Company Registration Number Charity Registration Number Manchester Victoria Baths Trust

Transcription

1 Company Registration Number Charity Registration Number Manchester Victoria Baths Trust Financial Statements for the year ended 31 st March 2014

2 Structure, reference and administrative details As at 31 st March 2014 Status: Name: Manchester Victoria Baths Trust is a company limited by guarantee incorporated on 2nd August 1993, which registered as a charity on 22nd September The Manchester Victoria Baths Trust, sometimes referred to as the Victoria Baths Trust Charity Number: Company Number: Principal & Registered Office: Victoria Baths, Hathersage Road, Chorlton on Medlock, Manchester M13 0FE Council of Management: Jane Bracewell Will Carr Resigned May 2013 Chandan Coverley Jill Earnshaw Adele Finley Resigned 17 April 2014 Mike Franks Chair Helen Hoath Chiara Hunter Appointed 18 November 2013 Mike Kirkman Trevor Mottershaw Pam Schwarz Janet Slade Brierley Stubbs Company Secretary Gill Wright Principal member of staff: Gill Wright Bank: The Co-operative Bank plc, Delf House, Southway, Skelmersdale WN8 6WT Independent Examiner: Paul Cowham, ACA DChA, The Green Fish Resource Centre, Oldham Street, Manchester M4 1LE 1

3 Trustees Annual Report For the year ended 31 st March 2014 Governance The Trust is governed by Memorandum and Articles of Association. The governing body is the General Meeting of members of the Trust, with membership currently open to anyone who wishes to join. Appointment of Trustees Members elect trustees at the Annual General Meeting, when one third of the Council of Management retire and become eligible for re-election. The Council of Management may also elect new trustees. Prospective trustees attend meetings of the Council of Management as observers and are thus familiar with the policies and procedures of the Trust at their appointment. Decision making The Council of Management is the key decision making body of the Trust and meetings are held every two months at Victoria Baths. Day to day management is delegated to the Project Manager. Procedures, policies and programmes of work are monitored by the Council of Management. Members of staff prepare an annual budget for review and adoption by the Council of Management and progress is then reported via periodic accounts reports. The Council of Management is supported by a number of sub-committees; Strategy, Finance, Staffing, Building and Promotions & Communications. The Trustees have regard to the provisions set out in Section 4 of the Charities Act 2006, with regard to public benefit, in all their decision making. Partnership working The Trust has worked very closely with the Friends of Victoria Baths since it was constituted in March The objects of the Friends are to preserve Victoria Baths for public use and to support the Trust in its efforts to re-open the Baths. The Trust reports to the Friends and works with them in organising Open Days and other activities. During the year the Friends reviewed their organisation and structure which led to them becoming an unconstituted group following their 2013 Annual General Meeting. The Trust now takes direct responsibility for Friends who provide vital support to the Trust s work. The Trust is also working in partnership with Manchester City Council (owner of the building) and the key funding bodies - English Heritage, the Heritage Lottery Fund and Restoration Fund - in pursuing restoration proposals for Victoria Baths. These five bodies together form the Victoria Baths Steering Group. The Council of Management has assessed the major risks to which the Trust is exposed, in particular those related to the activities at the Baths and finances. The 2

4 Trustees Annual Report For the year ended 31 st March 2014 Risk Assessment, continued Trustees are satisfied that systems are in place to mitigate exposure to these major risks although the review is ongoing. Objects of the Trust The key object of the Trust is: To preserve for the benefit of the people of the City of Manchester and of the nation at large, whatever of the historical, architectural and constructional heritage may exist in and around the City of Manchester in the form of buildings of particular beauty or historical, architectural or constructional interest. Since its incorporation in 1993, the policy of the Council of Management has been to safeguard the Manchester Victoria Baths and to work towards the re-opening of the Baths for public use, with the main swimming pool and the Turkish Baths retained for their original use. The Council of Management reviewed its stated charitable objects at its AGM in 2013 to include the following additional objects: To advance the education of the public in the history, architecture and constructional heritage in and around the City of Manchester To create and promote opportunities at Victoria Baths for the public to undertake a variety of recreational and cultural activities including swimming and arts events. Aims in 2013/14 The Trust has established four key aims for the period : o To make Victoria Baths accessible to a wide and diverse audience o To make the activities of the Trust in providing access to Victoria Baths financially self-sustaining o To engage local residents in Victoria Baths and its ongoing restoration o To work with Manchester City Council and other partners in defining the steps towards full restoration of the building including the re-opening of the Turkish Baths To achieve these aims the Trust has defined a set of objectives: - To sustain and increase the number of visits to Victoria Baths - To sustain and increase the income from visitors and users - To sustain and increase the number of volunteers involved with the project - To develop the Trust s procedures for working with volunteers, in particular the provision of specialised training for target groups of potential volunteers - To provide opportunities for local residents to gain work experience in the field of heritage - To manage a varied programme of cultural activities at Victoria Baths aimed at diverse audiences, in particular make provision for community activities 3

