Company Registration No. 6024248 (England and Wales)
Charity Registration No. 1118905
SLT BUILDING PRESERVATION TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SLT BUILDING PRESERVATION TRUST LIMITED
COMPANY INFORMATION
Directors
Charlotte Benstead (Chair)
Bryon Fear
(Appointed 5 January 2022)
Marianne Jacobson
(Appointed 22 March 2021)
Geraldine McAndrew
Christopher Stooke
Lisa Thomas
Noah Wright
Secretary
Christopher Stooke
Company number
6024248
Charity registration number
1118905
Registered office
9 Bonhill Street
London
EC2A 4DJ
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
SLT BUILDING PRESERVATION TRUST LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
SLT BUILDING PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Current assets
Debtors
7
21,389
11,597
Cash at bank and in hand
114,133
111,501
135,522
123,098
Creditors: amounts falling due within one year
8
(43,971)
(86,808)
Net current assets
91,551
36,290
Creditors: amounts falling due after more than one year
9
(295,835)
(303,138)
Net liabilities
(204,284)
(266,848)
The funds of the charity:
Restricted funds
(239,023)
(283,845)
Unrestricted funds
34,739
16,997
Total charity's funds
(204,284)
(266,848)

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Charlotte Benstead
Christopher Stooke
Director
Director
Company Registration No. 6024248
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

SLT Building Preservation Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Act 2011, “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Going concern

At the time of approving the financial statements for issue, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The directors have prepared cash flow projections covering the period to 31 December 2023 which indicate that the company has sufficient cash resources to meet its liabilities as they fall due. In particular the directors have considered the continuing impact of the COVID-19 pandemic, both during 2022/23 and the possible immediate future effects on its trade and that of its assets.

 

The directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

1.3
Income and expenditure

 

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation

The company is a registered charity and does not trade for tax purposes. It is not liable to tax on its net income for the year.

1.7
Employee benefits

Short-term employee benefits and contributions to employees' personal pensions are recognised as an expense in the period in which they are incurred.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Charity SORP requires that grants are accounted under the performance model.

 

The charity has benefitted from the Coronavirus Job Retention Scheme and Small Business rates relief.

 

Other grants and legacies

In accordance with Charity SORP, grants and legacies are only be recognised when all the following criteria are met:

1.10

Donated services and facilities

Donated professional services and donated facilities are recognised as income 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 Trustees is not recognised. Refer to the trustees’ annual report for more information about their contribution.

1.11

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust's artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

1.12

Charity's funds

Unrestricted funds are available for use at the discretion of the Directors in furtherance of the charitable objects of the company unless the funds have been designated for other purposes.

 

Restricted funds represent grants and donations for specific purposes which are therefore not available for other purposes.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 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.

SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Income
Donations, legacies and grants
Restricted
Unrestricted
Total
Total
funds
funds
2021
2020
£
£
£
£
Donations under Gift-aid
-
5,480
5,480
5,416
Donations non-Gift-aided
-
1,793
1,793
1,292
Grants receivable and released from:
The National Lottery Heritage Fund (formerly the Heritage Lottery Fund):
- COVID Emergency
26,956
-
26,956
13,443
- Community Fund
7,100
-
7,100
1,980
- Cultural Recovery
44,073
-
44,073
57,928
The UK government:
- Coronavirus job retention scheme
-
5,600
5,600
10,408
- Small business rates relief
-
32,286
32,286
25,000
Other grants received towards future building project costs
42,780
-
42,780
-
120,909
45,159
166,068
115,467
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
1
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Expenditure
Expenditure on raising funds
Restricted
Unrestricted
Total
Total
funds
funds
2021
2020
£
£
£
£
Associated support and governance costs
-
-
-
-
Expenditure on charitable activities
Restricted
Unrestricted
Total
Total
funds
funds
2021
2020
£
£
£
£
Covid pandemic project costs:
- Grant to South London Theatre Centre Limited
-
-
-
48,100
- PPE, cleaning and signage
2,677
-
2,677
3,700
- Streaming and digital events
-
-
-
8,424
- Wages and salaries (incl. NI and pension)
13,834
-
13,834
4,438
- Professional fees
3,245
-
3,245
3,750
- Community outreach events
11,172
-
11,172
4,939
- Renewals and maintenance
32,349
-
32,349
-
- Website development costs and other IT
12,894
-
12,894
-
- Insurance and other general costs
1,958
-
1,958
-
Associated support and governance costs
-
70,301
70,301
61,424
78,129
70,301
148,430
134,775
Analysis of governance and support costs
The company apportions its support costs and governance costs between the key activities undertaken in the year. The table below shows the apportionment of support and governance costs.
Building project costs
Covid project costs
Raising  funds
2021 Total
2020 Total
£
£
£
£
£
Support costs:
Wages and salaries
-
25,964
-
25,964
17,488
Social security costs
-
-
-
-
1,111
Employer pension costs
-
401
-
401
304
Service charges
-
308
-
308
323
Rates
-
1,077
-
1,077
24
Electricity and gas
-
11,393
-
11,393
4,759
Repairs and maintenance
-
11,289
-
11,289
6,996
Insurance
-
5,137
-
5,137
5,886
Office expenses
-
4,251
-
4,251
3,647
Bank charges
-
178
-
178
732
Interest payable
-
3,944
-
3,944
4,113
Sundries
-
947
-
947
941
Governance costs:
Audit and accountancy fees
-
4,250
-
4,250
3,950
Professional fees
-
1,162
-
1,162
11,150
-
0
70,301
-
0
70,301
61,424
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Expenditure
(Continued)
- 7 -
Building project costs
Covid project costs
Raising  funds
2021 Total
2020 Total
£
£
£
£
£
Analysed between:
Restricted funds
-
-
-
-
-
Unrestricted funds
-
70,301
-
70,301
61,424
-
70,301
-
70,301
61,424
6
Directors
None of the directors (or any persons connected with them) received any remuneration during the year (2020: £nil).
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
10,785
216
Amounts owed by group undertakings
-
0
670
Other debtors
4,551
3,529
Prepayments and accrued income
6,053
7,182
21,389
11,597
8
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
7,273
2,012
Trade creditors
5,471
6,396
Amounts owed to group undertakings
11,242
-
0
Taxation and social security
2,622
3,700
Other creditors
216
67,987
Accruals and deferred income
17,147
6,713
43,971
86,808
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Loans
295,835
303,138
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

