**Company Number 05743962 Charity Number 1113753 Scotland Charity Number SC039244 Ireland Charity Number 20158736**
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS 37 Spital Square London E1 6DY Telephone: 020 7377 1644 info@spab.org.uk
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES AND PROFESSIONAL ADVISORS YEAR ENDED 31 DECEMBER 2021**
## **TRUSTEES**
Doug Kent Charles Wagner Christopher Wheaton (Hon Treasurer) Mildred Cookson Richard Max Duncan McCallum Rachel Morley (Resigned 25 Jan 2021) Nichola Tasker Hazel Morris Conor Meehan (Resigned 13 Jan 2022) Jamie Mcnamara (Resigned 13 Jan 2022) Catherine Cullis Triona Byrne Tyler Lott-Johnson (Appointed 13 Jan 2022) Georgina Nayler MBE (Appointed 13 Jan 2022) Sally Jane Stradling (Appointed 13 Jan 2022) Jo Thwaites (Appointed 13 Jan 2022)
(Vice Chair) (Resigned 13 Jan 2022) (Hon Treasurer)
## **DIRECTOR AND CHIEF EXECUTIVE**
Matthew Slocombe
**REGISTERED OFFICE**
37 Spital Square, London E1 6DY
**COMPANY NUMBER** 05743962
**REGISTERED CHARITY NUMBER** 1113753
**SCOTLAND REGISTERED CHARITY NUMBER**
SC039244
**REPUBLIC OF IRELAND CHARITY NUMBER** 20158736
## **AUDITOR**
## **ACCOUNTANTS**
## **INVESTMENT ADVISORS**
Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW
JS2 Limited One Crown Square Woking GU21 4HR
Kleinwort Benson Private Banking Ltd 14 St George Street London W15 1FE
## **BANKERS**
## **SOLICITORS**
HSBC Plc Stephenson Harwood Stone King Charing Cross Branch 1 Finsbury Circus 28 Ely Place Strand 455 London London London EC2M 7SH EC1N 6TD WC2R 0RH
Founded in 1877. A charitable company limited by guarantee registered in England and Wales. Company No. 5743962. Charity No. 111 3753. VAT No. 577 4276 02. Fax 020 7247 5296 www.spab.org.uk
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
The Directors of the company, who are also the charity trustees and members of the Board, have pleasure in presenting their combined annual report under the Companies Act 2006 and Charities Act 2011 together with the audited accounts for the financial year ended 31 December 2021.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Society is a charitable company being a successor to the unincorporated charity of the same name which was originally founded in 1877.
The Society is governed by Memorandum and Articles of Association last amended in 2018. The charitable company was registered with the Charity Commission in England and Wales on 14 April 2006 as number 1113753. It is also registered in Scotland SC039244 and the Republic of Ireland 20158736.
The Society is managed by up to 12 trustees who form a Board and meet five times a year. Board members can serve up to two terms of three years. The Board appoints the Honorary Officers and is assisted by Staffing and Finance & Audit sub-committees.
Guardianship embraces the members of eight committees: Advocacy; Casework Education & Training; Technical & Research; Mills; SPAB Scotland; SPAB Ireland; and Regional Group Chairs. Each of these committees has at least one third of its Guardians elected from the membership, with the remaining Guardians co-opted for their specialist skills.
The Company, which is limited by guarantee, does not have a share capital and is constituted as a charity. Every guardian undertakes to contribute an amount not exceeding £10 in the event of winding-up.
## **TRUSTEE RECRUITMENT & INDUCTION**
The 2018 Articles allow eight of the 12 trustees to be elected from the Society’s Guardian committees. Each committee nominates an individual, who is usually one of its members, to sit on the Board. In addition, there are four co-opted places, where the Board selects individuals to be trustees for their specialist skills in matters such as finance or law. New trustees are briefed on matters including the SPAB’s history, ideas, operation and assets.
## **REMUNERATION POLICY**
The Society’s approach to remuneration is designed to ensure we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation. We aim to pay competitively in the not-for-profit sector within the context of affordability. Salaries of all staff are reviewed annually by trustees on the Staffing Committee.
## **DIRECTOR**
The Director is responsible for the day-to-day management of the Society’s affairs and for implementing policies agreed by the Board of Trustees. The Director is assisted by the senior management team and staff.
## **OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES**
The Charity’s objects as declared in the Memorandum and Articles of Association are the preservation and protection of ancient buildings for the benefit of the public guided by the principles declared in the Manifesto of The Society for the Protection of Ancient Buildings by the Founders in 1877. Among other powers to further the Objects is the power to promote education of the public, legislation and research and the publication of the useful results of such research.
## **PUBLIC BENEFIT**
The Trustees, in accordance with Section 17 of the Charities Act 2011, have given due regard to the guidance issued by the Charity Commission and consider the organisation to offer public benefit through a wide range of its activities. These include our free technical help line, advice to local authorities through the planning system, training schemes and courses with bursary places, site-based projects and free online information.
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **ANTI-BRIBERY POLICY**
It is the SPAB’s policy to conduct its business in an honest and ethical manner, and trustees take a zerotolerance approach to bribery. The SPAB is committed to acting professionally, fairly and with integrity in all its business dealings and relationships wherever it operates. The SPAB remains bound by the laws of the UK, including the Bribery Act of 2010, in respect of its conduct.
## **VOLUNTEERS**
Volunteers contribute to and support the Society in a number of areas such as working parties, casework, education and training, technical advice and research, archives and administration. The Society is grateful to volunteers for their contribution and out of pocket expenses are reimbursed to volunteers where appropriate.
## **ACHIEVEMENTS AND PERFORMANCE**
Despite the continuing effects of the Covid-19 pandemic the majority of SPAB activities were able to proceed in existing or revised form during 2021. There was some impact on income, and the receipt of some legacies was delayed, but staff built on the experience and innovations of 2020 to ensure the Society’s charitable purpose continued to be pursued. Online courses and training remained popular, though with some evidence of reduced enthusiasm by the year end. Equally though, online courses and events allowed a broader and more international audience to participate. Working parties took place, as planned, in England, Scotland and Ireland, though with extra covid precautions. Our main on-site project was the repair of Kibworth Harcourt windmill in Leicestershire, using funds from the Enid Lamb legacy. At our Old House Project in Kent, consents were secured for repair and re-use; planning work for the structural repair of the building’s west end was carried out with the support of a grant from Historic England.
The Society’s 2016-21 strategy reached its conclusion, with most objectives successfully fulfilled. A new strategy, covering the period 2022-5 was devised and agreed, with Community, Sustainability and Consistency as its main themes. Reviews were also carried out to assess the effect of governance changes in 2018 with useful recommendations made. A working group was set up to assess and make recommendations on the Society’s equality, diversity and inclusion policy and practice.
## **(i) Educational Work**
Despite the complications caused by Covid-19, the Society’s flagship training programmes – the William Morris Craft Fellowship and the Lethaby Scholarships for architects, surveyors and engineers - were able to run. Four Fellows and three Scholars were supported and, despite the need to self-isolate at certain points during the year, all were able to completes their programmes satisfactorily and to the full. We are extremely grateful to our funders for their continuing support during the year, and particularly to Historic England for extending their assistance to the Scholarship programme.
The Society’s two annual Repair of Old Buildings courses took place online, using videoed site visits and discussion sessions alongside lectures. Our online educational programme, including lectures, CPD sessions for professionals and ‘Members’ Skill Share’ series continued successfully.
Our Philip Webb Award design competition and John Betjeman Award for church conservation were put on hold in anticipation of a relaunch in 2022, linked to a major new awards ceremony intended for November of that year.
The Society's Mills Section ran an online National Mills Weekend. The new millwright training programme, linked to the Craft Fellowship and supported by the Enid Lamb legacy, got underway in 2021 with Millwright Fellow Toby Slater working on several mill sites, including the SPAB’s project at Kibworth Harcourt windmill in Leics.
