end were: Trustees Diane Aderyn OBE 3,5 Douglas Creed 1,2 Robert Dunton (resigned 11 July 2023) ', Julian Gooding lappolnted 11 July 20231 Peta Hall Z,4 Bruce Haine5 3,4,5 Colin Johnston 3,4,5 Annabel MacGregor lappointeé 11 JL*ly 20231, Tom Marshall {resigned 13 November 20231 Simon Morray-jones Eve Salomon CBE, Chair Ico-opted 1 November 20231 Thomas Sheppard DL, Chalr (resigned 31 October 20231 Donna Speed (appointed 11 July 2023} Victoria Thornton OBE 1.2.3,4 1,3,4 J,4,5 denotes members of the Advocacy and Campaign5 Committee denotes members of the Architecture, Plar)ning and Place Committee denotes members of the Fir)ance Commlttee denotes members of the Museums and Education Committee denotes members of the Recruitment Committee Charlty registered number 272986 Reglstered offlce 1 Royal Crescent Bath BA1 2LR Independent audltors Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malllng Kent ME19 4JQ Solicitors Stone King 13 Queen Square Bath BA1 2HJ Page 1 THE BECKFORD TOWER TRUST TRUSTEE'S REPORT FOR ThE YEAR ENDED 31 JANUARY 2024 The Trustee presents Its arbnual report together wth the audited financial statements for the year 1 February 2023 to 31 January 2024. OBJEcfivES AND ACTNMES The principal objectives of The Beckford Tower Trust are to: al Pre5erye and maintain for the public beneflt and education. building5, features and object5 of historical archltectural interest relating to the life and work5 of the late VIIUiam Beckford of Fonthill and in particular the building known as The Beckford Tower and its gardens; bl Malntaln the Beckford Museum collection hwsed In the Tower for public benefit, and cl Educate the public in the life and work5 of William Beckford. ACTNMES FOR THE YEAR Achievements, Perforniance and Publi¢ 8ènèfit The Beckford's Tower capltal bulld proces5 and re5ettlng of the museum and interpretative experlence cKcupied the full year. At the beginning of 2023, the desien team worked with BFr truslees, Staff and project staff to manage the tender proce￿ for the capital works and other related activities. The capital works were the most expensive part of the overall project, and the tender was carefully managed. There were 4 convincing submissions, but the impact of inflation meant the prices varied considerably from those advlsed when the National Lottery Heritage Fund INLHFI grant application was submitted in 2022. Following a proces5 of value englneertng and securlng addltional fvndlng fr￿ the NLHF, It was agreed that the contract sh￿Id be awarded to Emery Brothers Limited IEBL}. EBL are a local contractor 5pecialisins in herrtage buildings. and they were Last engaged at the Tower during its mlnor restoration in the late 19905. The capital work subsequently commenced In April 2023 and continued throughout the rest of the year. An interpretation strategy was prepared and way findlng plan along with a flt-out plan and storyline for the new museum. The 51te was connKted wth the installation of a new hoggin path Installed to Ilnk the Tower with the southern paddocks following the path of Beckfords rlde. To the south of the slte. the ren0wr￿d Grotto tunnel has been fully excavated and will be reopened and will be made accessible to the public as part ol the museum vlsit. A disabled toilet unit has been Installed at the paddock end, where a small car par1( has also been created. The build pr(Kess has uncovered the usual famlllar quirks and difficulties experienced when working with historic listed buildings but these have all been resolved by EBL. Public engagement has continued throughout the project. both on-site and off-site, aThJ this has been with communities, researchers and through webinars. A diverse community advisory panel wa5 fomied at the beginning of the project and has been instrumental as a consultative group to wc*k with staff and advisers to create a nuanced. rounded and honest representation of William Beckford's life and hi5 very significant influence on many other people. As an ancillary project, BPT has been working Wth State of Trust. which created a new, contemporary dance perfomance to ir)terpret Alex Wheatle's novel Cane Warriors, which te115 the story of Tacky's rebelli(￿. State of Trust are a well-known and highly re5pecied dance performance troupe who efigage wfth themes relating to the legacy of the transatlantic slave trade. Beckford's Tower and Museum is expected to complete during 2024 arKI has reopened to the publTC at the end of June 2024. Page 2 THE BECKFORD TOWER TRU TRUSTEE'S REPORT {continued) FOR THE YUR ENDED 31 JANUARY 20Z4 Beckford Tower and Museum retained Its Accredited status under the Arts Council England Scheme followlng the proce55 to reapply led by Bath Presetvation Trust. Financial Review Beckford Tower Trust was supported through the receipt of grants. funding the devewnent of a major caprt project. The operation5 generated a net unrestrfcted surplus of £7,054, mostly from investment income. Gains on the value of the Invested portfolio of £1,283 resulted in a total net unrestritted surplu5 of £8,337. In the prior year there was a net unrestricted surplus before investment gains of £19.322 and investM￿t losses of £3,968 leading to a net unrestfirted surplus of £15.354. Turnover generated by the site is not indicative of a usual year a5 the site was dosed to the public with the exception of limited private tours. Museum Income was £70 for the year, a decrease of £7,773 compared lo the previous year. Total funds of at 31 January 2024 were £2.376,295, which is a decrease of £1,627,070 from the previous year, mostly due to the drawdown of funds for the capital project. The Trustee is of the opinion that the flnandal pos1tlon of the charity 15 5at15factory and anticlpates Th) dlfflculty In meetlne the Immediate obligations of the chaffity. New ways of increasln8 sources of unrestricted income are being considered and developed by