Charity number: 272986
THE BECKFORD TOWER TRUST
TRUSTEE'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
THE BECKFORD TOWER TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustee and advisers | 1 |
| Trustee's report | 2 - 6 |
| Independent auditors' report | 7 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 25 |
THE BECKFORD TOWER TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025
The Trustee of the charity at 31 January 2025, which has been the sole Trustee for the whole year ended on that date and since the year-end, was The Bath Preservation Trust Limited (charity number 203048). The directors of The Bath Preservation Trust Limited during the year and since the year end were:
| Trustees |
|---|
| Diane Aderyn OBE (resigned 31 March 2025) |
| Kate Arthurs (co-opted 01 April 2025) |
| Douglas Creed |
| Julian Gooding |
| Bruce Haines (resigned 31 March 2025) |
| Peta Hall |
| Colin Johnston (resigned 31 March 2025) |
| Annabel MacGregor |
| Simon Morray-Jones (resigned 31 March 2025) |
| Geoff Rich (co-opted 1 January 2025) |
| Eve Salomon CBE, Chair (appointed 23 September 2024) |
| Dr Shawn Sobers (co-opted 1 January 2025) |
| Donna Speed |
| Victoria Thornton OBE (resigned 17 July 2025) |
| Richard Tredwin (co-opted 04 April 2025) |
| Charity registered number272986 |
| Registered office 1 Royal Crescent |
| Bath |
| BA1 2LR |
| Independent auditors Bishop Fleming LLP |
| Chartered Accountants |
| 10 Temple Back |
| Bristol |
| BS1 6FL |
| Bankers CAF Bank Ltd |
| 25 Kings Hill Avenue |
| West Malling |
| 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 2025
The Trustee presents its annual report together with the audited financial statements for the year 1 February 2024 to 31 January 2025.
OBJECTIVES AND ACTIVITIES
The principal objectives of The Beckford Tower Trust are to:
a) Preserve and maintain for the public benefit and education, buildings, features and objects of historical and architectural interest relating to the life and works of the late William Beckford of Fonthill and in particular the building known as The Beckford Tower and its gardens;
b) Maintain the Beckford Museum collection housed in the Tower for public benefit, and
c) Educate the public in the life and works of William Beckford.
ACTIVITIES FOR THE YEAR
Achievements, Performance and Public Benefit
Following a comprehensive £3.9 million restoration project, Beckford’s Tower successfully reopened to the public in June 2024. The project, supported by the National Lottery Heritage Fund, Historic England, and generous private donors, has revitalised both the historic structure and surrounding landscape. Initial feedback has been overwhelmingly positive, with significant praise for the quality of restoration, the enhanced visitor experience, the sensitive and collaborative re-interpretation of William Beckford’s legacy and his involvement in the transatlantic slave trade as the source of his immense wealth.
By December 2024, the Tower had welcomed thousands of visitors. Lantern tours, public events, and educational outreach have expanded the reach of Beckford’s Tower, with substantial progress made in interpretation, community engagement, and digital accessibility.
The physical restoration of the Tower addressed long-standing issues including water ingress, while restoring original features such as the gilded lantern and metal grilles. New visitor facilities have been developed including a relocated entrance, the re-opening of the Grotto Tunnel, and improved landscape access along Beckford’s Ride. A new app was created to enhance visitor exploration with location-based interpretation. The project also provided a free-to-use electric wheelchair to improve accessibility in the landscape, tactile models of architectural features and the Tower in its setting and an AR experience to explore the site virtually.
Two museum rooms have been fully refurbished, and interpretation throughout has been developed following extensive consultation. The narrative now critically examines William Beckford’s involvement in the transatlantic slave trade, balancing his artistic legacy with a transparent portrayal of how his wealth was derived.
The upgraded infrastructure enables temporary exhibitions and high-profile loans, including:
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A portrait miniature of Lady Margaret Beckford (private collection)
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A lacquer box from Charlecote Park, illustrating colonial-era trade routes
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Objects on loan from Brodick Castle, including a mounted vase, silver-gilt items, and a full-length deathbed portrait of Beckford
These items and others allow dynamic re-interpretation, and the new museum enables rotating displays as further research and curatorial work continue.
Despite the Tower being closed until mid-2024, learning activities remained active through school loan boxes focusing on “Beckford, Bath and the Transatlantic Slave Trade.” Since reopening, educational programming has included school workshops, a teacher training day and the provision of family-focused materials such as downloadable trails, in-gallery activities, and holiday activities.
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THE BECKFORD TOWER TRUST
TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2025
The Tower hosted a wedding, and more bookings have been taken for future years. The paddocks provide great opportunities for external events and following a successful summer circus double-bill, these types of events will become a regular fixture.
Two PhD students began a Beckford Research Project in 2024 under Prof. Robert Beckford, funded by The Beckford Group. Their research explores the lives of enslaved individuals on Beckford’s plantations, with one focusing on women’s experiences.