## **(ii) Casework**
Total numbers of cases received by the Society have been relatively stable for many years, but 2021 saw a significant increase. The rise in numbers was approximately 20% with 2871 considered relevant to the SPAB (April 2021-Mar 2022). This may have been the result of improved notification procedures or more building
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
activity in England and Wales, but it placed extra pressure on the SPAB’s Casework Team. This increase came against the backdrop of support from government, via Historic England and CADW, which has steadily decreased in real terms over recent years. Despite the role being statutory, more and more the Society is expected to fund this advisory work, which supports the planning system, from its own charitable resources. From applications for listed building consent received from England and Wales during 2020, our casework Team made substantive comment on 864 (c1000 in 2020). This sometimes involved input from expert volunteers or our Casework Committee, as well as staff. Our aim is to supply advice that supports the building’s conservation when a change is proposed. In addition, the Society carries out campaigning work to support historic ‘buildings at risk’.
## **(ii) Advisory Services**
The Society’s Technical Advice Line was in strong demand during 2021 and handled 791 enquiries (765 in 2020). We are indebted to Historic England for providing financial support for this service. Expert volunteers assisted staff with a wide range of technical topics including research into the production and use of locally produced quick limes.
Our technical staff also lectured to a range of audiences and contributed to external publications. Development and publication of technical guidance continued in 2021, with support also offered towards a UCL PhD concerning surface finishes.
## **iv) Grants for Building Maintenance**
In 2021 the Society maintained its support for the Sustainable Traditional Buildings Alliance’s research and campaigning. Through its Mill Repair grant fund our Mills Section supported conservation work to Buxhall Mill, Suffolk. It also donated £2,400 to the Mills Archive Trust. The SPAB remains a member of The Heritage Alliance and contributed £830 as its subscription.
## **GRANT MAKING POLICY**
The SPAB will only offer grants where it is certain that the funding will further its charitable objectives and meet strategic priorities. All grants will be approved by trustees, or by those given delegated authority by the Board to act on its behalf.
SPAB grants will be restricted to the following: -
- Misses Newcombe Fund for almshouse repair
- Thomas Hardy Fund for the repair of churches (especially those in Dorset)
- The Mill Repair Fund for wind and water mills
- Baber Fund for emergency works to historic buildings
- Scholarship training bursaries
- Fellowship training bursaries
- Educational course and working party bursaries
Any other suitable individual or organisation to whom a grant would further the SPAB charitable objectives and strategic priorities as approved by the Trustees.
All the funds above have written terms and criteria.
Where a grant is made to an individual, or to an organisation that is not a charity, the Society will ensure that the funds will be used only for purposes that fulfil the Society’s charitable objectives, either through its own courses or other works. This will be achieved through grant conditions that are accepted in writing by the recipient. Grants for repair work will be paid in retrospect and only after the Society is satisfied that funds have been used appropriately and for the purpose intended.
We are grateful to Men of the Stones. When this charity was wound up in 2020, £18 000 was donated to the SPAB for educational bursaries. This began to be used to support places on courses and training events for deserving candidates, in 2021.
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
The Society recorded an operating deficit for the year of £271,039 (2020: £149,846 deficit). This became a surplus of £61,607 (2020: £48,562 deficit) after depreciation and investment returns were considered. Donations and legacies at £271,843 were lower than in the previous year (2020: £580,438) but within this figure donations were above budget. We were also notified of some substantial forthcoming legacies. We are hugely grateful to all those members and non-members who choose to remember the Society in their wills. Positive contributions came from our courses and events, advertising revenue and rental income. The Society continued to support a wide range of activities and expenditure on both raising funds and charitable activities, overall expenditure increased to £1.87m (£1.49m in 2020). The Society pursued its Old House Project which after five years of educational benefit will be sold in 2024. During 2021, the Society completed a complicated new site entrance, finished re-roofing work and secured planning and listed building consents, significantly increasing the site’s asset value. Staff costs were slightly reduced at £0.84m (2020: £0.89m) but still a high proportion of total expenditure since advice and training are at the heart of the SPAB’s work.
## **FUNDRAISING POLICY**
The SPAB is committed to the highest standards in fundraising. The Society is registered with the Fundraising Regulator and by extension upholds the Fundraising Promise and complies with all the relevant standards as set out in the Code of Fundraising Practice. The in-house Fundraising Policy is informed by the Code of Fundraising Practise. All our in-house fundraising team are members of the Institute of Fundraising and are actively encouraged and enabled to keep their knowledge of regulations and standards up to date. The SPAB does not currently use third party providers of fundraising services. The charity received no complaints about its fundraising activities during the year.
## **RESERVES POLICY**
The Society held total funds of £5.47m at 31 December 2021 of which £1.94m are restricted and £0.70m endowed. The Society’s remaining reserves of £2.83m are unrestricted of which free reserves (excluding designated funds and tangible fixed assets) are approximately £2.51m (2020: £2.07m). This is equivalent to 1.34 times this year’s annual expenditure of £1.87m, which the Society’s trustees believe, as a matter of policy, to be appropriate given the variety of our sources of income and investments. The Society intends to hold unrestricted reserves at least equal to the sum of 1) Any expected cumulative operating deficit over the following three years, 2) The forecast expenditure on major projects, less funding towards those projects that in the judgement of the Finance and Audit sub-committee (FASC) is either secured (such as grants awarded) or reasonably predictable (such as donations towards a project). For the avoidance of doubt this would not include any income forecast from a sale of part or all of property or land associated with a project, which is subject to market conditions so is inherently uncertain. 3) Three months of budgeted operating expenditure excluding any major spending, within the three to six months range suggested as best practice for charities. Our reserves policy is kept under regular review.
## **INVESTMENT POLICY**
The investment management of the Society’s reserves is monitored by the Finance & Audit sub-committee, reporting to the Board, to ensure that the investment objectives and strategy for each portfolio match that fund’s specific objectives. The investment manager is Kleinwort Hambros. The portfolios are invested by Kleinwort Hambros on the Society’s behalf into a well-diversified third-party and in-house pooled funds across a variety of different asset classes, designed to provide the Society with a combination of above-average income as well as capital growth.
## **Investment report**
The total value of the Society’s holdings across the investment funds as at 24 May 2022 were £4.18M. This is a decrease of 7.4% versus the value of £4.52M as at 31 December 2021.
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
Investment performance for 2021 was as follows for the General Fund and the Enid Lamb Fund, which combined represent about two-thirds of The Society's investments:
|Fund|Performance|Benchmark Index|Performance|
|---|---|---|---|
|SPAB General Fund|+8.5%|ARC PCI Balanced|+7.9%|
|SPAB Wind & Watermill Enid Lamb|+8.3%|ARC PCI Balanced|+7.9%|
|Source: Kleinwort Hambros / ARC||||
The Society funded most of its capital and operating requirements during the year from its existing cash resources and also the sale of land at Yoxford, Suffolk, the proceeds of which is budgeted to fund part of the Old House Project at Boxley over the next two years. This enabled the Society to withdraw much less from its investments than in 2020 to fund its operations.
2021 was another strange year for markets, even as things started to return to normal- or a new normalacross the world as mass vaccination programmes started to reduce the impact of the pandemic. Markets started the year with some of the euphoria from the successful vaccine trials in November 2020 wearing off and fell due to fears over new and resurgent strains of the Coronavirus. However, once it was clear that the virus would be contained, then markets resumed their rise, and by the end of the first half of the year had risen 6% in the UK, and 15% in the US and Europe.