the Trustee. STRUMIRE, GOVERNANCE AND MANAGEMEKr Governing Document The Beckford Tower Trust is an unincorporated charlty Ino. 2729861 goyemed by a Deciaratlon of Trust dated 24 January 1977 as vaded by a Scheme dated 25 November 1992. Appolntment of Trustees The sole Trustee of the charity is The Bath Preservation Trust Llmlted (Charity No. 2030481. In the eV£￿t ft ceases to be sole Trustee, the appolntment and elect?on of future TrLtstees Is In accordance v*ith the Rovernlrvl documents. Organlsatlon of Commlttees The Board of Trustees of Bath Preservation Trust adminigters the Trust. The Board meets on a quarterly basis. the principal sub-ccrfnmittees cover Finance, Mu5eum5 & Educatlon, Advocacy & Campaigns and Architecture. Planning & Place, and rneet on a regular cycle to make policy, finanaal and management decisions. In addition, an Environs of Bath Sub-committee reports to the Architecture, Planning & Place Cofflmittee on matters affecting the fourteen parishe5 arwnd the City. An ad hoc Recruitment Committee was convened in the year to coordinate and oversee the selection of a new Chair. The Chief Executive manages the day-to-day operati¢)n5 of the Trust assisted by paid staff. Key Manawnent Personnel and stafflng matter5 The key management personnel of The Bath Preservation Trust were deemed In-year to be the Senir Management Team. which comprises the Chlef Executlve, BPT Th'rector of Museums and the BPT Management Accountant. In 2023, the Direttor of Museum5 reslgned from her position and the post was left vacant for a number of months before being reappointed in October. The members of the Senior Management Team are employeé and remur)erated by The Bath Preseryation Trust Ltd. Total employee costs for key management personnel are disclosed vrithin The 8ath Preservation Trust Ltd's consolidated financial statements. Page 3 THE 8ECKFORD TOWER TRusr TRu¥fEE'S REPORT {contlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 The Chief Executive of The Bath Pre5eNation Trust manages the day-to-day operations of The Bed(ford Tower Trust through the BPT Direttor of Museums and the BPT Senjor Curator. The museum also benefits from belng part of the wider BPT museums 'family' which supports the Trust through education, marketing and finan staff support and the secondment of Museum Asg1stants for specific events. External advice 15 provided by the members of the Beckford Tower Advi50ry Committee which inclLKles varlous interested parties. Volunteers The mLseum ha5 a Small team of volunteers to 5UPPOrt Staff to pr¢)vide the vlsitor welcome. We are Immensely grateful to {￿r volunteers. and those of our partner 0rganlsati0r￿. for their cryoing c(vnmitment to Beckford Tower Trust and BPT. Related Partfes The sole trustee, The Bath Preseryatlon Trust Limited, and its subsidiaries, No l Royal Crescent (Bath) Ltd and the Her5thel H￿se Trust, are considered to be the only related parties. Rlsk Management The Trustee has corried out a full risk assessment of all the activities of The Beckford Tower Trust covering the major strategic, business and operational risks. Naticffial Lottery Heritage Fund awarded the full amount of grant applled for, to restore Beckford'5 Tower and create a new museum. It is therefore consldered that the risk arising to the deterforating nature of the fabrlc has effectfvely been mitigated. However, wlth works Mgoin8, It will be necessary to ensure these are completed effectively and the performance of the building evaluated during the defects warranly period. There are potential reputational ri5k5 given the challenging narrative5 relating to William Beckford's life. These risks relate to triggering of people affected by challenging subjects and to the impact to staff when deallng with the subjecis These risks are being effeciiyely dealt wfth by wot*ing closely with those peryle who are affected or triggered by those narratives and providing Sup[￿ to Staff. A risk management framewot* for the whole 8PT group) which also identlftes specific risks relatinq to Beckford's Tower and Landscape has been produced and adopted by the Trustee. The risk5 are monitored regularly and the Trustee is therefore satisfied that appropriate systems are in place to mitigate the risks to the charity. In April 2022. the Trustee adopted a new, forward strategy for the BPT gr(￿p. to lead its recovery and irowth. The strategy has provided Confiden￿ and the BFf group 15 well placed for the future. Inyeslments Powers and Pollcy The Trustee has a wde range of Investment powers and has appolnted professtonal advisors. Sarasin Endowment Fund. to maroge it5 Portfollo. Herltage Assets Donated herfjtage assets are recorded at deemed c05t at the date of acquisiti¢)n. which may be established by a probate value or a formal valuatii)n, where applicable and reasonably obtainable. Heritage assets costing £1,000 or above purchased by the Trust after 1 Plarch 2005 are recorded at cost. These assets are not depredated as they are deemed to have Indeflnlte lives and are r￿eWed annually for any impairment. They are intended to be held as pernianent additi{￿5 to the collections. It is the Trust's policy not to revalue heritage assets once capitalised as undertaking valuati(ms at a sufficient frequency for them to remain curr￿[ W￿ld incur dlsprcporticfflate cost. The Trust ha5 a clear duty to care for and make available these assets for the enjoyment and educatlon of the public as far as is possible, commensurate with the long term care of these items. The highest possible stsndards of collection management are applied, and ttte catalogues are made available as widely as possible Page 4 THE BECKFORD TOWER TRUST TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024 to facilitate all enquirie5 and requests for information. subject to appropriate security and data protertion guidelines. The Beckford Tower Museum has Accredited