The Trustees present their annual report and financial statements for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019)
The objective and principal activity of the charity is to preserve for the benefit of the townspeople of the Metropolitan District of Bradford and the nation at large, whatever of the historical, architectural and constructional heritage may exist in and around the District of Bradford in the form of buildings of particular beauty or historical, architectural or constructional interest. In furtherance of the objective the charity aims to buy, lease or otherwise acquire buildings or land or any estate of interest and to sell, let on lease or tenancy or dispose of buildings or land as is reasonably necessary to ensure the preservation of the buildings or land.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake for public benefit.
Bradford Building Preservation Trust was established in 1995 at the request of Bradford Council. Building Preservation Trusts are seen as an important means of restoring historic buildings in disrepair where the gap between the cost of restoration and the likely return on investment is simply too great to attract a traditional purchaser. Building Preservation Trusts are able to seek through charitable status funding not necessarily available to others and also benefit from the absence of the need for a developer’s profit. The broad aims of the trust are to acquire project buildings from the Council or others and secure funding to carry out limited works of repair and refurbishment enabling a platform for those buildings to then be taken to the market and sold to occupies who can at that point make a case to invest further and bring those buildings back into beneficial use. Any profits the Trust makes are put into the next project. Projects to date include Cliffe Castle Lodge Keighley, Two Chapels in Ilkley Cemetery and Charlestown Chapel Baildon. The latter project was successfully sold in the year.
Going for forward the trust will look to identify new projects, but also needs new Trustees and in the absence of new trustees being found may have to close.
Fundraising
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. The charity does not actively raise funds from the public either directly or via use of an agent, accordingly no such amounts are presented in the financial statements for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review.
Given the nature of the funding of the charity the Trustees consider that it remains appropriate not to be voluntarily bound to be regulated by the Fundraising Regulator.
The income for the year amounted to £70,754 (2024 £377) with expenditure amounting to £38,998 (2024 £2,563) resulting in a net income of £31,756 (2024 expenditure £2,186). Total funds at 31 March 2025, which are unrestricted, were £94,683 (2024 £62,927).
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months' unrestricted expenditure, currently £16,000. This provides sufficient funds to cover management, administration and support costs.
The charity has the power to make any investments which the trustees see fit. Any resources not required immediately are invested in interest-bearing accounts.
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to those risks.
The Trust is a private company limited by guarantee, number 02928606 and registered as a charity, number 1039954 and is governed by 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:
In accordance with the Trust's articles, each year one third of the Trustees should stand down or be eligible for re-election. Accordingly, all the trustees stepped down and were re-elected at the Trustees Meeting on 10 July 2024.
New trustees are selected by interview with a panel of trustees and are trained and mentored by more experienced trustees.
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.
The trustees listed above form an Executive Committee which determines the general policy of the charity and controls its day to day activities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Bradford Building Preservation Trust (the Trust) for the year ended 31 March 2025.
Having satisfied myself that the financial statements of the Trust 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 the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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 that in any material respect:
accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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
the financial statements 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 financial statements to be reached.
Charitable activities
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Bradford Building Preservation Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Commerce Court, Challenge Way, Bradford, West Yorkshire, BD4 8NW.
The accounts have been prepared in accordance with the Trust's memorandum and articles of association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Charity's objectives unless the funds have been designated for other purposes.
Cash donations are recognised on receipt. Other donations are recognised once the Trust 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.
Income from charitable activities is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
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.
Stocks are stated at the lower of cost and net realisable value. 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.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Trust 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.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
In the application of the Trust’s accounting policies, the Trustees 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.
Charitable Income
Charitable Income
Charitable activities
Establishment costs
Sundry and other costs
Bank charges
Legal and professional fees
Accountancy
Support costs are allocated to the Trust's only charitable activity, being building refurbishment.
None of the Trustees (or any persons connected with them) received any remuneration benefits or expenses from the Trust during the current or previous year.
As a charity the company is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the charity.
During the year the Trust entered into the following transactions with related parties:
Costs amounting to £5,700 were paid to Hayfield Robinson during the year. Edward Robinson is a trustee of Bradford Building Preservation and a Director of Hayfield Robinson. The payment was agreed by the board of Trustees.