However, our major concerns this time last year were that weakening supply chains, inflation and interest rates were all combining to create significant risks, especially considering highly valued US equity markets, though these concerns were largely ignored by markets, which continued to rise. Since then, global markets have fallen sharply as these fears have intensified, amplified by the invasion of Ukraine by Russia on 24 February. The conflict has created significant inflation through the price of energy, as Russian oil production has been put under sanction, and fears over loss of Russian gas supplies, with Russia supplying one-third of Europe’s gas consumption. It has also had a major impact on food prices, with Ukraine being a major grain and edible oil exporter. The fears over higher inflation and higher interest rates have also caused bonds to fall as well (for example, 10-year UK gilts have fallen by c.12% in value since November)- an illustration of our concern, expressed last year, that there was no longer anything resembling a low-risk asset.
All the above has caused markets to fall so far in 2022. For context, the calendar year 2021 performance of the FTSE100 was +14%, the EuroSTOXX index +22% and the US S&P500 index +27%. However, since 1 Jan 2022, the FTSE100 is flat, the EuroSTOXX index is down 12% and the US S&P500 index down 18%. We remain concerned that markets continue to fall in the short term as the fear of higher interest rates and the reality of higher inflation dominate investors’ thinking, especially the concern over an inflationary spiral emerging between wages and prices. We also note that while some of the headline declines in value of markets appear startling, markets had gone up a lot in the last three years- for example in the US, the Dow Jones index is now only back to where it was in February 2021, and the technology industry-dominated Nasdaq index only back to the level of December 2020. At some point in 2022 markets could overshoot and represent much better value for money- but, we think, not yet.
Current asset allocation, including the cash currently held by the Society following the sale of Yoxford is c. 59% equities, 13% bonds, 13% other investments, 15% cash. This asset allocation should continue deliver the Society's investment aims of both long-term capital growth and income generation as well.
This environment underlines the importance of the strategic priorities of the Finance & Audit Sub-Committee to examine all ways in which fundraising efforts for the Society can be made more effective, to invest to grow and broaden the Society’s reach and fulfil its charitable aims, and to continue to diversify the income streams of the Society. The Society has been extremely fortunate to have been notified of several generous legacies, which it is hoped will be received in the second half of 2022, and extensive work is under way as to how these legacies can be used to fulfil the Society’s charitable aims in the years to come.
## **Legacy recognition policy**
Legacy income is included in the financial statements when the Charity is satisfied that the conditions of entitlement, probability and measurement have been met. Pecuniary legacies are accounted for when notified. Residuary legacies are accounted for when the charity is satisfied that the conditions for recognising income of entitlement, probability and measurement have been met. Where legacies have been notified to
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
the Charity or the Charity is aware of the granting of probate and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
## **RISK**
The Society’s Board of Trustees has a register of potential risks to the charity, and these were reviewed for 2021-2 with particular care, given the uncertainties of the external environment. The Board has also introduced new means of monitoring risk at each of its meetings and has nominated a ‘Risk Trustee’. The Board is satisfied that controls are in place to manage/mitigate these risks. Overall, in 2021, risks were judged to have lessened somewhat by the end of the year through mitigation measures, and changes such as the granting of consent for the re-use of the Society’s Old House Project building. Major risks outstanding at the end of 2021 were cyber-attacks, loss of key staff, and potential difficulties with the completion of the Society major repair project at Kibworth Harcourt Mill due to a boundary dispute with a neighbouring landowner. The Society has mitigated these risks through a) the Society’s IT staff focusing on cyber security risks, along with purchase of insurance, and staff training on risk awareness; b) benchmarking of salaries by the Society against market rates, and regular pay and staff structure reviews; c) since year-end major repair work has been successfully completed at Kibworth Harcourt without dispute with the neighbouring landowner.
The Society relies substantially on grants and legacy income for about half of its income. This has been identified as an ongoing risk and a strategic issue to be addressed through additional social media, marketing and fundraising efforts targeted at major individual and corporate donors. Despite the need to diversify funding, in 2021 there was a significant increase in public sector support. Our increased encouragement to potential donors produced notification during the year of several substantial forthcoming legacies. Other income streams such as online learning are also being expanded. The Finance and Audit sub-committee and Board continue to set the goal of operating cash flow breakeven, though some additional expenditure from reserves has been planned for 2022 as an investment in long term sustainable growth. This will include website renewal and the appointment of a new Digital Officer.
The reserves policy (see p. 5) is designed to ensure that the Society’s investments act as a buffer to shortterm fluctuations in cash flow, and to make certain that the Society can fund its short-term operating deficit and keep a minimum 3 months of expenditure in reserve (as recommended by the Charity Commission).
The Society also relies on its investments as a buffer to both smooth cashflows throughout the year and to generate income to help fund the current operating deficit. These investments are regularly reviewed with the investment manager and their performance against relevant benchmarks assessed. The Society pursues a medium-risk investment strategy with its investments, aiming to minimise losses during market declines while generating income and ensuring the long-term appreciation of its assets. The performance of the investments during the recent market volatility has been good.
## **Major project risk**
Work on the Society’s two major projects – the repair of our windmill at Kibworth Harcourt, Leicestershire and our Old House Project (OHP) at St Andrew’, Boxley in Kent - carried some significant risks for the Society but major progress proved possible in 2021. Financial and reputational risks are now greatly diminished. Governance and reporting structures allowed these risks to be monitored, and where necessary, mitigated. The Board and Finance and Audit sub-committee receive regular reports about both projects. Additionally, the OHP gained a new Project Board from mid-2021 which includes specialists in conservation, finance, project management and valuation and will advise closely on activities until the project’s expected completion in 2024.
The reserves policy also includes a contingency to allow for repayment of a loan from the Architectural Heritage Fund which provides part-funding for the project, though this risk has diminished significantly in 2021 through the creation of a new access to the site and granting of planning and listed building applications for the building’s re-use. This progress significantly increases the site’s asset value. A parcel of land, owned by the Society, was sold at above market value with the proceeds devoted primarily to the educational and promotional aspects of the Old House Project. These lie beyond the scope of the AHF loan. We are extremely grateful to the Pilgrim Trust for its generous grant to the OHP, and to SPAB members for their support through donations. Historic England offered a grant of about £30,000, in autumn 2021 towards the development of structural repair proposals for the OHP’s west wall. This work has been completed with the grant drawn down in early 2022.
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**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
Work at the SPAB’s important, scheduled post mill at Kibworth Harcourt, Leics has been supported largely by a generous legacy from the late Enid Lamb. Very good progress was made during the year with completion expected by summer 2022.
## **Coronavirus risks**
The SPAB’s Trustees have monitored additional operational risks faced by the Society during the pandemic and will continue to monitor them. A substantial covid-related Culture Recovery Fund grant of £260,500 helped overcome income loss in 2020-21. For 2021-2 activity is expected to return to pre-pandemic levels though contingencies are in place where activity could be affected by further restrictions. There are sufficient funds in the unrestricted reserves to stay well within the reserves policy for 2022 and beyond. Cashflow planning is carried out to assure sufficient funds are available for over a year ahead.
## **Gloria e Marco Award**
The Gloria e Marco (GeM) Fund, set up in memory of two young architects who died in the Grenfell Tower tragedy, has attracted support and donations. The committee which manages the award has now been registered as an independent charity and during 2021 the SPAB’s trustees transferred all GeM donations. No Italian architect-scholar was able to receive the award and visit the UK in 2021 to experience this country’s conservation work, but it is hoped that an appointment will be possible in 2022.
## **GOING CONCERN**
Management have prepared cash flow forecasts to support the assessment that the accounts should be prepared on a going concern basis. The model covers the period to 31 December 2023 to consider the future plans of the Society and effect of Covid-19 on future income streams. The forecast demonstrates that the Society has the ability to remain in a cash positive position throughout the period of analysis with the lowest cash balance (excluding Investments) forecast to be over £400k. Unrestricted reserves at the date of the signing of the accounts are in excess of £2M, or c.1.2x annual expenditure and in excess of the minimum unrestricted funds suggested by the Society’s reserves policy.