statu5. Other Flxed Assets Movements In other flxed assets durlng the year are set out in note 11 to the financial statements. Rès•r•es Pollcy The Trustee¥ reseryes policy is that the optimum IEveL of resetves should be equivalent to ten months, operational costs lan opening season) with the remainder of any funds designated to be Invested in order to support future maintenance of the Tower and it5 Operati(￿S. in addition to the income from the Pem)anent Endowment Fund. The reason for this 15 first that the Tower is a Grade I listed building in an exposed location whose maintenance will always be challenging and secondly, os an organisation not in receipt of statutory funding antj currently primarily dependent on income from its investments which is capable of being affected by factors outside the Tnjsts control, the Trustee believes that building up a fund is appropriate in order to secure the lorry.term future of the Trust and Tower. The current medlum.term maintenance requirement for the Tower far exceeds Its existing reserves and its current capacity to generate operational surpluses. The Trustee ha5 therefore designated the bulk of current rese￿e5 to a maintenance fund, while anticipating the need to raise substantial external funding to support identified conservation requirements. As thsclosed fully in note 16. the current level of unrestricted funds totalling E248.486 will nrt be SLrfficient to meet all future maintenance requirements. Therefore, in order to reach a p051tion where maintenance requirements do not exceed available capital, any unrestricted windfalls Ilegacies, gifts etc.) should pass to re5eThes If appr￿rIate. given the ongoing likely maintenance requlrements. In this flnancial year, £8,337 was transferred to the Medium to Long Temi Maintenance reserve, reflectlng the unrestrictExl surplus for the year. Page 5 THE BECKFORD TOWER TRusr TRUSTEE'S REPORT (contlnued) FOR THE YEAR ENDED 31 JANUARY 2024 TRU￿EE.5 RE5PONSIBILmES STATEMEI The Trustee is responsible for preparing the Trustees report and fina￿la1 statements in accordance with applicable law an(i Unlted Klngiknm Accounting Standard5 (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England & Wales require5 the Trustee to prepare finanoal statements for each financial year which give a tnje and fair view of the state of affairs of the charfty and of the incomlne resources and application of resources of the tharity for that perfod. In preparfng these financial statements, the Trustee 15 required to: select suitable accounting polioes and then apply them consistentlyp observe the methods and principles in the Charities SORP. make JUdgm￿ts and accounting estlmates that are rea50nabie and prudent. prepare the financial statements on the going concem basis unless it is Inappropriate to preslme that the charity will continue in operation. The Trustee is restx)nsible for keeping proper accounting records that are suffkient to show and explaln the tharity's transactions and disclose vdth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Art 2011, the Charity IAccounts and Reports) Regulations 2¢X18 and the provision5 of the trust deed. It is also responsible for 5afe8uarding the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. This re￿rt %￿d$ approved by the Trustee on 18 July 2024 and signed on It5 behalf by: Eve Salomon, Chalr- The Bath Preservatlon Trust Ltd Page 6 THE BECKFORD TOWER TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST AUDITORS OPINION We have al￿lted the financial statements of The Beckford Tower Trust (the Charity,) for the year ended 31 Jar)uary 2024 which comprise the Statement of Financial Activitie5, the Balance Sheet and the related notes, including a svmmary of significant accounting policie5. The financial reporting framework that has been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Char6ty'5 affairs as at 31 January 2024 and of the Charitys incoming resources and applicati￿ of resources. including its income and expenditure for the year then endeé. have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Prart7ce' and have been prepared In accordance with the requirements of the Charitie5 Act 2011. BASIS FOR OPINION We conducted our audit in accordance $￿th International Standards (m A￿llIng IUK) (ISA5 (UKII and applicable Law. Our responsibilities under those standards are further de5tribed in the Auditors, responsibilities for the audit of the financial statements Secti￿ of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Flnancial Reporting Council's Ethical Standard, and we have fulfllled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audlt ￿dence we have obtained is sufficient and appropriate to provfde a basls for our oplnlon. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial Statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statement$ 15 appropriate. Based on the work we have performed, we have not identified arby material uncertainties relating to events or onditions that. individually or collectively. may cast significant doubt on the Charity's abllity to continue as a going concern for a period of at least twelve months flown when the financial statements are auihorised for 15sue. Our responsTbilities and the re5ponslblllties of the trustee with respett to going concem are descrlbed In the relevant sections of this report. OTHER INFORA(4TION The trustee 15 responsible for the other infomiation. The other information comprises the infom)ation inCIL￿ed in the Annual Report, other than the financial statements and our Auditors, Report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent OtheTh￿se explicitly stated in our report, we do not express any form of assLJrance conclus1￿ thereon. In connection with our audit of the financial Statements. OLsr responsibllity ?