Delapre Abbey Preservation Trust - Charities report - 22.2

REGISTERED COMPANY NUMBER: 06005336 (England and Wales)

REGISTERED CHARITY NUMBER: 1120815

Report of the Trustees and

Unaudited Financial Statements

For The Year Ended 30th March 2022

for

Delapre Abbey Preservation Trust

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

Notes to the Financial Statements

8

to

14

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity aims to:

Preserve for the benefit of the people of Northampton and the nation in general the surrounding and adjacent geographical areas of the Delapre Abbey estate.

Preserve the historical, archaeological, architectural, cultural and environmental heritage in the buildings and such adjacent curtilage constituting Delapre Abbey as may be from time to time the subject of leases and tenancies or other arrangements between Northampton Borough Council and the charity.

In this year the Trust has developed a new strategic plan focused on the needs of the Trust and its communities.

The Trust has defined its strategic objectives as follows:

Preserve, we preserve heritage for future generations, offering a connection to place.

Promote, we promote The Park and Abbey creating a sense of pride in Northampton.

Connect, we connect our communities to nature, heritage, and culture, and communicate the benefits.

Support, we support people's wellbeing, through our spaces and programmes.

Leadership, we lead our sector locally providing a platform for heritage.

The Trusts new priorities are:

To improve access to heritage and culture for all

To connect people with Heritage and Nature to support greater wellbeing

To develop a sustainable Trust

Coronavirus pandemic

Despite the challenges of 2020-21, this year has seen immense resilience and adaptability from The Trust in order to weather COVID restrictions. On May 17th 2021 indoor venues were allowed to reopen before weddings could be conducted without restriction on June 14th. In the Autumn further measures such as facemask wearing and covid passes were introduced by the government to ensure public safety was observed whilst still allowing visitors back into sites managed by The Trust. This financial year also saw generous support provided through DCMS & National Lottery Heritage Fund Cultural Recovery Funds which enabled us at move forward despite a difficult period for all sectors affected by Coronavirus.

Community engagement

The charity continued to increase its engagement with the communities of Northampton and further afield. The trust continued to provide free annual passes to all residential households within the local community, which enabled community members free access to Delapre Abbey and discounted tickets for events. This scheme saw an increase in take up of over 1,800 households. In addition, the Trust provided free fresh fruit and veg donations to the local food resilience network and encouraged food donations to be made, which helped support three local food resilience charities.

In addition, we were successful in raising funds through the #iwill fund via Northamptonshire Community Foundation, along with funding through the Queens Institute fund also from Northamptonshire Community Foundation. The #iwill fund enabled the Trust to work with groups of young people to harness their creative abilities and engage with heritage in new ways through creative practice. The Queens Institute fund project focused on young people developing and co-creating a wellbeing programme and website to support improved mental health for young people.

Volunteers

The charity grew its volunteer base to over 132 in the year, with the majority of volunteers returning post the pandemic. The charity continued to invest considerable time and resource in delivering volunteer training opportunities, rolling out health and safety induction and role specific training, as well as customer service training and mentoring. Since the pandemic, the interest in volunteering opportunities based outdoors within horticulture has continued to grow along with the invaluable support of the community payback team.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This was the fourth year of the Abbey operation welcoming visitors, and as expected, general admissions were impacted due to the pandemic and the slow return to the public returning indoors, an effect witnessed across the sector. Despite this other areas showed steady growth and opportunities for further growth in the future.

Following on from the launch of the review of the business plan undertaken with support from Andrea Nixon and Anna Dinnen of People Make It Work, the trust embarked on the development of a new master plan that will, when launched in 22/23, provide a route map for the next fifteen years, ensuring the Trust continues to grow its reach and ensure a resilient and sustainable future.