5 Trustees Annual Report For the year ended 31 st March 2014 Aims in 2013/14, continued - To undertake improvements to the building needed to enable the number of visitors and users to increase - To develop and implement a comprehensive marketing strategy for Victoria Baths Review of Activities Making Victoria Baths accessible to a wide and diverse audience There were 23,514 visits to Victoria Baths in 2013, a 36% increase compared to 2012 when there were 17,307 visits. This increase is largely made up of an increase in commercial venue hire, in particular for weddings. The Trust provided access to Victoria Baths to the general public at monthly Open Days, for weekly guided tours and for group visits. The number of heritage visitors in 2013 was 5,614 (compared with 4,720 in 2012). This includes 34 group visits (36 in 2012) with a total of 692 visitors (801 in 2012). Arts use of the building continued to flourish in the year and there were a total of 2,316 arts visitors (1,896 in 2012) with the following key activities: Twelfth Night, produced by Malkin Tower theatre company, used the Females Pool as their set and ran for a week with a total audience of 730 A Fanzine Fair at our May Open Day attracted 48 fanzine stallholders/other artists and an audience of 245 Four local choirs performed at our Open Days - Ordsall Acapella Singers, Manchester Community Choir, Gallery Choir (Stockport) and Music on the Move The Contemporary Glass Society Northern Hub held a Glass Fair during Heritage Open Days Renowned cellist Matthew Barley performed at Victoria Baths as part of his tour Around Britten celebrating the centenary of Benjamin Britten Fresh Loaf Productions produced an intimate theatre piece for audiences of 35 in the lower Rest Room of the Turkish Baths suite The Trust s objectives include making provision for community and educational activities at Victoria Baths. There were 1,905 community visits to the building in 2013 (1,371 in 2012) and 1,657 educational visits (582 in 2012) with the following key activities: Manchester Arts Education Initiative ran their annual schools drama project at the Baths working with nine primary schools from Manchester and Rochdale, producing a play based on the causes of the First World War. 402 children took part in these plays and the audience of family and friends was 834 4

6 Trustees Annual Report For the year ended 31 st March 2014 Review of activities, continued The Baths is popular for visits for arts activities for older school pupils and college/university students, including those studying photography, creative writing, architecture and construction. There were 19 such visits in 2013 The Victoria Baths Family History group, formed by local residents following a series of workshops, continued to meet at Victoria Baths during 2013 We hosted a Girl Guides Sleepover, another of our annual events, this year as a full weekend with 104 guides, brownies and adults taking part With support from Manchester City Council s Cultural Partnership funding the Trust worked with Elizabeth Gaskell s House to run a course targeted at local residents encouraging them to volunteer in a heritage setting. This was very successful with 17 participants taking part over fifteen sessions. Several of the participants have become regular volunteers at the Baths; others gained employment following the course. Salford Foundation used the Baths for their National Citizens Service skills sessions with over 360 young people taking part in activities including ipad training, boxercise and dance workshops in July/August. They returned for a similar event in October with 150 young people. To make the activities of the Trust in providing access to Victoria Baths financially self-sustaining The Trust has succeeded in greatly increasing the number of visitors to Victoria Baths in the year, in particular in relation to commercial venue hire. A subsidiary company, Victoria Baths Trading Limited, was set up by the Trust in March 2013 to financially manage this aspect of the Trust s activities. There were 11,761 visitors to the Baths associated with commercial venue hire in 2013, a 35% increase compared to The trading company turnover was 80,310 in its first financial year and donated its profits of 12,178 to the Trust at the year end. Grant income in the year of 45,355 represents 20% of the combined income of the Trust and trading company. In , grant income of 38,858 represented 24% of the total Trust income. The Trust is making satisfactory progress towards making its activities in providing access to the Baths financially self-sustaining. To engage local residents in Victoria Baths and its ongoing restoration The Trust encourages the involvement of local residents in its activities in a number of ways; as visitors to events, as participants in activities, as members of the Friends and as volunteers. The Trust plans a range of activities which appeal to different sections of the community. In August the Trust partnered with a local sports organisation to run a family sports activity at the Open Day. Funding from Manchester City Council has 5