Outputs will be public-facing, including talks, displays, and workshops at the Tower and will be used to develop new interpretation as well as further engagement with the Global Majority and other organisations working in this area in the UK and throughout the world.
The snagging period following the restoration of the Tower continues into 2025 as the final actions of the funded project are completed. The guidebook reached draft version by the end of the year and will be published by the summer.
A particular highlight of the year was the opportunity to work with State of Emergency which created a powerful interpretation of Alex Wheatle’s novel Cane Warriors, about Tacky’s Rebellion. The dance, theatre and music company toured to provide the performance at a number of venues throughout the country. Their work is emotionally charged and approach inspiring, providing so many additional dimensions and insights to the process of interpreting Beckford’s engagement in the transatlantic trafficking of enslaved African people. The development project and operation of the museum has been supported and enabled by a diverse Community Advisory Panel at every step of the way and the success of the museum and the process of reinterpretation of William Beckford’s life would not have been possible with them.
The team at BPT has been overwhelmed by the support and generosity of everybody who supported the redevelopment project, including partners, funders, volunteers, the design team and builders, staff and trustees past and present and the members of the public who gave their time, care and shared their views about the project.
Future activities will focus on:
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Maintaining and developing visitor numbers
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Income generation, expanding commercial events, increasing shop revenue, and providing learning sessions as well as extending opening hours
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Supporting the PhD researchers and embedding their research findings into programming and interpretation
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Extending community access, to strengthen engagement through workshops and sector partnerships
Financial Review
Beckford Tower Trust was supported through the receipt of grants, funding the development of a major capital project.
The operations generated a net unrestricted loss of £12,891. In such a complex year for the site, this is not surprising and there were many contributing factors, including the need to employ staff for training before the museum reopened and reduced income from the tenants operating the adjoining holiday flat.
Gains on the value of the invested portfolio of £10,396 resulted in a total net unrestricted loss of £2,501. In the prior year there was a net unrestricted surplus before investment gains of £7,054 and investment gains of £1,283 leading to a net unrestricted surplus of £8,337
Turnover generated by the site is not indicative of a usual year as the site was closed to the public until the end of June. Museum income was £22,783, and will be higher when open for a full year.
Page 3
THE BECKFORD TOWER TRUST
TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2025
Total funds of BTT at 31 January 2025 were £1,271,180, which is a decrease of £1,105,114 from the previous year, mostly due to the drawdown of funds for the capital project.
The Trustee is of the opinion that the financial position of the charity is satisfactory and anticipates no difficulty in meeting the immediate obligations of the charity. New ways of increasing sources of unrestricted income are being considered and developed by the Trustee.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Beckford Tower Trust is an unincorporated charity (no. 272986) governed by a Declaration of Trust dated 24 January 1977 as varied by a Scheme dated 25 November 1992.
Appointment of Trustees
The sole Trustee of the charity is The Bath Preservation Trust Limited (Charity No. 203048). In the event it ceases to be sole Trustee, the appointment and election of future Trustees is in accordance with the governing documents.
Organisation of Committees
The Board of Trustees of Bath Preservation Trust administers the Trust. The Board meets on a quarterly basis. The approach to delegating decisions to committees reverted to the Board of Trustees, following a governance review conducted by the Chair in 2024. The committees continue to meet quarterly to support specific areas of work: Finance Audit & Risk, Museums, Advocacy & Campaigns and Architecture, Planning & Place. The Bath Rural Area Forum (formerly Environs of Bath Sub-Committee) provides a liaison and engagement opportunity with the fourteen parishes around the City.
The Chief Executive manages the day-to-day operations of the Trust assisted by paid staff.
Key Management Personnel and staffing matters
The key management personnel of The Bath Preservation Trust were deemed in-year to be the Senior Management Team, which comprises the Chief Executive, BPT Director of Museums and the BPT Management Accountant. The members of the Senior Management Team are employed and remunerated by The Bath Preservation Trust Ltd. Total employee costs for key management personnel are disclosed within The Bath Preservation Trust Ltd’s consolidated financial statements.
The Chief Executive of The Bath Preservation Trust manages the day-to-day operations of The Beckford Tower Trust through the BPT Director of Museums and the BPT Senior Curator. The museum also benefits from being part of the wider BPT museums ‘family’ which supports the Trust through education, marketing and finance staff support and the secondment of Museum Assistants for specific events. External advice is provided by the members of the Beckford Tower Advisory Committee which includes various interested parties.
Volunteers
The museum has a small team of volunteers to support staff to provide the visitor welcome. We are immensely grateful to our volunteers, and those of our partner organisations, for their ongoing commitment to Beckford Tower Trust and BPT.
Related Parties
The sole trustee, The Bath Preservation Trust Limited, and its subsidiaries, No 1 Royal Crescent (Bath) Ltd and the Herschel House Trust, are considered to be the only related parties.