$ to read the other information and, in doing $0, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otheTh*ise appears to be materlally mlsstated. If we identify such materlal inconsistenc1es or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiatlon. 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 nothTng to report in this regard. Page 7 THE BECKFORD TOWER TRusr INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST AIAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understaNSing of the Charlty and Its envlronment obtained In the course of the audit. we have not Identified material mTSStatements in the Annual Report. We have nothing tts report In respect of the following matter5 in relation to which we to report to you if, in our opini￿. the Charity has Th)t kept adequate and sufficient accounting records, or returns adequate for our athlit have not been received frown branches not V151ted by us; or the Charlty financial statements are not in agreement wth the accounting records and return5. or we have not re￿iVed all the information and explanations we require for our audit. RESPONSIBIUTIES OF TRUSTEE As explained More fully in ￿ trustee's responsibllltles statement. the trustee 15 respL￿51b1e for the preparation of the financial stateM￿ts and for being Satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of finanoal statements that are free from material misstatement, whether due to fra￿￿ or error. In preparing the flnandal statements. the trustee is responsible for assessing the Charlty's ablllty to continue as a going concern. disclosing> a5 applicable, matters related to going concern and using the going concem bas15 of accountlng unless the tnjstee either intends to liquidate the Charity or to cease operation5, or have no realistic alternative but to th so. AUDITORS. RESPONSIBILITIES FOR THE AUDrr OF THE FINANCIAL STATEMEpirs Our objectlves are to obtaTn reasonable assurance about whether the financial statements a5 a whole are free from material misstaternent. whether due to fraud or error. and to issue an Aud?tors' Report that includes our oplnlon. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit ccfftducted in accordance with15As IUKI wll always detect a material misstatement when It e￿st5. Misstatements can arise from fraud or error and are con5Tdered materlal if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ustys taken on the basis of these financial statement5. Irregularities. includin8 fraud, are instances of non-compliance with laws and relulatlons. We design procedures in Ilne wlth our responsibilities. outllned above, to detect material misstatements in respect of irregularltles, inclLtdlng fraud. We have c(￿SIdered the nature of the 5ertor, control ￿VIrOnMent and financial perfonnance: we have considered the results of enquirie5 With rnana4ement and the trustee In relation to their own identificaticm and assessment of the risk of Irregularities ￿￿thin the entity we have reviewed the documentat1￿ of key processes and controls and perf￿Me￿ waikthroughs of tran5action5 to confimi that the system5 are operating In line with d(Kumentation: and we have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these pr￿edUres, we haye considered the opportunities and incentives that may exist wthin the organTsation for fraud and Identified the highest area of risk to be in relation to revenue recognltion, with a particular risk in relation to year-end cut off. In common with all audits under ISAS IUKI we are also required to perfomi specific pr(Kedures to respond to the rtsk of mana8ement override. We have also obtalned understanding of the legal and regulatory framework5 that the Charlty operates in. focuslng on provisions of those laws and regulatior15 that had a direct effect on the determination of material amourbts and disdoyjres In the financial statements. The key law5 and regulations we considered Tn this context included ihe Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and condltlons attachlng to materlal grants received by the Charity. Page 8 THE BECKFORD TOWER TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST In addition, we considered the provisions of other laws and regulat11￿$ that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ablllty to operate or avold a materlal penalty. These included data protertion requlatlons. health and safety regulatlons and employment legislation. Our procedures to respond to rlsks Identifleil included the following: reviewing the financial statement disc105ure5 and testing to supporting docLThentation to asses5 compliance wfith provisions of relevant laws and regulations described as havlng a direct effect on the finandal statements. performing analytical procedures to identify unusual or unexpected relationships that may Indlcate risks of material misstatement due to fraud., enquiring of management in relatlon to actual and potential claims or litigatlons. performing detailed transactional testing in relation to the recognltlon of revenue, specifically 8rant5, with a particular focLbS around year-end cut off- and in addre5sln8 the risk of fraud through management override of contro15. testing the approprfateness of )￿rnal entries and other adjustments. We also communicated identlfied Laws and regulation5 and potential frau(J risks to the tIWStee of the engagement team and remained alert to possible indicators of fraud or non.compliance with laws and regulations throughout the aLKlit. As a result of the Inherent Ilmltatlons of an audlt. there 15 a risk that not all irregularltles. Including a material mi55tatement In flnancial statemwt5 or non-compllance with regulation. will be detected by us. The risk increases the further removed compllance with a law and regulation is from the events and transactions refletted in the financial slatements, given we wll be less likely to be aware of it, or should the irwularity occur a5 a result of fraud rather than a one off error, a5 this may involve intentional concealment, forgery, collusion, omT5sion or misrepresentation. A further description of our responslbllltles for the aLKIIt of the flnancial statements is Irxated on the Flnanclal Reporting Council'5 web51te at: www.frc.org.uklaudltor5responsibllltles. This descriptlon fomis part of our Audltors. Report. USE OF QUR REPORT Thls report is made solely to the trustee, in accordance with sertion 144 of the Charitie5 Act 2011 and regulation5 made under section 154 of that Act. Our audit work has been undertaken so that we miqht state to the trustee those matters we are required to state to them in an Audltors. 