7 Trustees Annual Report For the year ended 31 st March 2014 Review of activities, continued enabled the Trust, and its partners in the Ardwick Cultural Consortium, to run activities specifically targeted at local residents, including a volunteer training course. The Trust provides meeting space for the local residents association Medlock Residents and organised guided tours of the Baths for residents who attended the AGM. The Friends of Victoria Baths took the decision in September 2013 to disband as a separately constituted organisation. The Friends had previously passed over their trading activities running the Victoria Baths cafe at Open Days and the Victoria Baths gift shop to the Trust in March The Trust has always worked very closely with the Friends and wanted to ensure they were kept in touch with developments in the Trust s activities, could contribute ideas and that their contribution to the project, whether financial or through volunteering, was acknowledged and valued. It was clarified in the year that Friends included all those who support the project with an annual subscription or a monthly donation and/or by volunteering. The Trust s publicity for 2014 was updated to indicate this. The Trust decided in the year to hold at least two Open Meetings each year with one of these meetings being the Trust Annual General Meeting. These meetings are open to all Friends (which includes volunteers) and Trust members. The first meeting took place in June 2013 and the second in December They were well attended and well received. Issues raised at the meetings were followed up and progress reported to the next Open Meeting. The Trust has also established monthly Friends Forum meetings. These meetings are open to all Friends, in particular those who volunteer for the project, and enables Trust staff and trustees to discuss ongoing operational issues with Friends and involve them in planning activities. Review of activities, continued The Trust set up an apprenticeship in the year and engaged a local young person in the post of Heritage Venue Assistant. Funding from the Creative Employment Programme contributed to the cost of this post. To work with Manchester City Council and other partners in defining the steps towards full restoration of the building including the re-opening of the Turkish Baths Having commissioned a Study in 2011 to establish the capital cost of the restoration of Victoria Baths (Cost & Phasing Study) and a second in 2012/13 to assess the operational revenue position of the restored building (Operational Assessment), the Steering Group commissioned a further study in The Fundraising Feasibility Study sought to establish the means by which the large capital sums required for the 6

8 Trustees Annual Report For the year ended 31 st March 2014 restoration of Victoria Baths could be raised. The Trust contributed 1,500 towards the cost of this Study with the Restoration Fund being the main funder. Compton Fundraising was selected from a shortlist of recommended firms to carry out the Study and their report was produced in mid The Trust began work during the year on developing a business case for the restoration and re-opening of the Turkish Baths using as a starting point the financial model from the Operational Assessment. In September 2013 the Trust celebrated ten years since winning BBC s Restoration programme. A special event on 4 th September 2013 also celebrated the reinstatement of the AQUA window in the Gala Pool. The Gala pool was filled for this occasion and synchronised swimming group Aquabatix were invited to perform to an invited audience of Friends and special guests. The Trust also used this day to launch a network of Historic Pools, bringing together a range of organisations from around the country that operate, or hope to operate, older swimming pools. The tenth anniversary event was a great success attracting an appreciative audience and a lot of media attention. Film footage of the event was edited to make a short film which has been shown on the public screen on Oxford Road during Victoria Baths Volunteers Volunteers contribute to nearly all aspects of the work of the Trust. During the year 1,057 volunteer days were recorded (2013, 963 days) which is the equivalent of 4.6 members of staff. The contribution was invaluable to Victoria Baths, in particular enabling the development of the vision for the Baths, the provision of extensive public access to the building and the recording and interpreting of the buildings rich history. At the professional, skilled and standard rates suggested by the Heritage Lottery Fund, the value of the recorded volunteer input to the project was 93,500 (2013, 92,700). Financial Review and Results The financial outcome for the year was satisfactory and the financial position stable for the year to March The pattern of the Trust s operations has changed significantly over the past few years; a smaller proportion of the Trust s income is now derived from grants and a larger proportion is generated through the use of the building. This is the first year of activity of our subsidiary Victoria Baths Trading Limited. Non charitable venue income and associated costs are accounted for in the subsidiary. The company has made a satisfactory start to its operations and has transferred its profit of 12,178 to the Trust at the year end. Details of the company s trading results are outlined in note 15. 7