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THE BECKFORD TOWER TRUST
TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2025
Risk Management
The Trustee has carried out a full risk assessment of all the activities of The Beckford Tower Trust covering the major strategic, business and operational risks.
National Lottery Heritage Fund awarded the full amount of grant applied for, to restore Beckford’s Tower and create a new museum. It is therefore considered that the risk arising to the deteriorating nature of the fabric has effectively been mitigated. Staf will continue to monitor this position. Following the works, Beckford’s Tower has been removed from the Historic England Heritage At Risk list.
There are potential reputational risks given the challenging narratives relating to William Beckford’s life. These risks relate to triggering of people affected by challenging subjects and to the impact to staff when dealing with the subjects These risks are being effectively dealt with by working closely with those people who are affected or triggered by those narratives and providing support to staff.
A risk management framework for the whole BPT group, which also identifies specific risks relating to Beckford’s Tower and Landscape has been produced and adopted by the Trustee. The risks are monitored regularly and the Trustee is therefore satisfied that appropriate systems are in place to mitigate the risks to the charity.
In July 2024, the Trustee adopted a new, forward strategy for the BPT group, to lead its growth and development. The strategy has provided confidence and the BPT group is well placed for the future.
Investments Powers and Policy
The Trustee has a wide range of investment powers and has appointed professional advisors, Sarasin Endowment Fund, to manage its portfolio.
Heritage Assets
Donated heritage assets are recorded at deemed cost at the date of acquisition, which may be established by a probate value or a formal valuation, where applicable and reasonably obtainable.
Heritage assets costing £1,000 or above purchased by the Trust after 1 March 2005 are recorded at cost.
These assets are not depreciated as they are deemed to have indefinite lives and are reviewed annually for any impairment. They are intended to be held as permanent additions to the collections. It is the Trust’s policy not to revalue heritage assets once capitalised as undertaking valuations at a sufficient frequency for them to remain current would incur disproportionate cost.
The Trust has a clear duty to care for and make available these assets for the enjoyment and education of the public as far as is possible, commensurate with the long term care of these items. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines. The Beckford Tower Museum has Accredited status.
Other Fixed Assets
Movements in other fixed assets during the year are set out in note 11 to the financial statements.
Reserves Policy
The Trustee's reserves policy is that the optimum level of reserves should be equivalent to ten months' operational costs (an opening season) with the remainder of any funds designated to be invested in order to support future maintenance of the Tower and its operations, in addition to the income from the Permanent Endowment Fund.
Page 5
THE BECKFORD TOWER TRUST
TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2025
The reason for this is first that the Tower is a Grade I listed building in an exposed location whose maintenance will always be challenging and secondly, as an organisation not in receipt of statutory funding and currently primarily dependent on income from its investments which is capable of being affected by factors outside the Trust's control, the Trustee believes that building up a fund is appropriate in order to secure the long-term future of the Trust and Tower.
The current medium-term maintenance requirement for the Tower far exceeds its existing reserves and its current capacity to generate operational surpluses. The Trustee has therefore designated the bulk of current reserves to a maintenance fund, while anticipating the need to raise substantial external funding to support identified conservation requirements.
As disclosed fully in note 16, the current level of unrestricted funds totalling £909,789 will not be sufficient to meet all future maintenance requirements. Therefore, in order to reach a position where maintenance requirements do not exceed available capital, any unrestricted windfalls (legacies, gifts etc.) should pass to reserves if appropriate, given the ongoing likely maintenance requirements.
TRUSTEE'S RESPONSIBILITIES STATEMENT
The Trustee is responsible for preparing the Trustee's report and 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 & Wales requires the Trustee 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 of the charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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. It is 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.
This report was approved by the Trustee on 17 July 2025 and signed on its behalf by:
Eve Salomon, Chair - The Bath Preservation Trust Ltd
Page 6
THE BECKFORD TOWER TRUST
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST
AUDITORS OPINION
We have audited the financial statements of The Beckford Tower Trust (the 'Charity') for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity's affairs as at 31 January 2025 and of the Charity's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 United Kingdom, including the Financial Reporting Council'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 trustee's 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 trustee with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The trustee is responsible for the other information. The other information comprises the information included 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 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 7
THE BECKFORD TOWER TRUST
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report.
We have nothing to report in respect of the following matters in relation to which we to report to you if, in our opinion:
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the Charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the Charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEE
As explained more fully in the trustee’s responsibilities statement, the trustee is responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is 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 trustee either intends to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
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 an Auditors' Report 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.
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.
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We have considered the nature of the sector, control environment and financial performance;
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we have considered the results of enquiries with management and the trustee in relation to their own identification and assessment of the risk of irregularities within the entity;
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we have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and
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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 procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the
Page 8
THE BECKFORD TOWER TRUST
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF THE BECKFORD TOWER TRUST
Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.
Our procedures to respond to risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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enquiring of management in relation to actual and potential claims or litigations;
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performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around year-end cut off; and
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.