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 trustee, for our audit work. for this report, or for the opinions we have fomied. in whole or in part, is only c￿)57￿ere￿ probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated a5 a contingent asset and dlsclosed If material. Donated services or facilities are recognised when the charfty has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item 15 probable and that economic benefit can be measured reliably. In accordance wtth the Charities SORP IFRS 1021, the general volunteer time of the guide5 is not recogn15ed' please refer to the Trustee's report for more informatiorb about thefjr contribution. Income tax recoverable in relation to donations received under Gift Ai(J or deeds of covenant Is recogni5ed at the time of the donation. Grants are Included tn the Statement of Financial ACtI￿tIeS on a receivable basis. The balance of income received foi sP￿TfIC purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of meeting any perfomance related conditions, there is not unconditional entitlement to the Income and its recogniti(￿ is deferred and included in creditors as deferred income until the perfomiance-related con(Jitions are met. Where entitlement occurs before income 15 received, the income is accrued. 1.3 EXPENDITURE Expenditure is recogni5eé once there is a legal or constructive obligation to transfer economic benefit to a third.party, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Governance costs are those incurred in connection vrith admini5traticffi of the char5ty and compliance vAth constitutional and statutory requirement5. Costs of raising fund5 are costs Incurr￿ in raising funds for the Trust's charttable purposes. Page 12 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 AccouKfiNG POLICIES (continued) Charitable activitie5 and Govemance costs are costs incurre(l on the charity'5 operations. Includlng support costs and costs relating to the govemance of the charfty apportioned to charitable actlvltles. 1.4 HERrrAGE AssErs Donated heritage assets are recorded at deemed cost at the date of acquisltion, whlch may be established by a probate value or a formal valuation. where appllcable and reasonably (tjtainable. Heritage a55etS C05ting £1,000 or above purchased by the Trust after 1 March 2CK)5 are recorded at cost. These a$5et5 are not depreclated as they are deemed to have indefinite lives and are reviewed annually for any impairment. They are intended to be held as pemianent adtjitions to the collections. It is the Trust's policy not to revalue heritage assets once eapitalised as untlertaking valuations at a suffldent frequency for them to remain ojrrent would incur disproportionate cost. It Is very Important for a museum to account to the public for the management and care of the collectlon5 entrusted to It. High standards of Collection5 Management are applied to the collection in order to preserve and manage it on behalf of, and to make it available to. the public. A Register and full record5 are kept on the collection. its provenance, arbd its donor5. These are made available for all enquiries and requests, Subject to appropriate security and data protertion guldellnes. Consetvation expenditure incurred on heritage assets, has been wrftten off to the Stateyment of Financial Activities. 1.5 TANGIBLE FIXED ASS￿5 AND DEPRECIATION All a55et5 CQStin4 £1,000 and above are capitalised. A reyiew for impaimient of a fixed asset TS carried out If events or changes in circumstances indicate that the carying value of any flxed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amount5 are recognised as impairments. Impairment losses are recognlsed in the Statement of Financlal Acti￿tIeS. Tanglble fixed assets are carried at C05t, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixe(l assets. less their estimated residual value, over their expected useful lives on the following bases: Freehold property Heritage assets Fixtures and fittings not depreciated not depreciated 15% Reducing Balance 1.6 INVESTMENTS Fixed asset investment5 are a fom) of flnanclal instrument and are initially recognised at thar transactlon cost and subsequently measured at fa?r value at the Balance sheet date, unless fair valL cannot be measured reliably In which case it is measured at cost less impairment. Investment gains and losses, whether reali5ed or unreali5ed. are combined and shown in the heading 'Net gainsl1105sesl investments, in the Statement of Financial Activities. 1.7 INTEREST RECENABLE Interest on funds held on deposlt15 Included when receivable and the amount can be measured reliaily by the Trust. thi5 is normally upon notification of the interest paid or payable by the Bank. 1.8 STOCKS Stocks are valued at the lower of c05t and net reali5able value after making due allowance for ob501ete and slow.moving stocks. Page 13 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES {contlnued) 1.9 DEBTORS Trade and other debtors are recognlsed at the settlement amount after any ttade discount offered. Prepayments are valued at the amount prepaid net of any trade discwnts due. 1.10 CASH AT BANK AND IN HAND Cash at bank and in hand include5 cash and short term hi8hly liquid investments wlth a short maturity of three months or less from the date of acquisition or openin8 of the deposit or similar account. 