In February 2021 the Trust was made aware it had been successful in its application to Arts Council England for £50,000 to develop the Delapre Wellbeing programme, which will cover a nine-month programme of activities, and seek to engage over 20,000 individuals. This programme offered a pay on your term's cultural experiences through Warts and All Theatre, and with the support of Arts Council England the Trust became the lead partner on the Thriving Communities Fund programme, which looks to improve access and awareness to social prescribing activities.

Work continued to develop a cohesive interpretation plan that would improve the visitor experience and help the Trust develop new audiences and strengthen its reach. The relocation of the battlefield display and the improvements to the Nunnery rooms all took place within this period with positive feedback received.

During the year, a number of community events took place. With the inaugural Winter Light Trail which generated over 40,000 visitors to the site. In addition, Classics on the Lawn, Halloween, Visit Santa, and Half Terms trails were successful with good attendance at these events.

Due to fundraising, government support programmes and strong trading performance the Trust's cashflow position improved. Trading across events, weddings, estate lettings, and hospitality fared better than forecast during the pandemic. In addition, the trusts costs where managed well.

Key achievements during the year include

Rationalisation of space enabling improved visitor experience and additional income.

Increased public based events programme

New relationships with stakeholders and funders, with support for the new emerging strategic plan.

Increase in fundraising possibilities to support new wellbeing programmes.

In summary, 2021/22 continued to be a challenging year despite the financial outturn, with the Trust adopting an agile and flexible approach in facing challenges and developing opportunities. The reputation of the Trust amongst stakeholders and funders increased as the Trust continued to increase in its engagement at both a local and national level.

Fundraising activities

Due to the pandemic, new funds were available to the Heritage and Cultural sector as part of the Department of Culture Media and Sports - Cultural Recovery Fund (CRF) The Trust was successful with competitive bids put forward for CRF21. Additional fundraising was secured via Northampton Community Foundation that supported work reaching young people in underrepresented groups to develop wellbeing and heritage engagement programmes.

The Trust received funding from Architectural Heritage Fund to develop the Trust's Masterplan, this work was also enabled by the funding received from National Lottery Heritage Fund.

Over the course of the year the Trust benefited from on-site donations from members of the public as well as the Northampton Lottery.

The Trust also received a positive response from National Lottery Heritage Fund in relation to the expression of interest submitted allowing the Trust to apply for a Heritage Enterprise Grant to develop and repurpose the 19th Century Stables. The Trust devoted a significant resource to develop the development stage bid which was submitted in February 2022. The total request from National Lottery Heritage Fund was £477,024 for the development stage and £2,452,417 for the delivery stage.

FINANCIAL REVIEW

Financial position

Taking into account bank balances at the balance sheet date of £518,320 together with monthly revenue forecasts for the year ahead, the charity considers that it has sufficient funds to remain solvent beyond the end of the financial year ending March 2023 and that the going concern basis of accounting is appropriate. In the year 2021/22, the charity continued to be supported through grants relating to pandemic recovery.

With the launch of the new strategic plan and associated priorities, the Trust has continued to see the results of new fundraising, alongside new initiatives to increase income and manage costs to enable a sustainable cashflow position in the short and medium term. The medium term and longer term sustainability will be a focus of the masterplan and the anticipated decision from National Lottery Heritage Fund in relation to the Heritage Enterprise application.

Reserves policy

The Trust has reviewed its reserves policy and, as it continues to grow and develop, the intention remains to retain a suitable cash buffer of at least £100,000 or 6 months of trading income whichever is higher. The Finance Sub-Committee trustees take responsibility for reviewing this policy periodically in the light of the charity's overall financial position.

FUTURE PLANS

Plans to develop the Stables to the North of the main Abbey have progressed with plans developed to RIBA stage 2, with further development on hold until the outcome of the National Lottery Heritage Fund decision.

The shape of the proposed offer will create a mixed-use development curated to support the wellbeing programme through key partnerships. The options appraisal indicates that the development could deliver a new income stream to the Trust of circa £200,000 per annum, through rental income.

In the year 2022/23 further work will continue to assess the costs, and fundraising opportunities that will help deliver the work required to realise the income potential.