We also communicated identified laws and regulations and potential fraud risks to the trustee of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve 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 Auditors' Report.
USE OF OUR REPORT
This report is made solely to the trustee, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustee 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 trustee, for our audit work, for this report, or for the opinions we have formed.
Chris Trantham FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL
Date:
Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006
Page 9
THE BECKFORD TOWER TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025
| Note INCOME AND ENDOWMENTS FROM: Donations, legacies and grants 2 Charitable activities 3 Other trading activities 4 Investments 5 TOTAL INCOME EXPENDITURE ON: Raising funds 7 Charitable activities 6 TOTAL EXPENDITURE NET INCOME BEFORE INVESTMENT GAINS Net gains/(losses) on investments 12 NET INCOME/(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES TRANSFERS BETWEEN FUNDS 16 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds Restricted funds Endowment funds Total funds Total funds 2025 2025 2025 2025 2024 £ £ £ £ £ 11,824 183,864 - 195,688 438,645 22,783 - - 22,783 70 1,607 - - 1,607 130 15,005 - - 15,005 6,964 |
|---|---|
| 51,219 183,864 - 235,083 445,809 |
|
| 1,619 - - 1,619 - 62,497 1,299,667 - 1,362,164 2,075,790 |
|
| 64,116 1,299,667 - 1,363,783 2,075,790 |
|
| (12,897) (1,115,803) - (1,128,700) (1,629,981) 10,396 - 13,189 23,585 2,911 |
|
| (2,501) (1,115,803) 13,189 (1,105,115) (1,627,070) - - - - - |
|
| (2,501) (1,115,803) 13,189 (1,105,115) (1,627,070) |
|
| 248,486 2,025,591 102,218 2,376,295 4,003,365 |
|
| 245,985 909,788 115,407 1,271,180 2,376,295 |
The notes on pages 12 to 25 form part of these financial statements.
Page 10
THE BECKFORD TOWER TRUST
BALANCE SHEET AS AT 31 JANUARY 2025
BALANCE SHEET
AS AT 31 JANUARY 2025
| BALANCE SHEET AS AT 31 JANUARY 2025 |
||
|---|---|---|
| Note FIXED ASSETS Tangible Assets 11 Investments 12 CURRENT ASSETS Stocks 13 Debtors 14 Cash at bank and in hand CREDITORS:amounts falling due within one year 15 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Endowment funds 16 Restricted funds 16 Unrestricted funds 16 TOTAL FUNDS |
£ 1,153 186,365 357,675 |
2025 2024 £ £ £ 556,213 556,213 205,994 182,785 762,207 738,998 156 1,606,145 306,878 1,913,179 (275,882) 508,973 1,637,297 1,271,180 2,376,295 115,407 102,218 909,788 2,025,591 245,985 248,486 1,271,180 2,376,295 |
| 545,193 (36,220) |
||
The financial statements were approved and authorised for issue by the Trustee on 17 July 2025 and signed on their behalf, by:
Eve Salomon, Chair - The Bath Preservation Trust Ltd
R Tredwin Chair – Finance, Audit and Risk Committee
The notes on pages 12 to 25 form part of these financial statements.
Page 11
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 Charities SORP (FRS 102) 2019 published in October 2019.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Beckford Tower Trust constitutes a public benefit entity as defined by FRS 102.
1.2 INCOME
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered 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 as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity 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 is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the guides is not recognised; please refer to the Trustee's report for more information about their contribution.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific 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 performance related conditions, there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.
1.3 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is 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 with administration of the charity and compliance with constitutional and statutory requirements.
Costs of raising funds are costs incurred in raising funds for the Trust’s charitable purposes.
Page 12
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. ACCOUNTING POLICIES (continued)
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 HERITAGE ASSETS
Donated heritage assets are recorded at deemed cost at the date of acquisition, which may be established by a probate value or a formal valuation, where applicable and reasonably obtainable.
Heritage assets costing £1,000 or above purchased by the Trust after 1 March 2005 are recorded at cost.
These assets are not depreciated as they are deemed to have indefinite lives and are reviewed annually for any impairment. They are intended to be held as permanent additions to the collections. It is the Trust’s policy not to revalue heritage assets once capitalised as undertaking valuations at a sufficient frequency for them to remain current would incur disproportionate cost.
It is very important for a museum to account to the public for the management and care of the collections entrusted to it. High standards of Collections Management are applied to the collection in order to preserve and manage it on behalf of, and to make it available to, the public. A Register and full records are kept on the collection, its provenance, and its donors. These are made available for all enquiries and requests, subject to appropriate security and data protection guidelines. Conservation expenditure incurred on heritage assets, has been written off to the Statement of Financial Activities.
1.5 TANGIBLE FIXED ASSETS AND DEPRECIATION
All assets costing £1,000 and above are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold property | - | not depreciated |
|---|---|---|
| Heritage assets | - | not depreciated |
| Fixtures and fittings | - | 15% Reducing Balance |
1.6 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the Statement of Financial Activities.