1.11 CREDITORS AND PROVISIONS Creditors are recognised when there Is an obligation at the Balance sheet date as a result of a past event, It Is probable that a transfer of economic benefTt will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity antiapates it will pay to settle the debt or the amount it has received as aifvanced payments for the gLx)ds or services it must provide. 1.12 FINANCIAL INSThUMENTS The charity only ha5 finandal assets and financial liabilities of a kind that walify as basic finanaal InStr￿entS. Basic finan￿al in5trument5 are inltlally recognised at transaction value and subsequently measure(l at their settlement Yalue. 1.13 FUND ACCOUNTING General funds are unrestrirted funds which are avallable for use at the discretlon of the Trustee In furtherance of the general objectives of the charity and whlch have not been designated for other purpose5. Designated fuThJs CoMp￿Se unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund are set out in the note5 to the financial statements. Re5trirted funds are fund5 which are to be used in accordance with 5peclflc restrictlons imtM)sed by donors or which have been raised by the charfty for particular purposes. The costs of raising and adminlsterlng such fund5 are charged against the specific fund. The alm and use of each restricted fund are Set out in the r)ote5 to the f1nancial statements. Permanent Endowment Funds . these represent the capital of the Trust. ded¥ed from Eifts received STnce its foundation, and are to be held and maintained in perpetuity. 1.14 TAXATION The Beckforé Tower Trust is a registered charity and as such tax exemption applies to the income arising from and expended on charitable activities and to its investment incorne and gains. 1.15 GOING CONCERN The Trustee a55esses whether the use of going concern i5 apwopriate, i.e. whether there are any material uncertainties rciated to event5 or conditions that may cast significant doubt ffl the ability ol the charity to Cokltinue as a going concem. The Trustee makes this a55essment In respect of a peric￿ of one year from the date of approval of the financial statements. Under all the scenari05 reviewed, the charity has sufflcient reserve5 to enable it to continue a5 a going concem for the foreseeable future. For thi5 rea50n. it continues to adopt going concem basis in preparing the financial Statements. Page 14 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL sfATEAIEKrs FOR THE YEAR ENDED 31 JANUARY 2024 INCOME FROM DONATIONS, LEGACIES AND GIL4k¥rs Unrestrkted Restrlcted Endowrnent fvnds fund5 funds Total funds 2024 2024 2024 Z024 Total 2013 tbnatior Grant5 Grants - coronaviru% related 60,015 378,630 60.015 38,483 378.630 3,433.442 1,338 43B.645 438.645 3.473,263 Total 2023 3,473,263 3,473,263 INCOME FROM CHARITABLE AcrivrriES Unrestricted Restricted Endowment fund5 funds funds Totsl fund5 2024 2024 2024 2024 Total f￿d$ 2023 MuseLNn a(knisslons Income Other museum I￿ome 70 70 7,625 218 70 70 7,843 Total 2023 7,843 7,843 OTHER TRADING ACTIVMES Unrestrlcted Restrlcted Endowment funds funds fund5 Total funds 2024 2024 2024 2024 Total funds 2023 Shop and wethjings Income 130 130 130 130 Total 2023 Page 15 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL FfATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 INVEsfMENT INCOME Unre5trfcted Restrlcted Endowment funds fund5 funds Total lunds 2024 2024 2024 2024 Total fund5 2023 Investment IbKon*. rent Llsted investments and bank interest 1.169 5,795 1.169 5,795 15,198 5,422 6.964 6,964 20.620 Total 2023 20,620 20,620 6. ANALYSIS OF DIRECT EXPENDITURE ON CHARITABLE ACTivrriES Unrestrfcted Restrlcted 2024 2023 Wages and ￿larIeS Premlses costs: Insurances Repairs, malntwance and woJects Heat and light Other premise5 Costs OpenTn8 Costs: Interpretat1￿1conSe[Vation Leaflets and advertlslng Guide5 and other Op￿ing c05t5 Admlnistration: offfj￿ and other costs Accountancy ALblitors' ranuneration Overheads met from NLHF grants 3.840 178,800 182,640 149,240 21.228 21.228 1,131.382 1.131.382 3.875 3.875 7,875 7.875 7,080 45,593 3,348 13,472 235,240 8.164 258.879 235,240 8.164 258.879 39,863 5,287 69.621 110 1.200 222,797 222,907 1,200 2,400 10.338 1,2C(I 2,2CLI 2.400 5.040 15.040) 110 2.075.680 2,075,790 347.242 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE staff costs Depredatlon Other costs 2024 2024 2024 Total 2024 Total 2023 Expenditure on raising funds Shops and weddings 461 461 Expendlture on charitable actlvitfes Expenditure on governance 182.640 1,890.750 2,073,390 345,042 2.400 2.400 2,2(Kl 182,640 1.893, 150 2.075.790 347,703 Total 2023 149,240 198,463 347,703 Page 16 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 NEf INCOAIEIIEXPENDITUREI Durfjng the year, Th) Trustee received any remuneration (2023: £NILI. During the year, no Trustee received any benefits in kind (2023: ENILI. During the year the Trustee, The Bath Preservation Trust, was reimbursed expenses of £215.20212023: £167,497). AUDrroRS' REMUNERATION The A￿lt0￿$ remuneration amounts to an Audit fee of £2,4(KI (2023 - £2,200}. 10. STAFF COSTS No per50n5 were directly employed by the charity but recharges for Staff cost5 Of £182,640 12023: £149.2401 were made by The Bath Preservation Trust Limited. 