After making enquires, the trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts. The trustees do not consider there to be any material uncertainties about the charity’s ability to continue as a going concern.
## **FUTURE PLANS**
The Society’s last strategy came to an end in 2021. This strategy was successful in many respects, achieving the growth, increased reach and the strengthening of identity that was intended. Work linked to the strategy has proved fruitful in many areas, including the establishment of SPAB Ireland, increase in social media activity, a new website and database, expansion of working parties, the Old House Project, and introduction of the SPAB Approach document as a summary of the Society’s ideas. In other areas, activities have been maintained through constant efforts: Scholarship and Fellowship programmes, courses, membership, regional and national groups, Mills Section, the SPAB Magazine, Technical Advice Line, technical publications, casework, etc.
During 2021, the Society’s Trustees, Guardians and staff developed a new strategy for the organisation. In view of the economic and social uncertainties likely to follow the pandemic, this new strategy covers a shorter three-year period. Its aims are to support the SPAB’s Community including those who are potential supporters; to promote the contribution of building conservation to environmental Sustainability while also ensuring the SPAB itself remains sustainable; and increasing Consistency in our messaging and in all aspects of our work.
In addition to well-established areas of work, the Society will maintain many new on-line activities during 2022. On site, we will run our main working party at Boxley in Kent, while also entering the main phase of repair work at its neighbouring Old House Project. The Society will also develop a new website on a new software platform.
SPAB Ireland is developing a range of activities with support from the Heritage Council in the Republic; SPAB Scotland plan an event to celebrate Scotland’s watermills. A working party at St Mary’s Church, Caerau near
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## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
Cardiff, was postponed in 2021 but is due to take place in May 2022 with the aim of raising the SPAB’s profile in Wales.
In November 2022 we will hold a major Awards Ceremony to celebrate work and achievements that support the SPAB’s objectives.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees, (who are also the directors of The Society for the Protection of Ancient Buildings for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare accounts for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and resources expended, including the income and expenditure of the charitable company for that period. In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **DISCLOSURE OF INFORMATION TO AUDITORS**
Insofar as each of the Trustees of the charitable company at the date of approval of this report is aware, there is no relevant audit information (information needed by the charitable company’s auditor in connection with preparing the audit report) of which the charitable company’s auditor is unaware. Each Trustee has taken all the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.
The Report and accounts have been independently audited in accordance with the provisions applicable to The Companies Act 2006.
The financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
Approved by the Board on 12th July 2022
and signed on its behalf by:
**----- Start of picture text -----**
______________________________
**----- End of picture text -----**
Name: Nichola Tasker, Chair
Name: Christopher Wheaton, Honorary Treasurer
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## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Opinion**
We have audited the financial statements of the Society for the Protection of Ancient Buildings for the year ended 31 December 2021 which comprise the Statement of Financial Activities (including an income and expenditure account), Balance Sheet, Cash flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of the charitable company’s income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion based on the work undertaken in the course of our audit
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
10
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 9 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 and the Charities and Trustees Investment (Scotland) Act 2005, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a
11
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS INDEPENDENT AUDITOR’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR) and employment and health and safety legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, testing on the posting of journals, tested the application of cut-off and revenue recognition, particularly around voluntary income and grants; reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Julia Poulter Senior Statutory Auditor**
For and on behalf of Crowe U.K. LLP Statutory Auditor
## **London**
17[th] August 2022
12
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
||||||**2021**|_2020_|
|---|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Endowed**|**Total**|_Total_|
||Notes|**Funds**|**Funds**|**Funds**|**Funds**|_Funds_|
|**Income and endowments from:**||**£**|**£**|**£**|**£**|_£_|
|Donations and legacies|2|255,820|16,023|-|**271,843**|**580,438**|
|Charitable activities|3|698,406|164,440|-|**862,846**|**551,190**|
|Other trading activities|4|372,889|1,332|-|**374,221**|**114,433**|
|Investment Income|5|29,489|37,851|-|**67,340**|**71,928**|
|Other||26,705|12|-|**26,717**|**23,499**|
|||________|_________|________|________|________|
|**Total**||**1,383,309**|**219,658**|**-**|**1,602,967**|**1,341,488**|
|**Expenditure on:**|||||||
|Raising funds||256,541|37,820|-|**294,361**|**301,186**|
|Charitable activities||837,393|742,252|-|**1,579,645**|**1,190,148**|
|||________|_________|________|________|________|
|**Total**|6|**1,093,934**|**780,072**|**-**|**1,874,006**|**1,491,334**|
|**Operating surplus / (deficit)**||**289,375**|**(560,414)**|**-**|**(271,039)**|**(149,846)**|
|**Net gains on investments**|11|130,642|148,029|53,975|332,646|101,284|
|||________|_________|________|________|________|
|**Net income / (expenditure)**||**420,017**|**(412,385)**|**53,975**|**61,607**|**(48,562)**|
|Transfer between funds||-|-|-|-|_-_|
|||________|_________|________|________|__________|
|**Net movement in funds**||**420,017**|**(412,385)**|**53,975**|**61,607**|**(48,562)**|
|**Reconciliation of funds:**|||||||
|Total funds brought forward|14|2,415,424|2,348,945|644,954|5,409,323|5,457,885|
|||________|_________|________|________|__________|
|**Total funds carried forward**|
14|**2,835,441**|**1,936,560**|**698,929**|**5,470,930**|**5,409,323**|
The above results are from continuing activities and there are no other gains and losses except as stated above.
The notes on pages 17 to 30 form part of these financial statements
13
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS BALANCE SHEET**
## **AS AT 31 DECEMBER 2021**
|**Company Number 05743962**
Notes
**FIXED ASSETS**
Tangible assets
9
Intangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
13
**NET CURRENT ASSETS**
Creditors: amounts falling due > than one year
13
**NET ASSETS**
**THE FUNDS OF THE CHARITY**
**14**
Unrestricted - General
- Designated
Restricted - The Mills Section
- The William Morris Craft Fellowship
- Other
14
Endowed funds
14||**2021**
**£**
255,744
21,293
4,691,722
__________
**4,968,759**
147,852
667,852
_________
815,704
191,415
**624,287**
122,118
**5,470,930**
2,511,987
323,454
_________
**2,835,441**
848,752
145,614
942,194
_________
**1,936,560**
**698,929**
**5,470,930**||_2020_
_£_
270,256
76,374
4,359,697
__________
**4,706,327**
314,650
623,359
_________
938,009
114,964
**823,045**
120,049
**5,409,323**
2,077,459
337,965
_________
**2,415,424**
1,153,423
188,385
1,007,137
_________
**2,348,945**
**644,954**
**5,409,323**|
|---|---|---|---|---|
||||||
||||||
||||||
The financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
Approved by the trustees and authorised for issue on: 12 July 2022
and signed on its behalf by
Name: Nichola Tasker, Chair Name: Christopher Wheaton, Honorary Treasurer
The notes on pages 17 to 30 form part of these financial statements
14
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS CASH FLOW STATEMENT**
## **AS AT 31 DECEMBER 2021**
||**Note**|**2021**|_2020_|
|---|---|---|---|
|||**£**|_£_|
|**Cash flows from operating activities:**||||
|Net cash used in operating activities|a)|(17,862)|(282,307)|
|**Cash flows from investing activities:**||||
|Dividends and interest from investments||67,340|71,928|
|Proceeds from sale of tangible and intangible fixed assets||-|-|
|Purchase of tangible and intangible fixed assets||(5,605)|(7,574)|
|Proceeds from sale of investments||1,485,509|1,240,324|
|Purchase of investments||(1,317,257)|(975,314)|
|**Net cash provided by investing activities**||**229,988**|**329,364**|
|**Cash flows from financing activities**||||
|Net cash provided by financing activities||-|100,000|
|**Change in cash and cash equivalents in the reporting**||||
|**period**||**212,125**|**147,057**|
|**Cash and cash equivalents**||||
|**at 1 January**|b)|746,630|599,573|
|**at 31 December**|b)|958,755|746,630|
|**NOTES TO THE CASH FLOW STATEMENT**||||
|**a) Reconciliation of net income/(expenditure) to net**||||
|**cash flow from operating activities**||||
|Net income/(expenditure) for the reporting period||61,607|(48,561)|
|Adjustments for:||||
|Add back long-term loan amount||-|(100,000)|
|Depreciation and amortisation||75,198|74,434|
|(Gains) on investments||(332,646)|(101,284)|
|Dividends and interest from investments||(67,340)|(71,928)|
|Decrease in stock||-|7,337|
|(Increase) / decrease in debtors||166,798|(120,518)|
|Increase / (decrease) in creditors||78,521|78,213|
|||_________|_________|
|**Net cash provided by (used in) operating activities**||**(17,862)**|**(282,307)**|
|**b) Analysis of cash and cash equivalents**||||
|Cash at bank and in hand||**667,852**|623,358|
|Cash held as long-term investments||**290,903**|123,272|
|||**_________**|**_________**|
|||**958,755**|**746,630**|
The notes on pages 17 to 30 form part of these financial statements
15
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS CASH FLOW STATEMENT AS AT 31 DECEMBER 2021**
## **c) Analysis of changes in net debt**
|Cash at bank and
in hand
Cash held as long-
term investments
Loans falling due
after more than
one year
**Total**|**At start of year £**
**Cash-flows**
**Fair value**
**movements**
**At end of year £**
623,358
44,494
-
667,852
123,272
-
167,631
290,903
(100,000)
(4,983)
-
(104,983)|
|---|---|
||**646,630**
**39,511**
**167,631**
**853,772**|
The notes on pages 17 to 30 form part of these financial statements
16
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **CHARITY INFORMATION**
The Society is a company limited by guarantee (registered number 05743962), which is incorporated and domiciled in the UK and is a public benefit entity. The address of the registered office is 37 Spital Square, London E1 6DY.