In addition, the Trust will continue to explore other income streams which support and underpin its charitable objectives. These include leveraging relationships with third party hirers, venue agents and partners to host larger scale events and festivals in the wider parkland post the pandemic.

The Trustees would like to express their thanks and appreciation for the efforts of all the team at the Abbey, both staff and volunteers, and also for the continuing support of all our stakeholders, funders, and communities during this hugely challenging period.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees, who are also known as Executive Committee Members, are elected for a term of three years and then offered up for re-election at the AGM. Trustees are appointed as part of a recruitment and selection process and go through a comprehensive induction process. Where necessary, trustee policies and documents such as conflict of interest waivers are re-circulated for review and signature annually in accordance with the charity's governing documents.

Related parties

Northampton Borough Council

Partner in the restoration and running of the Abbey.

Heritage Lottery Fund

Oversees use of grant monies.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06005336 (England and Wales)

Registered Charity number

1120815

Registered office

Abbey Cottage

Delapre Abbey

London Road

Northampton

NN4 8AW

Trustees

S R Edmonds

Mrs M Hawkins

Mrs J L Birch

J A Burditt

F Guilmard

P N Hampden-Smith

Mrs S Schaebitz

O C Wicksteed (resigned 7.2.2022)

Mrs S L Hollis

Dr D Smart (appointed 1.4.2021)

T J Hadland (appointed 24.5.2021)

Cllr A Brown Councillor (appointed 4.10.2021)

Company Secretary

Ms C E Key

Independent Examiner

Paul Sparks

FCA FCCA

Cheney & Co

310 Wellingborough Road

Northampton

NN1 4EP

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 16th December 2022 and signed on its behalf by:

S R Edmonds - Trustee

Independent examiner's report to the trustees of Delapre Abbey Preservation Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA FCCA which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Paul Sparks

FCA FCCA

Cheney & Co

310 Wellingborough Road

Northampton

NN1 4EP

16th December 2022

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

230,657

189,270

419,927

426,155

Other trading activities

3

389,185

-

389,185

209,241

Investment income

4

49

-

49

64

Other income

22,237

-

22,237

144,641

Total

642,128

189,270

831,398

780,101

EXPENDITURE ON

Raising funds

67,662

40,904

108,566

77,296

Charitable activities

5

General activities

395,233

-

395,233

529,056

Restricted funds

-

136,021

136,021

-

Other

42,182

-

42,182

25,649

Total

505,077

176,925

682,002

632,001

NET INCOME

137,051

12,345

149,396

148,100

RECONCILIATION OF FUNDS

Total funds brought forward

378,514

-

378,514

230,414

TOTAL FUNDS CARRIED FORWARD

515,565

12,345

527,910

378,514

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

10

326,801

-

326,801

144,313

CURRENT ASSETS

Stocks

11

7,085

-

7,085

9,568

Debtors

12

133,818

-

133,818

95,247

Cash at bank and in hand

13

506,129

12,345

518,474

448,305

647,032

12,345

659,377

553,120

CREDITORS

Amounts falling due within one year

14

(419,101

)

-

(419,101

)

(269,752

)

NET CURRENT ASSETS

227,931

12,345

240,276

283,368

TOTAL ASSETS LESS CURRENT LIABILITIES

554,732

12,345

567,077

427,681

CREDITORS

Amounts falling due after more than one year

15

(39,167

)

-

(39,167

)

(49,167

)

NET ASSETS

515,565

12,345

527,910

378,514

FUNDS

17

Unrestricted funds

515,565

378,514

Restricted funds

12,345

-

TOTAL FUNDS

527,910

378,514

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16th December 2022 and were signed on its behalf by:

S R Edmonds - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistency applied to all years presented unless otherwise stated.

The presentation currency of the financial statements is the Pound Sterling (£).

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Paintings

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2022

2021

£

£

Donations

6,793

7,420

Grants

413,134

418,735

419,927

426,155

Grants received, included in the above, are as follows:

2022

2021

£

£

Grant

413,134

418,735

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable.

Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3.	OTHER TRADING ACTIVITIES

2022

2021

£

£

Shop income

4,643

1,888

Catering contracts

175,707

129,215

Admissions and activities

167,724

68,046

Rents received

41,111

10,092

389,185

209,241

4.	INVESTMENT INCOME

2022

2021

£

£

Deposit account interest

49

64

5.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs

costs

Totals

£

£

£

General activities

393,733

1,500

395,233

Restricted funds

136,021

-

136,021

529,754

1,500

531,254

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022

2021

£

£

Depreciation - owned assets

64,887

77,869

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th March 2022 nor for the year ended 30th March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30th March 2022 nor for the year ended 30th March 2021.

8.	STAFF COSTS

2022

2021

£

£

Wages and salaries

267,308

318,108

Social security costs

21,861

12,590

Other pension costs

4,136

6,711

293,305

337,409

The average monthly number of employees during the year was as follows:

2022

2021

Salaries

8

8

Annualized hour contract

1

1

Zero hour contracts

2

2

Volunteers

132

107

143

118

No employees received emoluments in excess of £60,000.

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

426,155

-

426,155

Other trading activities

209,241

-

209,241

Investment income

64

-

64

Other income

144,641

-

144,641

Total

780,101

-

780,101

EXPENDITURE ON

Raising funds

77,296

-

77,296

Charitable activities

General activities

529,056

-

529,056

Other

25,649

-

25,649

Total

632,001

-

632,001

NET INCOME

148,100

-

148,100

RECONCILIATION OF FUNDS

Total funds brought forward

230,414

-

230,414

TOTAL FUNDS CARRIED FORWARD

378,514

-

378,514

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Paintings

machinery

fittings

£

£

£

COST

At 31st March 2021

2,140

10,773

381,338

Additions

-

247

62,584

Disposals

(213

)

-

-

At 30th March 2022

1,927

11,020

443,922

DEPRECIATION

At 31st March 2021

1,272

7,658

277,798

Charge for year

-

2,191

48,333

Eliminated on disposal

(117

)

-

-

At 30th March 2022

1,155

9,849

326,131

NET BOOK VALUE

At 30th March 2022

772

1,171

117,791

At 30th March 2021

868

3,115

103,540

Property

Computer

improvements

equipment

Totals

£

£

£

COST

At 31st March 2021

26,785

48,827

469,863

Additions

182,147

2,493

247,471

Disposals

-

-

(213

)

At 30th March 2022

208,932

51,320

717,121

DEPRECIATION

At 31st March 2021

614

38,208

325,550

Charge for year

6,049

8,314

64,887

Eliminated on disposal

-

-

(117

)

At 30th March 2022

6,663

46,522

390,320

NET BOOK VALUE

At 30th March 2022

202,269

4,798

326,801

At 30th March 2021

26,171

10,619

144,313

Tangible fixed assets are carried at cost less accumulated depreciation and impairment.

11.

STOCKS

2022

2021

£

£

Stock of shop merchandise

7,085

9,568

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

99,291

60,693

Other debtors

27

832

VAT

12,135

-

Prepayments

22,365

33,722

133,818

95,247

Debtors are measured at their recoverable amounts.

13.	CASH AT BANK AND IN HAND

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 16)

10,833

833

Trade creditors

93,695

34,052

Social security and other taxes

5,322

9,220

VAT

-

3,133

Other creditors

68,001

58,723

Accrued expenses

241,250

163,791

419,101

269,752

Liabilities to creditors are recognised and measured at their settlement amount.

Deferred income are amounts received in advance for annual passes and weddings and other activities.

15.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 16)

39,167

49,167

16.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year on demand:

Bank loans

10,833

833

Amounts falling between one and two years:

Bank loans - 1-2 years

9,167

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,000

30,000

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans more 5 yr by instal

-

9,167