1.7 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.
1.8 STOCKS
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and
Page 13
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. ACCOUNTING POLICIES (continued)
slow-moving stocks.
1.9 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening 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 benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.12 FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.13 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustee 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 Trustee for particular purposes. The aim and use of each designated fund are 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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.
Permanent Endowment Funds - these represent the capital of the Trust, derived from gifts received since its foundation, and are to be held and maintained in perpetuity.
1.14 TAXATION
The Beckford 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 income and gains.
1.15 GOING CONCERN
The Trustee assesses whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustee makes this assessment in respect of a period of one year from the date of approval of the financial statements.
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THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
Under all the scenarios reviewed, the charity has sufficient reserves to enable it to continue as a going concern for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
2. INCOME FROM DONATIONS, LEGACIES AND GRANTS
| Donations Grants Grants - coronavirus related Total 2024 |
Unrestricted funds Restricted funds Endowment funds Total funds Total funds 2025 2025 2025 2025 2024 £ £ £ £ £ 20,075 1,000 - 21,075 60,015 - 182,864 - 182,864 378,630 (8,251) - - (8,251) - |
|---|---|
| 11,824 183,864 - 195,688 438,645 |
|
| - 438,645 - 438,645 |
3. INCOME FROM CHARITABLE ACTIVITIES
| 4. OTHER TRADING ACTIVITIES Museum admissions income Other museum income Total 2024 Shop and weddings income Total 2024 |
Unrestricted funds Restricted funds Endowment funds Total funds Total funds 2025 2025 2025 2025 2024 £ £ £ £ £ 22,559 - - 22,559 70 224 - - 224 - |
|---|---|
| 22,783 - - 22,783 70 |
|
| 70 - - 70 Unrestricted funds Restricted funds Endowment funds Total funds Total funds 2025 2025 2025 2025 2024 £ £ £ £ £ 1,607 - - 1,607 130 |
|
| 130 - - 130 |
4. OTHER TRADING ACTIVITIES
Page 15
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
5. INVESTMENT INCOME
| 5. INVESTMENT INCOME |
|
|---|---|
| Investment income - rent Listed investments and bank interest Total 2024 |
Unrestricted funds Restricted funds Endowment funds Total funds Total funds 2025 2025 2025 2025 2024 £ £ £ £ £ 10,261 - - 10,261 1,169 4,744 - - 4,744 5,795 |
| 15,005 - - 15,005 6,964 |
|
| 6,964 - - 6,964 |
6. ANALYSIS OF DIRECT EXPENDITURE ON CHARITABLE ACTIVITIES
| Wages and salaries Premises costs: Insurances Repairs, maintenance and projects Heat and light Other premises costs Opening costs: Interpretation/conservation Leaflets and advertising Guides and other opening costs Administration: Office and other costs Accountancy Auditors' remuneration Overheads met from NLHF grants |
Unrestricted Restricted 2025 2024 £ £ £ £ 15,640 88,935 104,575 182,640 2,283 3,829 6,112 21,228 335 743,835 744,170 1,131,382 19,387 1,544 20,931 3,875 6,073 4,793 10,866 7,875 82 83,890 83,972 235,240 1,404 21,478 22,882 8,164 4,185 194,749 198,934 258,879 4,338 153,464 157,802 222,907 7,500 - 7,500 1,200 3,370 1,050 4,420 2,400 (2,100) 2,100 - - |
|---|---|
| 62,497 1,299,667 1,362,164 2,075,790 |
7. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Expenditure on raising funds Shops and weddings Expenditure on charitable activities Expenditure on governance Total 2024 |
Staff costs Depreciation Other costs Total Total 2025 2025 2025 2025 2024 £ £ £ £ £ - - 1,118 1,118 - |
|---|---|
| - - 1,619 1,619 - 104,575 - 1,253,169 1,357,744 2,073,390 - - 4,420 4,420 2,400 |
|
| 104,575 - 1,259,208 1,363,783 2,075,790 |
|
| 182,640 - 1,893,150 2,075,790 |
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THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
8. NET INCOME/(EXPENDITURE)
During the year, no Trustee received any remuneration (2024: £NIL).
During the year, no Trustee received any benefits in kind (2024: £NIL).
During the year the Trustee, The Bath Preservation Trust, was reimbursed expenses of £112,826 (2024: £215,202).
9. AUDITORS' REMUNERATION
The Auditor's remuneration amounts to an Audit fee of £2,520 (2024 - £2,400).
10. STAFF COSTS
No persons were directly employed by the charity but recharges for staff costs of £80,670 (2024: £109,947) were made by The Bath Preservation Trust Limited.