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted and critical areas of judgements are as follows:
## **a) Basis of Accounting**
The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The Society for the Protection of Ancient Buildings meets the definition of a public benefit entity under FRS 102. These accounts include the corporate funds of the company and also the Trust funds retained in the precursor charity number 231307 under a uniting direction dated 7 December 2006.
## _**Going concern**_
Management have prepared cash flow forecasts to support the assessment that the accounts should be prepared on a going concern basis. The model covers the period to 31 December 2023 to consider the future plans of the Society and effect of Covid-19 on future income streams. The forecast demonstrates that the Society has the ability to remain in a cash positive position throughout the period of analysis with the lowest cash balance (excluding Investments) forecast to be over £400k. Unrestricted reserves at the date of the signing of the accounts are in excess of £2M, or c.1.2x annual expenditure and in excess of the minimum unrestricted funds suggested by the Society’s reserves policy.
After making enquires, the trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts. The trustees do not consider there to be any material uncertainties about the charity’s ability to continue as a going concern.
## **b) Functional/presentational currency**
The functional currency of The Society for the Protection of Ancient Buildings is considered to be in pounds sterling because that is the currency of the primary economic environment in which the charity operates.
## **c) Income**
Contributions, donations and subscriptions are accounted for on a cash receipts basis. Life memberships received are amortised to the Statement of Financial Activities over a period of 20 years being the period estimated to represent average life membership. Income from trading activities is recognised in the period in which the service has been provided or product sold. Income from government and other grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
Investment income from dividends and 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 received or receivable from the bank.
Legacy income is included in the financial statements when the Charity is satisfied that the conditions of entitlement, probability and measurement have been met. Pecuniary legacies are accounted for when notified. Residuary legacies are accounted for when notification of impending distribution or estate accounts have been received. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
17
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES (Continued)**
## **d) Expenditure**
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any irrecoverable VAT.
Raising funds comprise those costs directly attributable to managing the investment portfolio and fundraising costs which are those incurred in seeking voluntary contributions for the Charity.
Charitable activities comprise direct expenditure including staff costs attributable to each activity. Support costs are apportioned to charitable activities on the basis of staffing of that relevant activity. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.
## **e) Depreciation and amortisation**
Tangible fixed assets with a cost of over £500 are capitalised. Depreciation is provided on all tangible fixed assets other than antique furniture at rates calculated to write off the cost less estimated residual value of each asset over its estimated useful life with depreciation being charged in full for the year of acquisition and none in the year of sale. The depreciation rates in use during the year are noted as follows:
Freehold buildings - over 50 years (2% per annum) Office equipment - over 5 years (20% per annum) Computer equipment - over 5 years (20% per annum)
Depreciation is not provided on ancient buildings owned by the Charity as in the view of the Trustees, any charge and accumulated balance in respect of depreciation would be immaterial. Further due to the nature of the ancient buildings their age is an intrinsic element of their value to the objects of the Charity, which will not be eroded in the passing of time.
Intangible assets are capitalised at cost and amortised to write off the cost over the estimated useful life.
Intellectual property rights - over 3 years (33.33% per annum) Website costs - over 5 years (20% per annum)
Website and database development costs have been capitalised within intangible assets as they can be identified with a specific project anticipated to produce future benefits. Once brought into use they will be amortised on the straight-line basis over the anticipated life of the benefits arising from the completed project.
Heritage assets: the Society maintains two properties in support of the Society’s objective of preserving and protecting ancient buildings. Conventional valuation approaches lack sufficient reliability and that, even if valuations could be obtained, the costs would be onerous compared with the additional benefits derived by the Society. As a result, no value is reported for these assets in the Balance Sheet.
## **f) Investments**
Investments are revalued to market value as at the balance sheet date and the surplus or deficit of this revaluation is shown as unrealised gains or losses on the face of the Statement of Financial Activities. Realised gains and losses represent the difference between the sale proceeds and the opening market value of an investment or cost if purchased during the year.
## **g) Stock**
Stock is valued at the lower of cost and less costs to complete and sell. Cost is determined on a first in, first out basis.
## **h) Restricted Funds**
These are monies, which have legal restrictions on their use where donors have specified the funds can only be spent on certain of the charity’s activities.
18
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES (Continued)**
## **i) Endowed Funds**
These are funds where the trustees are required to hold capital, as represented by the investments, and are not entitled to spend it. Income arising from these funds is either restricted income or unrestricted income depending upon the details included with the original gift.
## **j) Pension Costs**
The Charity contributes to The Pensions Trust Schemes and also to an individual personal pension scheme. Contributions to all schemes are charged to the Statement of Financial Activities (‘SOFA’) as they become payable in accordance with the rules of the schemes.
## **k) Financial Instruments**
The Charity 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 amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, short term cash deposits together with trade and other debtors excluding prepayments. Financial liabilities held at amortised cost comprise the short and long term trade and other creditors excluding deferred income and taxation payable. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.
|Financial assets held at fair value (a)|**2021**
**£**
_2020_
_£_
4,400,819
4,236,425|
|---|---|
- (a) Comprising all fixed asset investments as detailed in Note 11.