At the year end the company owed:

 

£7,273 (2020: £2,012) of the loans is repayable within one year and is shown under Creditors: amounts falling due within one year.

 

There are fixed and floating charges on the leasehold property at 2A Norwood High Street, London SE27 9NS.

 

 

Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
221,901
217,943
10
Members' liability

The company is limited by guarantee. The liability of each member is limited to £1.

11
Analysis of net assets between funds
Restricted
Unrestricted
2021
2020
funds
funds
Total
Total
£
£
£
£
Fund balances at the year end are represented by:
Debtors
-
21,389
21,389
11,597
Cash at bank and in hand
47,558
66,575
114,133
111,501
Creditors: amounts falling due within one year
(11,243)
(32,728)
(43,971)
(86,808)
Creditors: amounts falling due after more than one year
(275,338)
(20,497)
(295,835)
(303,138)
(239,023)
34,739
(204,284)
(266,848)
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Michael Firman.
The auditor was Begbies.
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
13
Events after the reporting date

The directors' view on the continuing impact of the COVID-19 pandemic is disclosed in the Directors' report and in the going concern accounting policy.

14
Related party transactions

During the year, the company charged rent of £9,000 (2020: £18,000) and recharged a share of overheads of £3,350 (2020: £9,746) to South London Theatre Centre Limited.

15
Parent company

The company is a wholly-controlled subsidiary of South London Theatre Centre Limited (SLTC), a charitable company registered in England and Wales. SLTC's registered office is 9 Bonhill Street, London EC2A 4DJ.

2021-12-312021-01-01false07 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedCharlotte Benstead (Chair)Fiona DaffernCharles DoyleBryon FearMarianne JacobsonGeraldine McAndrewJason SalmonBryon FearLisa ThomasMarianne JacobsonChristopher StookeMichael Firman60242482021-01-012021-12-316024248bus:Director12021-01-012021-12-316024248bus:Director82021-01-012021-12-316024248bus:Director102021-01-012021-12-316024248bus:Director122021-01-012021-12-316024248bus:CompanySecretaryDirector12021-01-012021-12-316024248bus:Director142021-01-012021-12-316024248bus:Director152021-01-012021-12-316024248bus:CompanySecretary12021-01-012021-12-316024248bus:Director22021-01-012021-12-316024248bus:Director32021-01-012021-12-316024248bus:Director42021-01-012021-12-316024248bus:Director52021-01-012021-12-316024248bus:Director62021-01-012021-12-316024248bus:Director72021-01-012021-12-316024248bus:Director92021-01-012021-12-316024248bus:RegisteredOffice2021-01-012021-12-3160242482021-12-3160242482020-12-316024248core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-316024248core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-316024248core:CurrentFinancialInstruments2021-12-316024248core:CurrentFinancialInstruments2020-12-316024248core:Non-currentFinancialInstruments2021-12-316024248core:Non-currentFinancialInstruments2020-12-3160242482020-01-012020-12-316024248bus:CompanyLimitedByGuarantee2021-01-012021-12-316024248bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-316024248bus:FRS1022021-01-012021-12-316024248bus:Audited2021-01-012021-12-316024248bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP