Charity registration number 504634 CHESTER CIVIC TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 ) Hargreaves & Woods CHARTERED ACCOUNTANTS & BUSINESS ADVISERS CHESTER CIVIC TRUST CONTENTS Page Legal and adminislralive infomiation Trustoos, roport Independent examlnerfs report Slatemenl of financial adivilie5 Balance sheet Notes to the financial staternents 10-16 CHESTER CIVIC TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mis C M Russell Mr N Clarke Mr G Callin Ms S M Harris Mrs J Evans Mrs V F Muslill-Daniels MrA D Pannell Mrs H McNae Mr J S Langtree MBE Ms K M¢Kay Mrs C Phillips MrA R Barton Mr D J Evans Mrs R A Davidson Mr P W Cocker Mr J D Herson Mr D J Tweed Mr B Dutton Mr A Taylor-Jones Mrs J A Harrad-Roberts (Appointed S October 2023) Charlty number 504634 Prlnclpal address Bishop Lloyds Palace 51-53 Walergate Street Row Chester CH12LE Independent examiner James Hargreaves FCA Cholmondeley House Dee Hills Park Chester Cheshire CH3 SAR CHESTER CIVIC TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustee5 present their annual report and financial statements for the year ended 31 March 2024. The financlal statements have been prepared in accordance wllh the accounting policies sel out in nole 1 to the financial statements and comply with the charivs governing document, Ihe Charities Act 2011 and Accounting and Reporting by Charities- Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the FlnanGial Reportlng Standard applicable in Ihe UK and Republlc of Ireland (FRS 102)" (effective l January 2019). Objectives and activitles The main mission of the Trust is lo preseNe and improve the buill environment in and around Choster and to enhance the quality of life of its citizens. To achieve this mlssion it has sel ilself the following objectives: To foster civic piide and public interest in Chesterfs buildings and their sellings., To champlon good architecture. planning and design, and promole sustainabllity.. To preserve and enhance Chestels architectural and cultural heritage; To improve the quality of life for people in Chester Public benefil The tTuslees have pald due regard to guidance issued by the Charity Commisslon In decidlng what activities the charity should undertake. Achlev&ments and perforniance SignifiG8nt aclivilies and achigvgments against objectives CHAIR'SANNUAL REPORT2023 124 2023 124 has been a busy stsbilising year for Chester Civtc Trust. The Trust is now back on a secure ffinanclal foollng after an uncertain few years duying the Covid pandemic and its aftemiath. Membership figures have remalr)ed stabl8. Commillees have been revitalised and an ambitious programme of events has been organised for members. The Trust has conllnued to support partnership working with Cheshire West and Chester Council (CWAC) on a number of projects such as the Chesler Heritage Festival. the Rows Heritage Action Zone and the second phase of the Northgate developmenl. New Works Committee, chaired by Andrew Pannell. meets regularly lo monitor and comment on planning applicallons. Members of the Committee have recently visited the Racecourso to dlscuss the latest development proposals with representatives of the Race Company. The highlights of Ihe Events Committee, chalred by Karen McKay, has been a study lour of the Hansealic Ports in Northern Europe and a 4 day visil based in Cardiff taking in the Senedd, the Royal Mint and various historical sites. Plus an eclectic mix of day visits including a 750 year old Manor House in Salford and a quirky 1950s Museum in Denbigh. The Winter Lectures in Ihe Grosvenor Museum Lecture Theatre have ￿Vered a diverse range of topics given by local and national speakers. The Communications Commiitee. chaired by Nick Clarke. oversees the Trusl's annual Good Bad and Ugly Awards. The Judglng Panel. chaired by Peter Hadfield. gave the top award in 2024 to Picturehouse, adjacent lo the Market, thè fabulous new additlon lo Chester's cultural offer. Bolh the Heritage Committee and the Slralegic Development Committee have new Chairs in 2024. Tony Barton has taken over from Stephen Langlree at Heritage and John Tweed has replaced Peter Cocker as Strategic Developmgnl Chair. A number of our Commillees would welcome new members. You don't need lo be an 'expert' _ just inleresl and enlhuslasml Meetings are usually held once every &8weeks. CHESTER CIVIC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 One of the particular highlighls of 2024 was a very successful fundraising Garden Party held at Crewe Hill Farndon by the kind Invilalion of Inger and Michael Trevor Bamslon who are life members of Chester Civic Trust. Over 100 guests enjoyed tours of Ihe amazing garden. music provided by the FaTndon Brass Band. strawberries and cream and glorious sunshine. Nearly £1600 was raised