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Investments, including bonds and cash held as part of the investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **l) Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
19
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**2.**
**DONATIONS AND LEGACIES**
Donations
Trusts and legacies|**2021**
**£**
158,478
113,365
**271,843**|_2020_
_£_
117,612
462,826|
|---|---|---|
|||**580,438**|
As stated in the accounting policies (note 1), the Society recognises income from legacies when there is probability and reliability of receipt, and their value can be accurately measured. At 31 December 2021 the society has been notified of one further legacy that has not been included in these financial statements as it did not meet the criteria. This legacy will realise £10,000.
|**3.**
**CHARITABLE ACTIVITIES**
**Grants Receivable**
Culture Recovery Fund
Historic England
Dance Scholarship Foundation
WMCF Trust
The Pilgrim Trust
Old Buildings Preservation and Restoration Trust
Fenton Arts Trust
Delves Charitable Trust
Francis de Caires
Quilter Cheviot
Charitable Trust
National Heritage – Covid Emergency Funding
Drake Trust
CADW
Radcliffe Foundation
Carpenter's Trust
The Stuart Heath Charitable Settlement
Roger & Sarah Bancroft Charitable Trust
Wheler Foundation
Other
Total Grants Receivable
Subscriptions
Literature Sales
General Events|**2021**
**£**
260,500
94,344
15,000
10,000
10,000
7,500
7,000
6,000
2,500
2,500
2,000
-
-
-
-
-
-
-
-
5,498
**422,842**
299,097
5,889
135,018
**862,846**|_2020_
_£_
_-_
94,818
-
10,000
10,000
-
-
6,000
-
-
-
45,400
7,500
7,283
6,666
5,000
5,000
4,000
1,500
150|
|---|---|---|
|||**203,317**
277,593
4,857
65,423|
|||**551,190**|
20
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**4.**
**OTHER TRADING ACTIVITIES**
Advertising
Rent receivable
Sponsorship
Sale of Assets|**2021**
**£**
83,422
30,299
10,500
250,000
**374,221**|_2020_
_£_
88,020
26,413
-
-
**114,433**|
|---|---|---|
£250,000 was realised in relation to the sale of land at Yoxford, Suffolk. The land was acquired by SPAB as part of a much larger property bequest and the sale of the plot has released funds to assist educational and promotional work linked to the Old House Project. This work was otherwise unfunded.
|**5. INVESTMENT INCOME**
Portfolio Income
Interest on cash deposits|**2021**
_2020_
**£**
_£_
66,939
70,960
401
968|
|---|---|
||**67,340**
**71,928**|
21
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**6. EXPENDITURE**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Charitable Activities**
**£**
**£**
_Building Maintenance_
Grants and donations
14,406
89,494
_________
_________
_
**14,406**
**89,494**
_Educational costs_
Scholarships and fellowships
300
61,802
General events
250
-
Courses, meetings, lectures, and
events
24,198
2,391
Wages and salaries
180,450
115,589
Newsletter
65,065
8,724
Literature
1,200
-
Travel
5,513
1,276
Other
4,084
-
Building Project
23,252
282,986
Support costs (note 7)
203,553
60,574
_________
_________
_
**507,865**
**533,342**
_Advisory services_
Technical and Casework direct
costs
7,815
9,914
Wages and salaries
155,847
64,430
Travel
-
-
Support costs (note 7)
151,460
45,072
_________
_________
_
**315,122**
**119,416**
_________
_________
_
**Total Charitable Activities**
**837,393**
**742,252**
**Raising Funds**
Fundraising costs
19,275
2,950
Wages and salaries
116,987
-
Support costs (note 7)
80,439
23,937
Advertising Commission
32,465
-
Investment managers fees
7,375
10,933
**Total Raising Funds**
_________
_________
_
**256,541**
**37,820**
**TOTAL EXPENDITURE**
**1,093,934**
**780,072**|**2021**
**_Total_**
**£**
103,900
________
**103,900**
**62,102**
**250**
**26,589**
**296,039**
**73,789**
**1,200**
**6,789**
**4,084**
**306,238**
**264,127**
________
**1,041,207**
**17,729**
**220,277**
**-**
**196,532**
________
**434,538**
________
**1,579,645**
**22,225**
**116,987**
**104,376**
**32,465**
**18,308**
________
**294,361**
**1,874,006**|2020
_Total_
**£**
12,492
_________
**12,492**
6,775
69
21,296
305,820
68,587
2,162
4,548
3,834
24,994
276,551
_________
**714,636**
19,157
232,904
346
210,613
_________
**463,020**
**_________**
**1,190,148**
28,697
117,225
106,006
31,820
17,438
_________
**301,186**
**1,491,334**|
|---|---|---|
The value of volunteer time is not included in the costs disclosed above. Volunteers contribute to and support the Society in a number of areas such as working parties, casework, education and training, technical advice, archives and administration.
22
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **7. SUPPORT COSTS**
|**SUPPORT COSTS**|||||
|---|---|---|---|---|
||Unrestricted|Restricted|**2021**|_2020_|
||Funds|Funds|**Total**|_Total_|
||£|£|**£**|_£_|
|Travel and volunteers’ expenditure|4,265|1,222|**5,487**|**4,697**|
|Wages and salaries|171,255|39,055|**210,310**|**234,378**|
|Printing, stationery, postage, and advertising|10,326|7,739|**18,065**|**11,360**|
|Establishment expenses|81,657|17,783|**99,440**|**117,174**|
|Legal and professional|75,665|38,178|**113,843**|**104,095**|
|Depreciation|58,953|16,245|**75,198**|**74,451**|
|Bank charges and interest|13,097|4,342|**17,439**|**12,882**|
|Other|3,695|1,472|**5,167**|**16,800**|
|Governance costs:|||||
|_Audit_|14,903|3,097|**18,000**|**17,100**|
|_Trustee meetings_|1,635|451|**2,086**|**233**|
||_________|________|______|______|
||**435,451**|**129,584**|**565,035**|**593,170**|
These costs are allocated over charitable activities and raising funds on the basis of the number of staff employed in each of these areas. Included in support costs is remuneration for the Society auditor for non-audit services totalling £Nil (2020: £Nil)
|**8.**
**TRUSTEES AND EMPLOYEES**
Staff costs:
Wages and salaries
Social security costs
Pension costs
Employee emoluments in the band £70,000 - £79,999|**2021**
**£**
743,502
63,270
36,841
**843,613**
**1**|_2020_
_£_
781,110
72,047
37,170|
|---|---|---|
|||**890,327**|
|||1|
The Trustees did not receive any remuneration during the year. Expenses relating to travel of £47 (2020: £1,069) were paid on behalf of one (2020: four) Trustees during the year.
The key management personnel of the charity comprise the trustees, the Chief Executive, Technical and Research Director, Education and Training Manager, Development and Marketing Manager and Business Manager. The total employee benefits of the key management personnel of the charity were £258,721 (2020: £299,309).
The average number of employees during the year, analysed by function was:
||_Headcount_|_Headcount_|_Full time_|_equivalent_|
|---|---|---|---|---|
||**2021**|_2020_|**_2021_**|
_2020_|
||**No.**|_No._|**_No._**|
_No._|
|Fundraising|2|_2_|1.5|
_1.5_|
|Educational|11|_12_|7.2|
_7.4_|
|Advisory services|8|_8_|5.3|
_5.3_|
|Support|9|_9_|6.5|
_6.3_|
||________|__________|________|
__________|
||30|_31_|20.5|
_20.5_|
23
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. TANGIBLE FIXED ASSETS**
|Cost
As at 1 January 2021
Additions
Disposals
**As at 31 December 2021**
Depreciation
As at 1 January 2021
Charge for the year
Disposals
**As at 31 December 2021**
**Net book value**
**31 December 2021**
_31 December 2020_|Freehold
Land &
Buildings
£
392,504
-
-
**392,504 **
168,298
4,429
-
**172,727**
**219,777**
**224,206**|Antique
Furniture
£
11,129
-
-
**11,129**
-
-
-
**-**
**11,129**
**11,129**|Office
Equipment
£
20,678
-
-
**20,678**
17,673
1,485
-
**19,158**
**1,520**
**3,005**|Computer
Equipment
£
72,643
5,605
-
**78,248**
40,727
14,203
-
**54,930**
**23,318**
**31,916**|**Total**
**£**
**496,954**
**5,605**
**-**|
|---|---|---|---|---|---|
||||||**502,559**|
||||||**226,698**
**20,117**
**-**|
||||||**246,815**|
||||||**255,744**|
||||||**270,256**|
Included within freehold property is building and land at 37 Spital Square, which was purchased in 1983. The buildings were purchased at a cost of £221,453 and are depreciated at 2% per annum. Land at a cost of £110,727 is not depreciated.