9 Trustees Annual Report For the year ended 31 st March 2014 Reserves Policy The Council of Management believes that the Trust should hold financial reserves for the following reasons: - The Trust has no endowment funding and is dependent on the grant income received annually, together with earned income and donations - The Trust is operating in a time of considerable change and is working to develop, approve and carry through plans for the future of the Baths - The Trust requires sufficient funds for three months staffing and office operation costs in order to meet any shortfall in funding or delay in the approval of grant applications At the year-end, the Trust held five months operating costs in its Unrestricted Fund. Designated Fund The Trust holds a Designated Fund aimed at providing resources towards the restoration of the building. During the year, income was added to the Fund from Restoration Supporters. It is expected that this fund will be used directly towards the restoration of the building but can be spent at the discretion of the Council of Management. Financial accounts This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act Approved by the Council of Management and signed on its behalf by:.. Mike Franks 17 November

10 Independent Examiner's Report to the Trustees of Manchester Victoria Baths Trust I report on the accounts of the company for the year ended 31 st March 2014 which are set out on pages 10 to 18. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 145 of the 2011 Act; to follow the procedure laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below. Independent examiner's statement In the course of my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Paul Cowham ACA DChA Green Fish Resource Centre Oldham Street Manchester, M4 1LE 9

11 Incoming resources MANCHESTER VICTORIA BATHS TRUST Statement of financial activities and Income and expenditure account for the year ended 31 March 2014 Restricted Unrestricted Designated funds Fund Fund Note Incoming resources from generated funds Voluntary income 2,615 30,366 10,841 43,822 39,420 Activities for generating funds 2,321 15,742-18,063 44,856 Investment income , ,936 47,081 10,841 62,858 85,839 Incoming resources from charitable activities Victoria Baths 3 45,355 36,089-81,444 75,547 Total incoming resources 50,291 83,170 10, , ,386 Resources expended Cost of generating funds ,239 1,500 30,015 14,057 Charitable activities Victoria Baths 47,097 42, , ,887 Governance costs - 1,325-1,325 3,790 Total resources expended 4 47,373 71,866 1, , ,734 Net incoming resources for the year 6 2,918 11,304 8,893 23,115 (4,348) Transfer between funds Net movement in funds 2,918 11,304 8,893 23,115 (4,348) Funds at 31 March ,415 42,807 46,034 98, ,604 Funds at 31 March ,333 54,111 54, ,371 98,256 All of the Trust's operations are classed as continuing. Movements on reserves and all recognised surpluses or deficits are shown above. 10

12 Balance Sheet as at 31 March 2014 Note Fixed assets Tangible assets 1b - - Current assets Debtors 9 31,966 32,318 Cash at bank and in hand 109,963 97, , ,157 Creditors: amounts falling due in less than one year 10 (20,558) (31,901) Net current assets 121,371 98,256 Total assets less current liabilities 121,371 98,256 Funds Restricted 11 12,333 9,415 Unrestricted 54,111 42,807 Designated 12 54,927 46, ,371 98,256 Company Registration Number For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime (of the Companies Act 2006). Approved by the directors and signed on their behalf: Mike Franks Trustee Signature Janet Slade Trustee Signature 11