11. TANGIBLE FIXED ASSErs Freehold Heritage FTXtures and property assets fittings Total COST At 1 February 2023 Additions 80,312 418,231 57,670 11.634 510.177 57.670 At 31 January 2024 80,312 475,901 11,634 567.847 DEPRECIATION At 1 February 2023 11.634 11.634 At 31 jaTh￿ry 2024 11.634 11.634 NET BOOK VALUE At 31 January 2024 80.312 475,901 556,213 At 1 February 2023 80.312 418,231 498,543 Freehold land and bulldlngs The freehold land and buildings known as the Beckford Tower, Lansdown, Bath, were glfted to The Beckford Tower Trust in 1972; no value was placed on the g7ft. and there have been no subsequent fomial valuations, so no cost or value the Tower Is Included in the financial statements. Freehold land adjacent to the Beckford Tower was purchased irb 2020 and 15 included in the flnanclal statements at C05t. Museum exhlblts (Herltage assets) Museum exhibits purchased prior to 2B February 2005 were written off as historic assets on the date of purchase. Since this date any purchases are capitallsed. Page 17 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 11. TANGIBLE FIXED ASSEfs Icontlnued) HER￿AGE AssErs Basls of capttallsatlon Cost Valuatlon Total Herltage assets acqulred prlor to 1 February 2023 Cabinet Coffer Beckford trM)ok/letters Beckford Fortrait B(M)ks & Archive5: Blavatnlk 64,000 324.000 3.831 13.1)00 64.000 324,000 3,831 13,000 13,400 13,400 13.400 418,231 404.831 Addltlons in year B￿kS & Archlves: Hewat Jaboor Collection BcM)ks & Arthive5: Wainwright Cdlection Herftase assets at 31 January 2024 56,170 56,170 1.500 1,500 404.831 71.070 475,901 The Hewat Jaboor Collection of book5 and the Wainwright Collection of books and archives with arb estlmated value of E56.170 and £1,51JO, respectively were donated to the trust in 2023.24. 12. FIXED Ass￿ INVESTME1￿$ Listed securltles MARKETVAWE At 1 February 2023 W1thdrawalsladditlon5 Revaluatlons 179,874 2.911 182,785 At 31 January 2024 INVESTIAEKfs AT MARKET VALUE COAIPRISE: 2024 2023 Llsted investments 182,785 179.874 All investments are held in un?ts in the Sarasin Endowment Fund. 13. STOCKS 2024 2023 Goods for resale 156 156 Paee 18 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 14. DEBTORS 2024 2023 Trade debtors Other taxation and social security Prepayinents and accrued income 1,170 9.352 7,498 1.596,793 2,997,677 1,606.145 3,006,345 15. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creth'tors Amounts owed to group undertakTn8s Atcruais and deferred income 272.864 170 2,848 30,388 6,100 3,863 275,882 40,351 Page 19 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 February 2023 Balance at Galnsl 31 January (Losses) 2024 Transfers inlout Income Expendlture DESIGNATED FUNDS Slw)rt term MaInt￿anCe Plthlum to long term maintenan Ten months. q)eratlng costs 30,th10 30.0(KJ 184,549 25,600 8.337 192,886 25,6 240,149 8.337 248.486 GENEKAL FUNDS 7,164 (110) 18.3371 1,283 TOTAL UNRESTRicfED FUNDS 240,149 7,164 {110) 1.283 248.486 ENDOWME1￿ FUNDS 100,590 1,628 102.218 RESTRICTED FUNDS Balance at 1 February 2023 Balance at Gainsl 31 January (Losses) 2OZ4 Transfers Inlout Income Expendlture Assets: Cablnet Coffer 8edtfLYd trp)okl letters The Paddcds Beckford pjrtrait B(￿kS & Archive5: BtavatnTk etc. FurKb: Rlmlngton Legacy 'Our Towef NLHF Project "Our Towerf, other funds B&NES Other grants Cane Warriors 64.000 324,000 3.831 80.312 13.000 13.400 64,000 324.000 3,831 80,312 13,000 71.070 57.670 49,916 2,944.810 165,990 1.066 2.301 49,916 1,374,446 36,172 1,066 39 7.739 244.880 11.815.244) 51,084 {180.902) 12.2621 177.272) 85.011 3.662.626 438.645 {2,075.680) 2.025.591 TOTAL OF FUNDS 4.003.365 445.809 (2,075,790) 2,911 2.376,295 Page 20 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 JANUARY Z024 16. STATEMENT OF FUNDS Icontlnued STATEMENT OF FUNDS- PRIOR YEAR Bala￿e at I Febr￿ry 2022 Transfers Inlo Gainsl BalarKe at 31 (Losses) JanL&3ry 2023 Income Ex￿d1[ure DESIGNATED FUNDS Short term malntenatKe Medlum to long term maintenance Ten mLX)ths' operatlng costs 30,￿0 30,OJO 169,195 25,600 15.354 184,549 25,600 224,795 15,354 240,149 GENERAL FUNDS 31,107 111,7851 {15.3541 {3,9681 TOTAL UNRESTRICTED FUNDS 224,795 31,107 111,7851 13,968) 240,149 ENDOWMENT FUNDS 105,742 {5,152) 100,590 REsT1U￿ED FUNDS BTT AssetS.' Cabinet Coffer Beckford bofA(Iletters The Paikl(tks Beckford portralt B￿kS fr Archives IBLaYatnik etc. Fund5'. RIMIngt￿ Legac 'Ow T¢)wer' NLHF Project 'Ow Tower. other fund5 B&NES NLHF CRF grants Other grant5 64,tiM) 324,to) 3,831 80,312 324,(XJ) 3,831 80,312 13,OC 13.4C(I 13,iXK) 13,4CKJ 49,916 132,9931 3,276,031 35,724 161,577 66 49,916 2,944,810 165,990 1,066 1298,2281 {31,3111 1.338 6,917 11,3381 15,0411 425 2.301 525,281 3.473,263 1335,9181 3.662,626 TOTAL OF FUNDS 855,818 3,504,370 1347,7031 19,120) 4,CK13,365 Page 21 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMEKf OF FUND5 Icontinued) DESIGNATED FUNDS The Trustee's reserves policy is that the optimum level of reseryes should be equivalent to ten month5. operational costs lan opening season) with the remainder of any funds designated to be invested in order to support future maintenance of the Tower and It5 operations, In addition to the income from the Permanent Endowment Fund. The current level of unrestricted fund5 will not be sufficient to meet all future maintenance requ7rements. Therefore, in order to reach a position where maintenance requirements do not exceed available capital, any ￿reStricted wndfalls (legacies. gifts etc.) should pass to deslgnated reserves if appropriate, given the ongoing likely maintenance reqLrirements. In 2024. the unrestricted surplu5 of £8,337 was transferred to the Medium to Long Term Maintenance F￿d. ENDOWMENT FUNDS This was established under the 1977 Trust Deed which Set up the Trust. the income arising from Permanent Endowrnent investments can be used for the maintenance. general upkeep and administration of the Tower, and the capTtal can, in certain circumstances. be used to fund capltal expenditure. RESTRICTED FUND Assets . a cabinet and a coffer, both fom)erly belonging to William Beckford. were purchased In 2007-08 nd 2011-12 for £64,000 and £324,000 respectively. In 2018-19, a book entltled 'Letters to the right honourable Lord Brougham and Vaux presenting rambling details of a tour. was purchased. This book from Beckford's Ilbrary Includes note5 by him but more importantly a drawing by Beckford for a piece of furniture at Lansdown. The Paddocks is freehold