Charity registration number SC020933 (Scotland)
Company registration number SC141960 (Scotland)
HERITAGE BUILDING PRESERVATION TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
HERITAGE BUILDING PRESERVATION TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Miers
K A S Raffan
W E P Nevill
Mr R McCallum
(Appointed 10 July 2023)
Charity number (Scotland)
SC020933
Company number
SC141960
Registered office
c/o French Duncan LLP trading as AAB
133 Finnieston Street
Glasgow
G3 8HB
Independent examiner
A J Sinclair BAcc CA
French Duncan LLP trading as AAB
Macfarlane Gray House
Springbank Road
Stirling
United Kingdom
FK7 7WT
Solicitors
Stewart & Osborne
Solicitors & Notaries Public
37 Eglinton Street
Beith
KA15 1AE
HERITAGE BUILDING PRESERVATION TRUST
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
HERITAGE BUILDING PRESERVATION TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 29 February 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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

The objective for which the company is established is to preserve for the benefit of Scotland at large, whatever of the Scottish historical, architectural and constructional heritage may exist in the form of buildings of particular beauty or historical, architectural or constructional interest, or ancient monuments and to promote and further the study of the said historical, architectural and constructional heritage and to make the information obtained available to the general public.

Achievements and performance

 

Project Management

 

As from 31" March 2023 Michael Davis became Projects Manager for both Heritage Building Preservation Trust (HBPT) and Primo Properties Limited while Robert McCallum retired from being Projects Manager and took up the post of Hon Secretary of HBPT and continued as Director of Primo Properties. He would stay involved with the Trust's businesses and run in parallel with Mike Davis to assist/advise as long as required.

Unfortunately, due to other work commitments, Mike Davis tendered his resignation in May 2023.

This of course meant a reorganisation of the Trust's posts to allow the business to continue seamlessly and the restoration to proceed as before.

 

6 & 8 Reform St. Beith

 

It was agreed to sell the 2 flats owned by Primo Properties Limited to raise funds to enable the completion of the restoration project at 21 Schoolwell St Stevenston. Home Report valuations were £48,000 and £53,000 = £101,000.

 

An offer of £100,000 came from a buy-to-let landlord, cash buy, no mortgage or chain and no estate agent fees. We asked for an increase but he said no. Subsequently his offer was accepted. The sales were concluded for No. 6 on 29" June and No. 8 on 10" July 2023.

 

The proceeds for both sales were paid directly to HBPT's bank account. Cashflow being low on funds and 4 contractors on site there would be a cash:flow shortfall until the sales funds for the 2 flats were received. To bridge this period Robert McCallum and William Nevill each agreed to lend HBPT £12,000 for a few weeks. This was done (21" and 23" June 2023) and repaid from HBPT's a/c to both parties on 4" July 2023.

21 Schoolwell St. Stevenston

 

This project has been subjected to many trials and tribulations e.g. vandalism, lack of contractors, shortages of materials and soaring inflation. However overcoming the general construction problems was nothing compared with much stress when dealing with Scottish Power, trying to get a meter fitted and therefore power. From July to November, we logged 52 calls - a minority lasting a few minutes but most up to 50 minutes, being passed from department to department. It was eventually fitted in November. When nearing completion, we engaged an estate agent who recommended we restore the garage, fence off and landscape the garden - while running low on finances we reluctantly accepted that we should do this. Robert McCallum agreed to loan a further £5,000 to HBPT until the property was sold.

 

Since the year end, the property was sold for £155,000 on15th April 2024. The Home report valuation was £145,000.

 

HERITAGE BUILDING PRESERVATION TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

Beith Community Development Trust

 

The Trust continues to liaise with Beith Community Development Trust at Geilsland Estate. As their contribution to the Stevenston project they supplied staff to assist on site on many occasions. This was very welcome and gratefully received. We felt it was beneficial to both parties as it introduced their staff to an environment of restoration and community benefit.

Financial review

 

The surplus for the year is £1,097 (2023: deficit of £15,306).

 

The principal source of income was the interest charged to the trading subsidiary, Primo Properties Ltd. The charity continues to look for new income streams to support the ongoing charitable projects, and will continue to monitor the financial position closely.

Reserves policy

 

The closing reserves at the year end were £175,438 (2023: £174,341). It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Going concern

 

The charity intends to wind up within the next twelve months and will distribute the remaining funds to charities with similar objectives.

 

Risk Management

 

The trustees have assessed the major risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The charity intends to wind up and cease in the next twelve months and will distribute the remaining funds to charities with similar objectives.

Structure, governance and management

 

The company is a company limited by guarantee and not having a share capital, and its objects and regulations are detailed in its Memorandum and Articles of Association.            

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

M Miers
K A S Raffan
M C Davis
(Resigned 10 July 2023)
W E P Nevill
Mr R McCallum
(Appointed 10 July 2023)
HERITAGE BUILDING PRESERVATION TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

Method of appointment or election of trustees

 

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Related party relationships

 

In 2009, the Trust set up a wholly owned subsidiary, Primo Properties Limited. This generates rental income from its properties with any surplus, after meeting expenses and interest on its loan from the Trust, being covenanted to it.