11. TANGIBLE FIXED ASSETS
| COST At 1 February 2024 Additions At 31 January 2025 DEPRECIATION At 1 February 2024 At 31 January 2025 NET BOOK VALUE At 31 January 2025 At 1 February 2024 |
Freehold property Heritage assets Fixtures and fittings Total £ £ £ £ 80,312 475,901 11,634 567,847 - - - - |
|---|---|
| 80,312 475,901 11,634 567,847 |
|
| - - 11,634 11,634 |
|
| - - 11,634 11,634 |
|
| 80,312 475,901 - 556,213 |
|
| 80,312 475,901 - 556,213 |
Freehold land and buildings
The freehold land and buildings known as the Beckford Tower, Lansdown, Bath, were gifted to The Beckford Tower Trust in 1972; no value was placed on the gift, and there have been no subsequent formal valuations, so no cost or value for the Tower is included in the financial statements. Freehold land adjacent to the Beckford Tower was purchased in 2020 and is included in the financial statements at cost.
Museum exhibits (Heritage assets)
Museum exhibits purchased prior to 28 February 2005 were written off as historic assets on the date of purchase. Since this date any purchases are capitalised.
Page 17
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
11. TANGIBLE FIXED ASSETS (continued)
HERITAGE ASSETS
| HERITAGE ASSETS | |
|---|---|
| Heritage assets acquired prior to 1 February 2024 Cabinet Coffer Beckford book/letters Beckford portrait Books & Archives: Blavatnik Books & Archives: Hewat Jaboor Collection Books & Archives: Wainwright Collection Heritage assets at 31 January 2025 |
Cost Valuation Total £ £ £ 64,000 - 64,000 324,000 - 324,000 3,831 - 3,831 13,000 - 13,000 - 13,400 13,400 56,170 56,170 1,500 1,500 Basis of capitalisation |
| 404,831 71,070 475,901 |
|
| 404,831 71,070 475,901 |
The Hewat Jaboor Collection of books and the Wainwright Collection of books and archives with an estimated value of £56,170 and £1,500, respectively were donated to the trust in 2023-24.
12. FIXED ASSET INVESTMENTS
| All investments are held in units in the Sarasin Endowment Fund. 13. STOCKS Listed securities group undertakings £ £ MARKET VALUE At 1 February 2024 182,785 Withdrawals/additions 125 - Revaluations 23,585 - At 31 January 2025 205,994 - INVESTMENTS AT MARKET VALUE COMPRISE: 2025 £ Listed investments 205,994 2025 £ Goods for resale 1,153 |
All investments are held in units in the Sarasin Endowment Fund. 13. STOCKS Listed securities group undertakings £ £ MARKET VALUE At 1 February 2024 182,785 Withdrawals/additions 125 - Revaluations 23,585 - At 31 January 2025 205,994 - INVESTMENTS AT MARKET VALUE COMPRISE: 2025 £ Listed investments 205,994 2025 £ Goods for resale 1,153 |
Listed securities £ 182,785 125 23,585 |
|---|---|---|
| 205,994 | ||
| 2024 £ 182,785 |
||
| 2025 £ 1,153 |
2024 £ 156 |
Page 18
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
14. DEBTORS
| 4. DEBTORS |
|
|---|---|
| Trade debtors Other taxation and social security Prepayments and accrued income |
2025 2024 £ £ 16,051 - 2,534 9,352 167,780 1,596,793 |
| 186,365 1,606,145 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
2025 2024 £ £ 5,251 272,864 16,694 170 - - - - 14,275 2,848 |
|---|---|
| 36,220 275,882 |
Page 19
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
16. STATEMENT OF FUNDS
STATEMENT OF FUNDS – CURRENT YEAR
| Balance at 1 | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| February | Expenditur | Transfers | Gains/ | 31 January | |||
| 2024 | Income | e | in/out | (Losses) | 2025 | ||
| £ | £ | £ | £ | £ | £ | ||
| DESIGNATED FUNDS | |||||||
| Short term maintenance | 30,000 | - | - | - | - | 30,000 | |
| Medium to long term | |||||||
| maintenance | 192,886 | - | - | - | - | 192,886 | |
| Ten months' operating costs | 25,600 | - | - | - | - | 25,600 | |
| 248,486 | - | - | - | - | 248,486 | ||
| GENERAL FUNDS | - |
51,219 | (64,116) | - | 10,396 | (2,501) | |
| TOTAL UNRESTRICTED FUNDS | 248,486 | 51,219 | (64,116) | - | 10,396 | 245,985 | |
| ENDOWMENT FUNDS | 102,218 | - | - | - | 13,189 | 115,407 |
RESTRICTED FUNDS
| RESTRICTED FUNDS | |
|---|---|
| BTT Assets: Cabinet Coffer Beckford book/letters The Paddocks Beckford portrait Books & Archives: Blavatnik etc. BTT Funds: Rimington Legacy "Our Tower" NLHF Project "Our Tower" other funds B&NES Other grants Cane Warriors TOTAL OF FUNDS |
