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 2023
PAGES FOR FILING WITH REGISTRAR
SLT BUILDING PRESERVATION TRUST LIMITED
COMPANY INFORMATION
Directors
Charlotte Benstead
Bryon Fear
Geraldine McAndrew
Christopher Stooke
Lisa Thomas
Noah Wright
Christopher Bennett
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 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
41,771
60,864
Cash at bank and in hand
151,569
76,894
193,340
137,758
Creditors: amounts falling due within one year
8
(91,772)
(54,795)
Net current assets
101,568
82,963
Creditors: amounts falling due after more than one year
9
(225,833)
(276,499)
Net liabilities
(124,265)
(193,536)
The funds of the charity:
Restricted funds
(211,303)
(232,252)
Unrestricted funds
87,038
38,716
Members' funds
(124,265)
(193,536)

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 and delivered 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 3 September 2024 and are signed on its behalf by:
Christopher Stooke
Director
Company registration number 6024248 (England and Wales)
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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 2024 which indicate that the company has sufficient cash resources to meet its liabilities as they fall due.

 

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 2023
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 2023
1
Accounting policies
(Continued)
- 4 -
1.9

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.

1.10

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.

1.11

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.

3
Income
Donations, legacies and grants
Restricted
Unrestricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Donations under Gift-aid
-
1,170
1,170
1,193
Donations non-Gift-aided
-
19,595
19,595
1,370
Other grants received towards future building project costs
18,000
-
18,000
30,500
18,000
20,765
38,765
33,063
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Employees

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

2023
2022
Number
Number
Total
1
2
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Expenditure
Expenditure on raising funds
Restricted
Unrestricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Associated support and governance costs
-
69,379
67,841
-
Expenditure on charitable activities
Restricted
Unrestricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Building project costs:
- Building Project - ASH Rusted Beam 2022
-
-
-
43,751
- Building Project - Fire / Lighting 2023
4,953
-
4,953
- Building Project - Making High Streets Work 2023
1,419
-
1,419
Associated support and governance costs
69,379
-
69,379
69,489
75,751
-
75,751
113,240
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
2023 Total
2022 Total
£
£
£
Support costs:
Wages and salaries
23,094
23,094
39,881
Social security costs
1,086
1,086
-
Employer pension costs
474
474
861
Staff Training
-
-
-
Service charges
253
253
62
Rates
2,232
2,232
280
Electricity and gas
10,478
10,478
3,964
Repairs and maintenance
9,323
9,323
7,094
Insurance
3,596
3,596
2,132
Office expenses
3,223
3,223
3,499
Bank charges
68
68
126
Interest payable
3,590
3,590
3,773
Sundries
3,376
3,376
2,757
Governance costs:
Audit and accountancy fees
5,663
5,663
3,950
Professional fees
1,385
1,385
1,110
67,841
67,841
69,489
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Expenditure
(Continued)
- 7 -
Building project costs
2023 Total
2022 Total
£
£
£
Analysed between:
Restricted funds
-
-
Unrestricted funds
69,379
69,379
69,489
67,841
67,841
69,489
6
Directors
None of the directors (or any persons connected with them) received any remuneration during the year (2022: £nil).
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,774
21,344
Other debtors
-
0
10,164
Prepayments and accrued income
7,997
29,356
41,771
60,864
8
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
63,918
19,396
Trade creditors
15,706
5,984
Amounts owed to group undertakings
-
0
18,918
Taxation and social security
3,040
-
0
Other creditors
282
532
Accruals and deferred income
8,826
9,965
91,772
54,795

 

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans
225,833
276,499
SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

At the year end the company owed £234,008 (2022: £237,758) to the Mayor and Burgesses of the London Borough of Lambeth. This is repayable quarterly in instalments until 30 September 2043; interest is payable on the loan at 5.57% p.a. but this has been waived to date.

 

£63,918 (2022: £7,396) of the loans is repayable within one year and is shown under Creditors: amounts falling due within one year. It includes £43,743 (2022: £46,139 - due after more than one year ) to the Architectural Heritage Fund. This is unsecured, bears interest at 8% p.a. and is repayable by September 2024.

 

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:
2023
2022
£
£
Payable by instalments
194,302
199,989
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
2023
2022
funds
funds
Total
Total
£
£
£
£
Fund balances at the year end are represented by:
Debtors
41,772
41,771
60,864
Cash at bank and in hand
52,965
98,605
151,570
76,894
Creditors: amounts falling due within one year
(53,159)
(38,614)
(91,773)
(54,795)
Creditors: amounts falling due after more than one year
(211,109)
(14,724)
(225,833)
(276,499)
(211,303)
87,038
(124,265)
(193,536)
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 Christopher Bates FCA.
The auditor was Begbies.
13
Related party transactions

During the year, the company charged rent of £36,000 (2022: £36,000) and recharged a share of overheads of £32,204 (2022: £29,230) to South London Theatre Centre Limited.

SLT BUILDING PRESERVATION TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
14
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.

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