The trustees' report was approved by the Board of Trustees.

Mr R McCallum
Trustee
3 October 2024
HERITAGE BUILDING PRESERVATION TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HERITAGE BUILDING PRESERVATION TRUST
- 4 -

I report on the financial statements of the company for the year ended 29 February 2024, which are set out on pages 5 to 12.

Respective responsibilities of trustees and examiner

The company’s trustees, who are also the directors of Heritage Building Preservation Trust for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

A J Sinclair BAcc CA
French Duncan LLP trading as AAB
Macfarlane Gray House
Castlecraig Business Park
Springbank Road
Stirling
FK7 7WT
United Kingdom
Dated: .........................
HERITAGE BUILDING PRESERVATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
-
4,130
Investments
3
4,459
5,410
Total income
4,459
9,540
Expenditure on:
Charitable activities
4
3,362
24,846
Net income/(expenditure) for the year/
Net movement in funds
1,097
(15,306)
Fund balances at 1 March 2023
174,341
189,647
Fund balances at 29 February 2024
175,438
174,341

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
HERITAGE BUILDING PRESERVATION TRUST
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
1
1
Current assets
Stocks
10
172,576
23,747
Debtors
11
517
97,883
Cash at bank and in hand
6,768
57,484
179,861
179,114
Creditors: amounts falling due within one year
12
(4,424)
(4,774)
Net current assets
175,437
174,340
Total assets less current liabilities
175,438
174,341
Income funds
Unrestricted funds
175,438
174,341
175,438
174,341

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 Trustees on 3 October 2024
Mr R McCallum
Trustee
Company registration number SC141960
HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
1
Accounting policies
Charity information

Heritage Building Preservation Trust is a private company limited by guarantee incorporated in Scotland. The registered office is French Duncan LLP trading as AAB, 133 Finnieston Street, Glasgow, G3 8HB.

1.1
Accounting convention

The financial statements have been prepared in accordance with the company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The company is a Public Benefit Entity as defined by FRS 102.

 

The company has taken advantage of the provisions in the SORP for charities 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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The charity is in the process of winding down and looking to cease to trade in the next twelve months.

 

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income, rental income and similar income

Income from investments and from rental income and similar sources is included in the Statement of Financial Activities in the year in which it is receivable.

 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.5
Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial 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.

 

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 8 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.3% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2
Donations and legacies
Total
Unrestricted
funds
2024
2023
£
£

Other General Grants

-
4,130
HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
3
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Investment income

4,459
5,410
4
Charitable activities

Unrestricted Funds

Unrestricted Funds

2024
2023
£
£

Project management fees

7,915
11,476

Sundry expenses

5,333
6,983

Insurance

666
637

Computing costs

197
151

Rates

2,684
2,185

Release of debtor provision

(16,379)
-
416
21,432
Share of governance costs (see note 5)
2,946
3,414
3,362
24,846
5
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Independent examiner's fee

-
2,946
2,946
-
3,414
3,414
-
2,946
2,946
-
3,414
3,414
Analysed between
Charitable activities
-
2,946
2,946
-
3,414
3,414
6
Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the company during the year.

HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Tangible fixed assets
Computers
£
Cost
At 1 March 2023
580
At 29 February 2024
580
Depreciation and impairment
At 1 March 2023
580
At 29 February 2024
580
Carrying amount
At 29 February 2024
-
At 28 February 2023
-

 

9
Fixed asset investments
Other investments
Cost or valuation
At 1 March 2023 & 29 February 2024
1
Carrying amount
At 29 February 2024
1
At 28 February 2023
1
HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Fixed asset investments
(Continued)
- 11 -
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
15
1
1
10
Stocks
2024
2023
£
£
Work in progress
172,576
23,747
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by fellow group undertakings
-
97,839
VAT recoverable
517
44
517
97,883

The amount due from Primo Properties Limited has been fully provided for based on an assessment of the recoverable amount.

12
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
4,424
4,774
13
Related party transactions

The company has accrued annual interest of £4,458 (2023 - £5,410) on a loan for the period from its subsidiary, Primo Properties Ltd.

 

Primo Properties paid for expenses totalling £0 (2023 - £3,196) on behalf of the company. The trust paid for expenses totalling £0 (2023 - £3,626) on behalf of Primo Properties. HBPT received income of £97,677 on behalf of Primo Properties Ltd.

 

Also during the year, the Trustees Mr McCallum and Mr Neville provided loans to the charities of £12,000 each which are both repaid back in full during the year.

 

Related party balances

 

At 28 February 2024 the balance due to Primo Properties was £89,390 (2023 due from Primo - £203,609 ). A provision of £89,390 (2023 - £105,770) has been made against the amount owing to Primo Properties based on an assessment of the recoverable amount.

HERITAGE BUILDING PRESERVATION TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
14
Members liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

15
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Primo Properties Limited
United Kingdom
Letting and operating of own or leased real estate
Ordinary shares
100.00
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