Balance at 1 February 2024 Income Expenditur e Transfers in/out Gains/ (Losses) Balance at 31 January 2025 £ £ £ £ £ £ 64,000 - - - - 64,000 324,000 - - - - 324,000 3,831 - - - - 3,831 80,312 - - - - 80,312 13,000 - - - - 13,000 71,070 - - - - 71,070 49,916 - - - - 49,916 1,374,446 70 (1,120,300) - - 254,216 36,172 171,360 (158,077) - - 49,455 1,066 1,000 (1,000) - - 1,066 39 2,000 (1,116) - - 923 7,739 9,434 (19,173) - - (2,000) |
| 2,025,591 183,864 (1,299,666) - - 909,789 |
|
| 2,376,295 235,083 (1,363,782) - 23,585 1,271,181 |
Page 20
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
16. STATEMENT OF FUNDS (continued)
STATEMENT OF FUNDS – PRIOR YEAR
| Balance at 1 | |||||||
|---|---|---|---|---|---|---|---|
| February | Transfers | Gains/ | Balance at 31 | ||||
| 2023 | Income | Expenditure | in/out | (Losses) | January 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| DESIGNATED FUNDS | |||||||
| Short term maintenance | 30,000 | - | - | - | - | 30,000 | |
| Medium to long term | |||||||
| maintenance | 184,549 | - | - |
8,337 | - | 192,886 | |
| Ten months' operating costs | 25,600 | - | - | - | - | 25,600 | |
| 240,149 | - | - | 8,337 | - | 248,486 | ||
| GENERAL FUNDS | - |
7,164 | (110) | (8,337) |
1,283 | - | |
| TOTAL UNRESTRICTED FUNDS | 240,149 | 7,164 | (110) | - | 1,283 | 248,486 | |
| ENDOWMENT FUNDS | 100,590 | - | - | - | 1,628 | 102,218 | |
| RESTRICTED FUNDS | |||||||
| BTT Assets: | |||||||
| Cabinet | 64,000 | - | - | - | - | 64,000 | |
| Coffer | 324,000 | - | - | - | - | 324,000 | |
| Beckford book/letters | 3,831 | - | - | - | - | 3,831 | |
| The Paddocks | 80,312 | - | - | - | - | 80,312 | |
| Beckford portrait | 13,000 | - | - | - | - | 13,000 | |
| Books & Archives: Blavatnik etc. | 13,400 | 57,670 | - | - | - | 71,070 | |
| BTT Funds: | |||||||
| Rimington Legacy | 49,916 | - | - | - | - | 49,916 | |
| "Our Tower" NLHF Project | 2,944,810 | 244,880 | (1,815,244) | - | - | 1,374,446 | |
| "Our Tower" other funds | 165,990 | 51,084 | (180,902) | - | - | 36,172 | |
| B&NES | 1,066 | - | - | - | - | 1,066 | |
| NLHF CRF grants | - | - | - | - | - | - | |
| Other grants | 2,301 | - | (2,262) | - | - | 39 | |
| Cane Warriors | - | 85,011 | (77,272) | - | - | 7,739 | |
| 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 |
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THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
16. STATEMENT OF FUNDS (continued)
DESIGNATED FUNDS
The Trustee's reserves policy is that the optimum level of reserves should be equivalent to ten months' operational costs (an opening season) with the remainder of any funds designated to be invested in order to support future maintenance of the Tower and its operations, in addition to the income from the Permanent Endowment Fund.
The current level of unrestricted funds will not be sufficient to meet all future maintenance requirements. Therefore, in order to reach a position where maintenance requirements do not exceed available capital, any unrestricted windfalls (legacies, gifts etc.) should pass to designated reserves if appropriate, given the ongoing likely maintenance requirements.
In 2024, the unrestricted surplus of £8,337 was transferred to the Medium to Long Term Maintenance Fund.
ENDOWMENT FUNDS
This was established under the 1977 Trust Deed which set up the Trust; the income arising from Permanent Endowment investments can be used for the maintenance, general upkeep and administration of the Tower, and the capital can, in certain circumstances, be used to fund capital expenditure.
RESTRICTED FUND
Assets - a cabinet and a coffer, both formerly belonging to William Beckford, were purchased in 2007-08 and 2011-12 for £64,000 and £324,000 respectively. In 2018-19, a book entitled ‘Letters to the right honourable Lord Brougham and Vaux presenting rambling details of a tour’ was purchased. This book from Beckford’s library includes notes 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. During the same year, the Trust received a donation of 35 books, formerly from William Beckford’s library, from the Friends of National Libraries as part of the distribution of the Blavatnik Honresfield Library. To this, the donated Hewat Jaboor and Wainwright collection were added in the year 2023-2024.