thal will help to pay towards the running costs of our HQ, Bishop Lloyd's Pala￿. sin￿ the death of Gerald Grosvenor, Ihe 6th Duke of Westminster, the Trusl has been without 8 President. We were delighted to announce earlier in Ihe year that Lady Alexis Redmond MBE. HM Lord-Lieulenant of Cheshire. has accepted our invitation to lake over as President of the Trust. Lady Redmond and her husband, Phil, were our special guests at the Garden Party. The Trustees will be proposing al Ihe AGM Ihal the Trust becomes a Charitable Incorporated Organisation ICIO). On behalf of the Trust. I would like lo thank Peter Cocker for his work on the preparation and submission of the successful CIO application to the Charity Commission. Vile are also planning to start negotiations with Cheshire West and Chesler Council for the renewal of our lease for Bishop Lloyd's Palace that is due lo expire in 2025. I would like lo thank all members for their continuing support and the Trustees for their hard work and commitment to the Trust. Financial revlew Income from lellings increased significantly in Ihe year and amounted to £9,375 compared to £2,375 in the previous year. Expenditure associated with the upkeep and running of Bishop Lloyd's Palace. which is largely made up of rent, insurance, utilities and cleaning. amounted to £6,778, which is broadly in line with the prev¢ous year where costs amounted to £6,090. No signfficant repairs were carried out during the yèar. A full program of events was held during the year. generating a small surplus of £1,287 for the Trust. Income from membership subscriplions increased slighuy from £6.254 10 £6,560 in the current year as membership numbers were broadly in line wilh the Previous year. Investment income Increased to £831 compared to £463 in Ihe previous year. There were no sales or purchases of inveslmenls during Ihe year and Ihe market value of the potifolio showed good growth. increasing by £5,578 compared lo a decrease over Ihe previous year of £1.090. Taklng all of the above into account, the overall result for the year was a surplus of £11,059 compared wilh a defioit in the previous financial year of £4.875. ReseNes policy Overall the Trust's reserves increased from £75.889 as al 31 March 2023 10 £86,948 al 31 March 2024. Of this amount, £44,663 represents unrestricted general reserves and £42,285 represents unrealised gains on investments. The Trusvs reserves policy is to hold unreslricted funds. nol commilled or invesled. equivalent to 3 months, expenditure on eslablishmenl expenses and services to members. This equates to approximately £2,500 of expenditure. Unrestricted reserves which are nol commilled or invested as at 31 March 2024 stand at £17,128 (2023-. £11,645). The reserves policy requirement has therefore been mel. The Trustees aim is to retain reseTves at a level which continues lo meet Ihis requirement going forward whilst also retaining funds lo cover essential expenditure on repairs and renewals. CHESTER CIVIC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure¥ governance and management The Iruslees who served during the year and up to the dale of signature of the financial statements were: Mrs C M Russell Mr N Clarke Mr G Callin Ms S M Harris Mrs J Evans Mr# V F Mustill Daniel= MrA D Pannell Mrs H McNae Mr J S Langlree MBE Ms K McKay Mrs C Phillips Mi"A R B Net In¢omellexpenditure} and movement In funds 11,059 (4,875> Reconciliatlon of funds: Fund balances at 1 ApNI 2023 75,889 80,764 Fund balances at 31 March 2024 86,948 75,889 The slalement of financial activities indudes all gains and losses recogni5ed in the year. All income and expendilure derive from continuing activities. The notes on pages 10 to 16 form part of these financial statements. CHESTER CIVIC TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Noles Flxed assets Investments 16 69.822 64,244 Current assets Debtors r.A.qh 21 bank and in hand 17 297 17.841 345 14,584 18.138 14.929 Creditors: amounts falling due within on8 year 18 (1.012) (3.284) Not eurrent assets 17.126 11,645 Total assets less current liabilities 75.889 Net assets excluding pènsion liability 86,948 75,889 The funds of the charity Unrestricted fund5 86,948 75,889 86,948 75,889 The notes on pages 10 to 16 fonm part of these finanaal slatements. The financial statements were approved by the Iruslees on ... 2o>r Mrs C M Russell Trustee CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AGcounting policies Charlty Informatlon Chester Civic Trusl is a is a public benefit enlily and a regislered charity in England and Wales and is unincorporated. The address of the principal Offi￿ is Bishop Uoyds Palace. 51 53 Watergate Street Row, Chester, CH12LE. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with Ihe charity's goveming document, the Charities Act 2011, FRS 102 'The FlnanGial Reporting Standard applicable in Ihe UK and Republic of Ireland. {"FRS 102") and the Charities SORP "Accounling and Reporting by Charities: Stalemenl of Recommended Practice applicable lo charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Publlc Benefit Entity as defined by FRS 102. The charity has laken advantage of the provisions in the SORP for charities not to prepare a Slalement of Cash Flows. The financial stalements have departed from the Charitie5 (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statemenl of Recommended Praclice for charities applying FRS 102 rather than the version of the Statement of Recommended Praclice which is referred to in the Regulations bul which has since been withdrawn. The financial slalements are prepared In sterling. whith is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, modified to includ8 the revaluation of freehold properties and to include inveslmenl properties and certain financlal instruments at fair value. The principal accovnling policies adopted are set out below. 1.2 Golng concern Al the time of approving the financial statements, Ihe truslees have a reasonable expectation that the charity has adequate resources to continue in operational exislence for the foreseeable future. Thus the Iruslees continue lo adopt Ihe golng ¢oncem basis of accounting in preparing the financial slatemenls. 1.3 Charltsble funds Unreslricled funds are available for use al the discretion of the twslees in furtherance of their chaTltable obje¢lives. Restricled funds are subject to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restrlcted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors Ihal Ihe capilal must be maintained by the charity. 1.4 Income Income is recognised when Ihe charity is legally enlilled to it afler any performance conditions have bèen met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are re¢ognised on receipt. Other donation5 are recognised once the charity has been notified of the donation, unless performance conditions require defeffal of the amounl. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised when the claim has been submilled. 10- CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AccountSng pollcles (Contlnued) Legacies are recognised on receipt or othe￿iSe rf the charily has been nolified of an impending distribution, the amounl is known, and receipl is expecled. If the amount is not known, the legacy is Irealed as contingent 8ssel. 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benèfit 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. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct cosls allributable lo a single activity are alloGaled directly lo that a¢livity. Shared costs which contribute to more than one activity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocaled on the portion of the asset's use. 1.6 Fixed assot Investments Fixed asset investments are initially measured al transaclion price excluding Iransaclion costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in nel incomel(expendilure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposils held al call with banks, other short-lerm liquid investments with original malurilies of three months or loss. and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabililies. 1.8 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Flnancial Inslrumenls, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of ils financial inslrumenls. Finarieial instruments are recognised in the charitys balan￿ Sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offsel. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo sellle ors a net basis or lo realise the assel and seltle the liabilily simultaneousty. Baslc financlal assets Basic financial assets, which include deblors and cash and bank balances, are Inllially measured al transaction price including transaction costs and are subsequently carried al amortised cosl using the effecllve Interest method unless the affangement conslitutes a financing transaclion. where Ihe Iransaction is measured al the present value of the future receipts discounled at a markel rale of interest. Finandal assets dassified as receivable within one year are not amortised. 