13 Notes to the accounts for the year ended 31 March Accounting policies a) These Financial Statements have been prepared under the historic cost convention, the Companies Act 1985, the Financial Reporting Standard for Smaller Entities (effective April 2008), and follow the recommendations in Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued April b) c) d) The Trust currently has no fixed assets but on all tangible fixed assets bought in the future, depreciation will be provided at rates calculated to write off the cost of each asset over its estimated useful life. Items costing less than 1,000 will not be capitalised but written off to expenditure in the year purchased. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Volunteers make a consistent and significant contribution to the work of the Trust and an attempt has been made to value their services in the Annual Report. Revenue grants have been included in full in the Statement of Financial Activities when they are receivable. Grants that are received in advance for an activity at a time after the year end have been deferred. e) Restricted Funds are used for specified purposes, as defined by grant bodies and donors. f) g) h) i) j) k) l) The Unrestricted Fund consists of donations and other income received or generated for the Trust's general charitable purposes. The Designated Fund represents income from Restoration Supporters. The Friends of Victoria Baths Constitution provides that all income generated in excess of its requirements will be remitted to the Trust periodically. Such income is included in full in the Statement of Financial Activities when it is receivable. Staff costs and overhead expenses are allocated to activities either directly when identifiable or on the basis of staff time spent on the activities. The Trust holds a Management Agency Agreement from Manchester City Council for the use of Victoria Baths and a Lease contracted out of the Landlord and Tenant Act for the Project Office. Neither the Agreement nor the Lease have a face value and are therefore not treated as fixed assets. The rental payable under the operating lease for the photocopier is charged to the Statement of Financial Activities in the year in which it falls due, as the risks and rewards of ownership remain with the lessor. The Trust has taken advantage of the exemption in Financial Reporting Standard 1 from preparing a Cash Flow Statement on the grounds that it is a small charitable company. m) The Trust contributes to defined contribution pension schemes on behalf of its employees. The assets of these schemes are entirely separate from those of the Trust. There were no outstanding contributions at the balance sheet date. n) o) p) The cost of generating funds comprises the costs associated with attracting voluntary income and raising the public profile of Victoria Baths. Charitable expenditure includes an apportionment of staff time spent supporting and managing Victoria Baths Governance costs relate to the central costs of management including the costs of meetings and statutory compliance. 12

14 2 Incoming resources from generated funds Restricted Unrestricted Designated Total 2014 Total 2013 Notes Voluntary income Friends of Victoria Baths - 7, ,262 7,000 Donations 2,615 19,183 1,090 22,888 18,902 Subscriptions and standing orders MANCHESTER VICTORIA BATHS TRUST Notes to the accounts for the year ended 31 March 2014 (continued) - 3,457 9,215 12,672 13,518 2,615 30,366 10,841 43,822 39,420 Activities for generating funds Fees and other income 2,321 15,742-18,063 44,856 Investment income Bank interest ,563 Total incoming resources from generated funds 4,936 47,081 10,841 62,858 85,839 3 Incoming resources from charitable activities Restricted Unrestricted Designated Total 2014 Total 2013 Grant Income 45, ,355 38,858 Artists, education visits, community activities and heritage venue income Open Days, group visits and general donations - 14,820-14,820 15,285-21,269-21,269 21,404 Total incoming resources from charitable activities 11 45,355 36,089-81,444 75,547 The trust gratefully acknowledges support from the following funders for activities during the year Total 2014 Total 2013 Manchester City Council; Maintenance Grant 26,580 26,357 Cultural Partnership 15,100 10,001 Your Housing Group Olympic Event - 2,500 Department for Work and Pensions 2,275 - Creative Employment Programme 1,400-45,355 38,858 13

15 Notes to the accounts for the year ended 31 March 2014 (continued) 4 Resources expended Manchester City Council Other Grants Stained Glass Fund Total Restricted Funds Total 2014 Total 2013 Cost of generating funds Staff ,200-11,200 11,000 Other expenses ,890 1,500 7,666 - Cost of goods sold ,627-6,627 - Marketing ,522-4,522 3, ,239 1,500 30,015 14,057 Charitable Expenditure Victoria Baths Restoration - - 1,854 1, ,894 19,427 Maintenance & equipment 5, ,183 4,455-9,638 13,881 Expenses 5,000 5,000 7,368-12,368 19,281 Staff & volunteers 16,397 13,277-29,674 23, ,966 84,358 Arts & education 5,386-5,386 1,109-6,495 2,242 Office premises ,486-5,486 8,698 Trust expenses Unrestricted Funds Designated Fund 26,580 18,663 1,854 47,097 42, , ,887 Governance costs Meeting costs ,415 Accountants fee ,325-1,325 1, ,325-1,325 3,790 Total resources expended 26,580 18,939 1,854 47,373 71,866 1, , ,734 14

16 Notes to the accounts for the year ended 31 March 2014 (continued) 5 Corporation tax The Trust is a registered charity, number ; no provision has been made for Corporation Tax. 6 Net incoming resources for the year This is stated after charging: Accountant's remuneration, comprising: Independent Examination Accountancy services ,200 1,375 7 Staff & volunteer costs Costs during the year were as follows: Staff salaries 54,669 78,660 National Insurance 4,336 6,885 Pension costs 2,143 4,685 Freelance Workers 596 3,404 Staff and volunteer training and expenses 3,422 1,893 65,166 95,527 The average weekly number of employees during the year was as follows: Project Manager Building Officers (2) Finance Officer Heritage Visitor Assistant Total The number of employees earning over 60,000 per annum excluding pension contributions was nil (2013: nil). 8 Payments to Trustees Neither the Trustees nor any persons connected with them received any remuneration during the year. No members of the Council of Management claimed expenses in the year (2013, nil) 9 Debtors Grants receivable 10,124 10,800 Amounts due from group undertakings 12,433 - Prepayments and other debtors 9,409 21,518 31,966 32, Creditors: amounts falling due in less than one year Accruals 20,558 31,901 15

17 Notes to the accounts for the year ended 31 March 2014 (continued) 11 Restricted Funds Transfer As at 1 April Incoming Outgoing between As at resources resources funds March 2014 Stained Glass Appeal Individual Donations 9,251 4,936 (1,854) - 12,333 Maintenance - 26,580 (26,580) - - Cultural Partnership ,100 (15,264) - - Creative Employment Programme - 3,675 (3,675) - - Stained Glass Appeal 9,415 50,291 (47,373) - 12,333 A balance of 9,251 was brought forward on 1st April During the year individual donations and fundraising raised 4,936. The final Lilies windows were commissioned in the year, which cost 1,854, leaving a balance at the year-end of 12,333. Maintenance Manchester City Council contributed 26,580 to routine maintenance of the building. Cultural partnership Manchester City Council supported the Trust through its Cultural Partnership programme. A balance of 164 was brought forward on 1st April During the year 15,100 was received all of this was spent on cultural activities. Creative Employment Programme Funding was received to support the employment of a Heritage Visitor Assistant on a one year apprenticeship programme from August Designated Fund The Council of Management has designated the following Fund As at 1 April Incoming Outgoing As at resources resources Transfers March 2014 Building Appeal 46,034 10,305 (1,948) ,927 Transfer from Friends of Victoria Baths (536) - 46,034 10,841 (1,948) - 54,927 The purpose of the Building Appeal is to part-finance the restoration of the Baths. Incoming resources in the year were from Restoration Supporters and from the Friends of Victoria Baths. Outgoing resources in the year were 1,500 to contribute to the cost of a Fund-raising Feasibility Study and materials for the Trust's team of Stained Glass volunteers who are working to restore smaller stained glass panels within the building. 16

18 13 Analysis of net assets between funds In 2014 fund balances were represented by: Restricted Unrestricted Designated funds Fund Fund 2014 Debtors 12,534 19,784-32,318 Bank 19,498 32,307 46,034 97,839 32,032 52,091 46, ,157 Creditors: (22,617) (9,284) - (31,901) Total net assets 9,415 42,807 46,034 98,256 In 2013, fund balances were represented by: MANCHESTER VICTORIA BATHS TRUST Notes to the accounts for the year ended 31 March 2014 (continued) 31 March Restricted Unrestricted Designated 31 March funds Fund Fund 2013 Debtors 11,454 12,358-23,812 Bank ,804 44,024 91,517 12,143 59,162 44, ,329 Creditors: - (12,725) - (12,725) Total net assets 12,143 46,437 44, , Lease commitments In 2010, the Trust entered into a 5 year commitment for the office photocopier under an operating licence. Equipment Expiring within one year Expiring in 2 to 5 years. Lease to expire in January Related Party Note Friends of Victoria Baths The Friends of Victoria Baths was formed as an unincorporated association working with the Trust towards the restoration of the Baths. The Friends Constitution provided that all income generated in excess of it's requirements was to be remitted to the Trust periodically. During the year the activity of the Friends was transferred into the Victoria Baths Trust and Victoria Baths Trading, and the Friends were wound up. Cash of 536 was transferred from the Friends to Victoria Baths Trust and stock of 7,736 was transferred. Victoria baths Trading Limited A trading subsidiary was established in March 2013 (Victoria Baths Trading Ltd - VB Trading) and commenced trading on 1 April 2014 when trading activities were transferred into VB Trading. Charges were made from the charity to VB Trading for salaries paid by the charity, rent and rates and various other costs. Any profits made by VB Trading are gifted from the trading subsidiary to the charity. Charges made from the charity to VB Trading in the year to 31 March ,297 Profits gifted from VB Trading in the year Amount owed by VB Trading to the charity at 31 March ,178 12,433 17