In 2018 land at St Andrew’s Boxley was purchased for £60,000. This is included within Freehold Land & Buildings. It’s deemed to be land given the state of the property, and therefore not subject to depreciation. The property will be held as an operational property to be used for teaching purposes.
Kibworth Harcourt Mill and St Andrew’s Chapel are held as heritage assets with a £Nil book value in the accounts
## **10. INTANGIBLE ASSETS**
|**INTANGIBLE ASSETS**
Cost
As at 1 January 2021
Additions
Disposals
**As at 31 December 2021**
Amortisation
As at 1 January 2021
Disposals
Charge for year
As at 31 December 2021
**Net Book Value – 31 December 2021**
_– 31 December 2020_|Website&
Database
Development
**£**
275,407
-
-
**275,407**
199,033
-
55,081
**254,114**
**21,293**
**76,374**|**Total**
**£**
**275,407**
**-**
**-**|
|---|---|---|
|||**275,407**|
|||199,033
-
55,081|
|||**254,114**|
|||**21,293**|
|||**76,374**|
24
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**11.**
**FIXED ASSET INVESTMENTS**
Market value of quoted investments
Cash
Listed investments
Market value at start of year
Additions
Disposals
Net gains on investments
Market value at end of year|**2021**
**£**
4,400,819
290,903
**4,691,722**
4,236,425
1,317,257
(1,485,509)
332,646
**4,400,819**|_2020_
_£_
4,236,425
123,272|
|---|---|---|
|||**4,359,697**|
|||4,400,150
975,314
(1,240,323)
101,284|
|||**4,236,425**|
Listed investments are managed by third party investment managers on behalf of the Charity and are invested in a mixture of UK and overseas equities, bonds, property funds and fixed interest securities.
|**12.**
**DEBTORS**
Trade debtors
Prepayments and accrued income
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income
**CREDITORS: AMOUNTS FALLING DUE > 1YEAR**
Bank loans and overdrafts
Deferred Income
**Total Creditors**|||**2021**
**£**
23,917
123,935
**147,852**
**2021**
**£**
10,968
8,249
12,500
159,698
**191,415**
**2021**
**£**
104,983
17,135|_2020_
_£_
31,959
282,691
**314,650**
_2020_
_£_
29,619
3,626
17,497
64,222
**114,964**
_2020_
_£_
100,133
19,916|
|---|---|---|---|---|
||||||
||||||
||||**122,118**|**120,049**|
The loan for £104,983 is part of a £500,000 loan facility provided by the Architectural Heritage Fund. £100,000 of this loan facility has been drawn down at 31 December 2021. SPAB are recognising £4,983 of accrued loan interest as at 31 December 2021. The loan is available for a period of 60 months from the first date upon which the loan is drawn down. No capital and interest repayments are due for a period of 36 months after the date of the initial drawdown. After this initial period only interest payments are required to be paid up to month 60, upon which full capital repayment must be made.
25
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13. CREDITORS (Continued)**
Deferred income of £30,175 (2020: £45,899) is included above. All deferred income is released in the subsequent accounting period with the exception of life membership subscriptions. Life membership subscriptions at 1 January 2021 were £23,486 (2020: £27,056) of which £3,350 was released in 2021 (2020: £3,570). Life membership subscriptions received in the current period amounted to £nil.
## **14. MOVEMENT IN FUNDS**
|**Restricted Funds:**
The Mills Section
R&M of ancient buildings
Scholarship for architects
The William Morris Craft
Fellowship
Historic England
Gloria e Marco Award
D&P Marsh Trust
Restricted (Other)
**Total Restricted Funds**
**Endowed Funds**
**Designated Funds:**
Fixed Asset Reserve
IT Fund
Kibworth Harcourt Repair
Spital Square Repair
**General Fund**
**Total Unrestricted Funds**
**Total Funds**|_Balance_
_1 January_
**Net**
**Investment**
**Balance**
**31**
**December**
_2021_
**Income**
**Expenditure**
**Transfers**
**Gains**
**2021**
_£_
**£**
**£**
**£**
**£**
**£**
1,153,423
49,238
(460,812)
-
106,902
**848,751**
414,147
7,969
(2,468)
-
19,188
**438,836**
288,993
45,019
(83,146)
-
21,939
**272,805**
188,385
33,009
(75,780)
-
-
**145,614**
-
74,344
(74,344)
-
-
**-**
83,713
310
(83,522)
-
-
**501**
100,000
-
-
-
-
**100,000**
120,284
9,769
-
-
-
**130,053**|
|---|---|
||**2,348,945**
**219,658**
**(780,072)**
**-**
**148,029**
**1,936,560**
**644,954**
**-**
**-**
**-**
**53,975**
**698,929**
270,254
-
(20,115)
5,604
-
255,743
46,270
-
-
-
-
46,270
7,000
-
-
-
-
7,000
14,441
-
-
-
-
14,441|
||**337,965**
**-**
**(20,115)**
**5,604**
**-**
**323,454**
**2,077,459**
**1,383,309**
**(1,073,819)**
**(5,604)**
**130,642**
**2,511,987**|
||**2,415,424**
**1,383,309 (1,093,934)**
**-**
**130,642**
**2,835,441**|
||**5,409,323**
**1,602,967 (1,874,006)**
**-**
**332,646**
**5,470,930**|
## **Restricted Funds:**
## **The Mills Section**
The fund supports the work of the Society’s separate Mills Section.
Included under the headings Repair and maintenance of ancient building and Scholarships for architects are the following funds:
## **Grant making**
The Hardy Memorial Fund The Queen Elizabeth Statue Fund The Baber Fund The Cook, Taylor & Lilibourne Fund The Misses Newcombe Bequest The Miss Truman Bequest Kibworth Harcourt Mill
**Scholarships for Architects**
The Banister Fletcher Fund The Ernest Cook Scholarship The Patrick Plunket Fund The Jonathan Vickers Scholarship Fund
26
# **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **14. MOVEMENT IN FUNDS (continued)**
## **Restricted Funds (continued):**
## **The William Morris Craft Fellowship**
Funds to cover the cost of the SPAB’s training scheme for building craftsmen.
## **Historic England includes:**
_Technical Advice Line_ : Funding received towards the costs of the Society’s free technical advice helpline. _Casework:_ Funding received towards the costs of the Society’s statutory casework activities.
## **Gloria e Marco Award**
This is a new fund for the benefit of young Italian graduates set up in honour of two young Italian architects, who died tragically in the Grenfell Tower fire. The purpose of the fund is to provide assistance to talented young Italian graduates, to help develop their interested in building conservation.
## **Endowed Funds:**
There are six endowment funds. Banister Fletcher, Ernest Cook and Jonathan Vickers support Scholarships for Architects. Thomas Hardy supports repairs to Hardy’s Cottage, the writer’s birthplace. Bertha Fletcher and RR Cory support the work of the Society.
## **Designated Funds:**
## **Fixed Asset Reserve**
The Fixed Asset Reserve represents the net book value of the unrestricted element of the tangible fixed assets.
## **IT Fund**
To fund a new website and database development. This fund will be expended over the next one to two years.
## **Kibworth Harcourt Repair Fund**
This fund will be used for the ongoing maintenance of Kibworth Harcourt Mill and will likely be spent over the next 5 years. Major repairs to Kibworth Harcourt Mill will be funded by the Mills Section Enid Lamb Legacy.
## **Spital Square Repair Fund**
This fund has been set aside to support future major repair works.
## **Transfers between funds**
No transfers were made from the restricted to the unrestricted fund during the year.