11 CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles {Continued) Basic financial liabilities Baslc financial liabilities, Including creditors and bank loan5 are initlally recognlsed at transaction price Ltnless the arrangement conslitules a financing transaclion. where the debt instrument Is measured al the present value of the future payments dlscounled at a market rale of interest. Financlal liabilities classified as payable wllhln one year are not amortised. Debl instruments ara subsequently carried at amortised cost. using the effective inlerest rate method. Trade creditors are obligalions to pay for goods or seNces Ihat have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as currenl liabilities if paymenl is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised inllially at transaction ptice and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Flnancial liablllties are derecognised when the thariVs contractual obligations explre or are dlscharged or cancelled. Critlcal accounting estlmates and judgements In the application of the charlty's accounting policl6s. the trustees are required to make Judgements, eslimales and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from olher sources. The estimates and associated assumptions are based on hlstorlcal experience and other factors Ihal are considered lo be relevant. Actual results may differ from these estimates. The estimates and underfying 8ssumplions are reviewed on an ongoing basis. Revislons lo accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In¢omo from donations and legacies Unrestricted funds 2024 Unrestrlcted funds 2023 Donations and gffts Gift Aid recelpt5 583 1,058 1.074 583 2.132 12- CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 Income from charitablè activltles Unrestricted Unrestrlcted funds funds 2024 2023 Blshop Lloyd's Palace lèttlngs other income 9.375 2.375 Members actlvities Other income 11.842 42.471 21.217 44,846 Income from other trading activities Unrestricted Unrestrlcted fiinds funds 2024 2023 Membership subscriptions 6,560 6,254 Income from Investmènts Unrestrlcted Unrestrictsd funds funds 2024 2023 Income from listed investments 831 463 Other income Unrestricted Unrestricted funds funds 2024 2023 Other Income 391 54 13- CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on ralsing funds Unrestricted Unrestricted funds lunds 2024 2023 Trading costs Other trading activitiÈs 6.408 6,997 Expendlturé on Charitable activities Bishop Membe Lloyd'$ activities Palace letting$ 2024 Total Bishop Members Lloyd's activitios Palace lettings 2023 Total 2024 2024 2023 2023 Dlrect costs Establishment costs Events expenditure Donations Civic Voice 6.778 6.778 10.555 6.090 43,070 1.000 10.555 43,070 1,000 6.778 10.555 17,333 6,090 44.070 50,160 Share of BUPPOrt and gov¢rnanGc Gosts (see note 101 Support 360 360 377 377 7.138 10.555 17.693 6,467 44.070 50,537 Analysls by fund Unie51riGled funds 7.138 10.555 17,693 6.467 44,070 50.537 10 Support Costs allocated to activities 2024 2023 Govemance cosls 360 377 Analysed between: Bishop Lloyd's Palace lettings 360 377 11 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediling)- Fees payable for the independent examination of the charit￿S financial statements 360 377 14- CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2024 12 Trustees None of the trustees (or any persons connected with them) received any remunerallon or benefits from Ihe charily during the year. 13 Employees The average monthly number of employees during the year was: 2024 Number 2023 Numbgr Total There were no employees whose annual remuneralion was more than £60,000. 14 Gains and losses on inveslments Unrestricted Unrestricted funds funds 2024 2023 Gainsl{losses) arising on: Revaluation of investments 5,578 (1,090) 15 Taxation The chaiity is exempl from taxation on its activities because all ils income is applied for charilable purposes, 16 Fixed asset Inveslmonts Listed Investments Cost or valuation Al 1 April 2023 Valuation changes 64,244 5.578 Al 31 March 2024 69,822 Carrying amount At 31 March 2024 69,822 Al 31 March 2023 64,244 Investm8nts are valued at market value as provided by the Charity's brokers. 15- CHESTER CIVIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 q7 Debtors 2024 2023 Amounts falllng due within one year: Prepayments and accrued income 297 345 18 Creditors: amounts falling due within one year 2024 2023 other credllors 1,012 3.284 Included within other creditors are amounts totalling £652 (2023.. £1,693) received by the charity as agents. The Trustees have no discretion ovor the use of th8 funds and hence the funds have not been recognised as income. 19 UnrestriGted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how Ihey may be used. These include designaled funds which have been sel aside out of unreslticted funds by Ihe trustees for specific purposes. At l April 2023 Incomlng Resour¢e$ resources expended Galns and At 31 March losses 2024 General funds 75,889 29.582 (24.101) 5,578 88,948 Prevlou$ year: At 1 April 2022 Incomlng Resources resources expended Galns and At 31 March losses 2023 General funds 80,764 53.749 (57.534) {1,090) 75,889 20 Related party transactlons There were no disclosable related party transactions during the year (2023 - none), 16-