land adjacent to the Beckford Tower purchased in 2020-21. A portrait of Willian Beckford on his deathbed was acquired in 2022 at auction. Durin¢ the same year, the Trust received a donation of 35 books, fomerly from William Beckford'5 library, from the Friend5 of National Librarles as part of the distribution of the Blavatnik Plonre5field Llbrary. To this, the donated Hewat jab0￿ and Wainwright collettlon were added In the year 2023-2024. Riminston legacy - in December 2014 The Beckford Tower Trust received £50,640 from the executors of Mr Niel Rimlngton, deceased owner of Fonthill Abbey, Wiltshlre. Thls restricted is set aside to offset any c05t5 incurred by the Trust in operatin8 the 'Beckford Provisions,, which ensure that some publlc access to the Fonthill Estate is guaranteed into the future. In 2023, there was no expen(Jiture from the Fund because other organi5ed access was provided for the public by the current owners of Fonthill at no cost to the Trust. 'Our Tower. NLHF Project- this is a grant received from the Nalional Lottery Heritage Fund INLHFI for the 'OuT Tower. Dlscoverins and reconnecting Beckford's Tower and Londscape, a major project to restore the tower and its landscape and to increase public engagement with its activitie5. The grant 15 in two stages: the t)evelopment stage, for which a grant of £422,000 was received, commenced in February 2020 an¢J finished in May 2022. The Delivery phase started in September 2022 and 15 due to finish in June 20Z4. The NLHF grant for this phase of the project was initially £3,078.093 and this was accwnted as income in 2022-23,. in the current year èn addltional grant of £244,880 wa5 agreed by the Lottery in relation to the increased expeniliture caused by the cost of living cri515, With £1,374,446 tstanding as accrued income within debtors at 31 January 2024. 'Our Tower. other funds- these are grants and donations received towards the 'Our Tower. Dlscoverlny and reconnectins 8eckford'5 Tower ond Londscape pruject that will be used, inter alia, to fund any costs not [￿O¥erable from the NLHF. The income irs the year includes £9,250 awarded by the West of England combined aLEthority that will be pald later in the year and ha5 been accounted ag accrued income. Page 22 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS (continued) NLHF CRF grants - thls represents costs that were met from NLHF Culture Recoyery Fund for Herltage erants held by The Bath Preservation Trust. Bath & North East Somerset {B&NES) Councll - the grant was a contribution to the cost of exhibitions at the museum and it is accounted as match funding for the costs not recoverable frcth NLHF. Other grants - this represents the resldual fundlng for assets acqui51tion that have been spent In the year for the cost5 in relation to the donated collections. Cane Warrlors - this represents a research and development project which links the story of Tacws Rebellion with the history of 8eckford Tower, funded by the National Lottery. SUMKIRY OF FUNDS- CURRENT YEAR Balance at 1 February 2023 Balance at Gal￿1 31 January ILo55es} 2024 Transfers inlout Income Eypendlture Deslgnated funds Ger￿ra1 fund5 240,149 8,337 (1101 18,3371 11101 248.486 7.164 7.164 1,283 1.283 Z40.149 248.486 En¢kn4ment funds Restricted funds 11x1,590 3,662.626 1.628 102.218 2.025,591 438,645 12.075.680) 445.809 {2.075.790) 4,003,365 2,911 2.376,295 SUMAIARY OF FUNDS- PRIOR YEAR Balance at 1 February 2022 Balance al Galn51 31 January (Losses) 2023 Transfer5 Inlout Income Extenthture Designated funds General funds 224,795 15.354 111.7851 115,3541 111,7851 240,149 31,107 31,107 13,9681 13.9681 224,795 240,149 Endowment fund% Re5lrfcted funds 105,742 525,281 3,473.263 15,1521 100.590 3,662,626 1335,9181 855,818 3,504,370 1347,7031 19,1201 4,003,365 Page 23 THE BECKFORD TOWER TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 JANUARY 2024 17. ANALYSIS OF NET ASSEfs ￿Er￿E£H FUNDS ANALYSIS OF ASSETS BEfwEEN FUNDS - CURREKf YEAR Unrestricted Restricted Endowment funds funds fLFnd5 Total funds 2024 2024 2024 2024 TangibLe fixed assets Fixed asset Investn*nts Current a55ets Creditor5 (￿e wlthln ￿ year 556.213 556.213 182,785 1.913.179 1275.882) 80.567 443,801 1275.8821 102.218 1.469.378 Z48.486 2,025.591 102.218 2.376.295 ANALYSIS OF ASSEfs BEfwEEN FUNDS- PRIOR YEAR Unrestricted Restricted fLnd5 2023 Endowffent fwd5 Total funds 2QZ3 2023 2023 Tanglble fixed a55et5 Fixed asset Investments Current assets Creditors due within one year 498.543 498,543 179.874 3,365,299 140,3511 79.284 101,116 140,3511 100,590 3,164,083 240.149 3,662,626 1CKJ,590 4.003.365 18. CAPITAL COhVAITMENTS AND COPfflNGEKf LIABILITIES The contracted sum for the (apital works to be carried out by Emery Brothers Limited at Beckford's Tower agreed in May 2023 wa5 £2,026,110 + VAT. Worf(s carried out in the year 2023-24 had a total cost of £1,151,544 + VAT, leaving a capital commitment at year-end (VAT excl.) of £874,566 12023 - none). 19. POST BALANCE SHE￿ EVE As part of the agreement for National Lottery Herttage Fund support for 'Qur Tower, Discovering ond reconnectlny Beckford's Tower and Landscape projeci, the National Heritage Memorial Fund has required a charge over the freehold land and buildings known as the 8eckforé Tower, Lansdown, Bath. The charge was entered into on 2 June 2023 and wll be discharged after Z5 years. Page 24 THE BECKFORD TOWER TRUST NOTES TO THE NNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 20. RELATED PARTY TRANSACTIONS At the year-end Beckfcfd Tower Trust owed The Bath Preservation Trust Limited £17012023 £6,1￿)1. 21. ULTllkATE PAREKf UNDERTAKING The Bath Preservati(￿ Trust Ltd (Bwfi 15 the immediate and ultlmate parent company. that Trust prepare5 consolidated flnandal statements. including the results of The Beckford Tower Trust, which can be obtained from the principal office at 1 Royal Crescent. Bath BA12LR. Page 25