Rimington legacy - in December 2014 The Beckford Tower Trust received £50,640 from the executors of Mr Niel Rimington, deceased owner of Fonthill Abbey, Wiltshire. This restricted fund is set aside to offset any costs incurred by the Trust in operating the ‘Beckford Provisions’, which ensure that some public access to the Fonthill Estate is guaranteed into the future. In 2023, there was no expenditure from the Fund because other organised 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 National Lottery Heritage Fund (NLHF) for the ‘Our Tower’ Discovering and reconnecting Beckford’s Tower and Landscape, a major project to restore the tower and its landscape and to increase public engagement with its activities. The grant is in two stages: the Development stage, for which a grant of £422,000 was received, commenced in February 2020 and finished in May 2022. The Delivery phase started in September 2022 and is due to finish in June 2024. The NLHF grant for this phase of the project was initially £3,078,093 and this was accounted as income in 202223; a subsequent additional grant of £244,880 was agreed by NLHF in relation to the increased expenditure caused by the dramatic increase in inflation.
‘Our Tower’ other funds – t hese are grants and donations received towards the ‘Our Tower’ Discovering and reconnecting Beckford’s Tower and Landscape project that will be used, inter alia, to fund any costs not recoverable from the NLHF. The income in the year includes £9,250 awarded by the West of England combined authority that will be paid later in the year and has been accounted as accrued income.
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THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
16. STATEMENT OF FUNDS (continued)
NLHF CRF grants – this represents costs that were met from NLHF Culture Recovery Fund for Heritage grants held by The Bath Preservation Trust.
Bath & North East Somerset (B&NES) Council – the grant was a contribution to the cost of exhibitions at the museum and it is accounted as match funding for the costs not recoverable from NLHF.
Other grants – this represents the residual funding for assets acquisition that have been spent in the year for the costs in relation to the donated collections.
Cane Warriors – this represents a research and development project which links the story of Tacky's Rebellion with the history of Beckford Tower, funded by the National Lottery.
SUMMARY OF FUNDS – CURRENT YEAR
| Designated funds General funds Endowment funds Restricted funds |
Balance at 1 February 2024 Income Expenditur e Transfers in/out Gains/ (Losses) Balance at 31 January 2025 £ £ £ £ £ £ 248,486 - - - - 248,486 - 51,219 (64,116) - 10,396 (2,501) |
|---|---|
| 248,486 51,219 (64,116) - 10,396 245,985 102,218 - - - 13,189 115,407 2,025,591 183,864 (1,299,666) - - 909,789 |
|
| 2,376,295 235,083 (1,363,782) - 23,585 1,271,181 |
SUMMARY OF FUNDS – PRIOR YEAR
| Designated funds General funds Endowment funds Restricted funds |
Balance at 1 February 2023 Income Expenditure Transfers in/out Gains/ (Losses) Balance at 31 January 2024 £ £ £ £ £ £ 240,149 - - 8,337 - 248,486 - 7,164 (110) (8,337) 1,283 - |
|---|---|
| 240,149 7,164 (110) - 1,283 248,486 100,590 - - - 1,628 102,218 3,662,626 438,645 (2,075,680) - - 2,025,591 |
|
| 4,003,365 445,809 (2,075,790) - 2,911 2,376,295 |
d
Page 23
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS – CURRENT YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year |
Unrestricted funds Restricted funds Endowment funds Total funds 2025 2025 2025 2025 £ £ £ £ - 556,213 - 556,213 90,587 - 115,407 205,994 191,618 353,575 - 545,193 (36,220) - - (36,220) |
|---|---|
| 245,985 909,788 115,407 1,271,180 |
ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year |
Unrestricted funds Restricted funds Endowment funds Total funds 2024 2024 2024 2024 £ £ £ £ - 556,213 - 556,213 80,567 - 102,218 182,785 443,801 1,469,378 - 1,913,179 (275,882) - - (275,882) |
|---|---|
| 248,486 2,025,591 102,218 2,376,295 |
18. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
The contracted sum for the capital works to be carried out by Emery Brothers Limited at Beckford’s Tower agreed in May 2023 was £2,026,110 + VAT. Works carried out in the year 2024-25 had a total cost of, and £752,267, (£1,151,544 + VAT in 2024), leaving a capital commitment at year-end (VAT excl.) of £54,652 (2024 - £874,566).
19. POST BALANCE SHEET EVENT
As part of the agreement for National Lottery Heritage Fund support for ‘Our Tower’ Discovering and reconnecting Beckford’s Tower and Landscape project, the National Heritage Memorial Fund has required a charge over the freehold land and buildings known as the Beckford Tower, Lansdown, Bath. The charge was entered into on 2 June 2023 and will be discharged after 25 years.
Page 24
THE BECKFORD TOWER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
20. RELATED PARTY TRANSACTIONS
At the year-end Beckford Tower Trust owed The Bath Preservation Trust Limited £16,694 (2024 £170).
21. ULTIMATE PARENT UNDERTAKING
The Bath Preservation Trust Ltd (BPT) is the immediate and ultimate parent company; that Trust prepares consolidated financial statements, including the results of The Beckford Tower Trust, which can be obtained from the principal office at 1 Royal Crescent, Bath BA1 2LR.
Page 25