27
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Restricted**
The Mills Section
R&M of ancient buildings
Scholarship for architects
The William Morris Craft
Fellowship
Gloria e Marco Award
D&P Marsh Trust
Restricted (Other)
**Endowed Funds**
**Unrestricted Funds**
**Total**|**Tangible**
**Fixed**
**Assets**
**Intangible**
**Fixed**
**Assets**
**Net**
**Investments**
**Net Current**
**Assets**
**Total**
**2021**
**£**
**£**
**£**
**£**
**£**
-
-
848,751
-
**848,751**
-
-
338,310
100,526
**438,836**
-
-
318,271
(45,466)
**272,805**
-
-
-
145,614
**145,614**
-
-
-
501
**501**
-
-
-
100,000
**100,000**
-
-
-
130,053
**130,053**
-
-
684,946
13,983
**698,929**
255,744
21,293
2,501,444
56,960
**2,835,441**|
|---|---|
||**255,744**
**21,293**
**4,691,722**
**502,171**
**5,470,930**|
## **16. PENSION**
The Society participates in The Pensions Trust's Growth Plan ("the Plan") for 23 staff (2020: 22). This is a multi-employer funded defined benefit pension plan and is not contracted out of the State scheme. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to individual participating employers. The Plan's Trustee commissions an actuarial valuation of the Plan every three years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future investment returns. If the actuarial valuation reveals a deficit, the Trustee will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these.
The Society has been advised that a debt may be payable on withdrawal from the Pensions Trust Growth Plan as an employer and this was actuarially calculated to be £28,291 on 30 September 2018. Withdrawal may be deemed when an employer has no active members remaining in the Plan and no eligible employees to whom to offer membership. Constitutional re-organisation may also be a ‘cessation event’. The Society has no plans to leave the scheme and this contingent liability has not been provided for in the accounts. The results of the 30 September 2020 triennial valuation have confirmed the requirement for additional contributions to the Pensions Trust Growth Plan from 1 April 2021 of £1,111.68 per annum. From 1 April 2022 deficit contributions required from The Society are £508.03 a year.
Staff may be members of the Pensions Trust Growth Plan, a money purchase scheme, and the Society makes contributions into this scheme, as well as into the personal pension plan of one member of staff. The pension charge for the year includes contributions payable to The Pensions Trust of £31,898. At the year-end £1,690 (2020: £4,692) was accrued in respect of future deficit contributions to the scheme.
28
## **THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **17. OPERATING LEASES**
The future minimum lease rental income due from tenants under non-cancellable operating leases for each of the following periods:
|Land and buildings
Within one year
Between one and five years|2021
£
_21,667_
_-_
**21,667**|_2020_
_£_
_26,000_
_21,667_|
|---|---|---|
|||**47,667**|
## **18. RELATED PARTY TRANSACTIONS**
There were no related party transactions during the current or prior year.
## **19. CAPITAL COMMITMENTS**
Commitments for future capital expenditure not provided for in these accounts in respect of the website and database development amounted to £nil (2020: £Nil)
## **20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
||||||**2020**|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Endowed**|**Total**|
||Notes|**Funds**|**Funds**|**Funds**|**Funds**|
|**Income and Endowments from:**||**£**|**£**|**£**|**£**|
|Donations and legacies|2|558,208|22,230|-|580,438|
|Charitable activities|3|383,464|167,726|-|551,190|
|Other trading activities|4|111,584|2,849|-|114,433|
|Investment Income|5|33,345|38,583|-|71,928|
|Other||23,499|-|-|23,499|
|||________|_________|________|________|
|**Total**||**1,110,100**|**231,388**|**-**|**1,341,488**|
|**Expenditure on:**||||||
|Raising funds||254,226|46,960|-|301,186|
|Charitable activities||757,233|432,915|-|1,190,148|
|||________|_________|________|________|
|**Total**|6|**1,011,459**|**479,875**|**-**|**1,491,334**|
|**Operating surplus / (deficit)**||98,641|(248,487)|-|(149,846)|
|**Net gains/(losses) on investments**||33,200|53,318|14,766|101,284|
|||________|_________|________|________|
|**Net income/(expenditure)**||**131,841**|**(195,169)**|**14,766**|**(48,562)**|
|Transfer between funds||(185,261)|185,261|-|-|
|||________|_________|________|________|
|**Net movement in funds**||**(53,420)**|**(9,908)**|**14,766**|**(48,562)**|
|**Reconciliation of funds:**||||||
|Total funds brought forward||2,468,844|2,358,853|630,188|5,457,885|
|||________|_________|________|________|
|**Total funds carried forward**||**2,415,424**|**2,348,945**|**644,954**|**5,409,323**|
29
**THE SOCIETY FOR THE PROTECTION OF ANCIENT BUILDINGS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **21. COMPARATIVE FUNDS**
|**MOVEMENT IN FUNDS**
**Restricted Funds:**
The Mills Section
R&M of ancient buildings
Scholarship for architects
The William Morris Craft
Fellowship
Historic England
D&P Marsh Charitable
Trust
Gloria e Marco Award
Restricted (Other)
**Total Restricted Funds**
**Endowed Funds**
**Designated Funds:**
Fixed Asset Reserve
IT Fund
Kibworth Harcourt Repair
Spital Square Repair
**General Fund**
**Total Unrestricted Funds**
**Total Funds**|_Balance_
_1 January_
Net
Investment
Balance
31
December
_2020_
Income
Expenditure
Transfers
Gains
2020
_£_
£
£
£
£
£
1,194,822
51,654
(130,825)
-
37,772
**1,153,423**
401,993
8,330
(4,166)
-
7,990
**414,147**
286,858
31,736
(37,157)
-
7,556
**288,993**
189,655
42,903
(44,173)
-
-
**188,385**
-
77,949
(263,210)
185,261
-
**-**
100,000
-
-
-
-
**100,000**
83,463
250
-
-
-
**83,713**
102,062
18,566
(344)
-
-
**120,284**|
|---|---|
||**2,358,853**
**231,388**
**(479,875)**
**185,261**
**53,318**
**2,348,945**
**630,188**
**-**
**-**
**-**
**14,766**
**644,954**
**282,033**
-
(19,353)
7,574
-
270,254
**46,270**
-
-
-
-
46,270
**7,000**
-
-
-
-
7,000
**14,441**
-
-
-
-
14,441|
||**349,744**
**-**
**(19,353)**
**7,574**
**-**
**337,965**
**2,119,100**
**1,110,100**
**(992,106)**
**(192,835)**
**33,200**
**2,077,459**|
||**2,468,844**
**1,110,100 (1,011,459)**
**(185,261)**
**33,200**
**2,415,424**|
||**5,457,885**
**1,341,488 (1,491,334)**
**-**
**101,284**
**5,409,323**|
## **22. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Restricted**
The Mills Section
R&M of ancient buildings
Scholarship for architects
The William Morris Craft
Fellowship
Gloria e Marco Award
D&P Marsh Charitable Trust
Restricted (Other)
**Endowed Funds**
**Unrestricted Funds**
**Total**|**Tangible**
**Fixed**
**Assets**
**Intangible**
**Fixed**
**Assets**
**Net**
**Investments**
**Net Current**
**Assets**
**Total**
**2020**
**£**
**£**
**£**
**£**
**£**
-
-
1,153,423
-
**1,153,423**
-
-
321,560
92,587
**414,147**
-
-
297,658
(8,665)
**288,993**
-
-
-
188,385
**188,385**
-
-
-
83,713
**83,713**
-
-
-
100,000
**100,000**
-
-
-
120,284
**120,284**
-
-
630,709
14,245
**644,954**
270,254
76,375
1,956,348
112,447
**2,415,424**|
|---|---|
||**270,254**
**76,375**
**4,359,698**
**702,996**
**5,409,323**|
30