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2020-12-31-accounts

Company Registration No. 6024248 (England and Wales) Charity Registration No. 1118905

SLT BUILDING PRESERVATION TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

SLT BUILDING PRESERVATION TRUST LIMITED

COMPANY INFORMATION

Directors Charlotte Benstead (Chair)
Fiona Daffern
Charles Doyle
Marianne Jacobson (Appointed 22 March 2021)
Geraldine McAndrew
Jason Salmon
Christopher Stooke
Lisa Thomas
Noah Wright (Appointed 29 December 2020)
Secretary Geoffrey Lill
Company number 6024248
Charity registration number 1118905
Registered office 9 Bonhill Street
London
EC2A 4DJ
Auditor Begbies
9 Bonhill Street
London
EC2A 4DJ

SLT BUILDING PRESERVATION TRUST LIMITED

CONTENTS

Page
Directors' report 1 - 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Statement of financial position 8
Notes to the financial statements 9 - 16

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The directors, who are also the Trustees of the charity, present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s Memorandum and Articles of Association , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

Principal activities

The company is a registered charity limited by guarantee. It is governed by its Memorandum and Articles of Association. The objects of the charity are to preserve for the benefit of the people of Greater London the historical, architectural and constructional heritage that may exist in buildings of particular beauty or historical, architectural or constructional interest, including those that relate to the performing arts in Greater London.

Currently, the principal activity of the company is the preservation and management of The Old Fire Station, a Grade II listed building, at 2a Norwood High Street, London SE27 9NS.

Going concern

The Directors' report and financial statements have been prepared on a going concern basis. In particular, in response to the COVID-19 pandemic, the directors have reviewed current available resources and considered relevant information including reviewing the cash flow requirements of the charity for, at least, the forthcoming twelve months. The directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Review of the financial position

Work on restoration and refurbishment of The Old Fire Station was completed during 2019 at a total capital cost of £2,606,044 of which 89% was supported by grants and donations. The balance was financed with long-term loans from the London Borough of Lambeth repayable over 25 years and the Architectural Heritage Fund repayable over five years. At 31 December 20 20 the outstanding amounts of these loans were £ 242,758 and £ 50,392 respectively.

The effect of long-term loan finance for the building project is that Restricted Reserves carry a negative balance of £ 286,980 representing the excess of total expenditure over grants and donations received. As repayments are now being financed from Unrestricted Reserves, an amount of £3,135 representing loan repayments in 2020 has been transferred from Unrestricted to Restricted Reserves reducing the Restricted Reserves negative balance to £283,845 at 31 December 20 20.

The Statement of Financial Activities for the year to 31 December 20 20 shows net income of £10,960 (2019: net expenditure of £24,279) de creasing negative total reserves carried forward to £266,848 (2019: £277,808).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be allowed to rise to a level equivalent to between three and six months' expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised

Review of activities and future developments

The company manages the building principally for the benefit South London Theatre Centre Ltd and its Members’ Club who maintained a full programme of activities during the year. In addition, rooms on the upper floors were hired out to other local charities and small businesses. The building closed as a result of the COVID-19 coronavirus but it is expected that normal levels of activity will be revived when it re-opens.

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Wider network

The company was formed to act as the vehicle for restoration of the building the tenants of which are South London Theatre Centre Limited (SLTC) and SLTC Members’ Club, a separate entity with its own constitution and ruling body operating for the benefit of SLTC. Income from the building is in the form of rent charged to the tenants at agreed market rates.

Risks and uncertainties

The major risks to which the company is exposed as identified by the directors have been reviewed and systems or procedures have been established to manage those risks.

In particular, as a result of the COVID-19 coronavirus pandemic, the building used by the company was closed on 26 March 2020 and all activities ceased. The company enrolled in the government’s staff furlough scheme and successfully applied for a government Rate Rebate Grant of £25,000 which together with Lambeth’s waiving of loan and interest payments during closure, proved essential support in seeing the company through 2020 and into 2021.

In the latter part of 2020, further grants for specific purposes were received of £40,400 from the Heritage Emergency Fund, £87,900 from the Heritage Cultural Recovery Fund, £9,080 from the National Lottery Community Fund and £14,100 from the AHF Cultural Recovery Fund. These grants are for expenditure on projects extending to November 2021 including the conversion to live screening and online activities, improvement of ventilation, community outreach events, staff salaries and contributions to running costs.

The building re-opened in July 2021 albeit with COVID-19 restrictions in place and although this prevents a resumption of activities in full, the process of rebuilding the business has made a promising start. Various government business support grants totalling £32,386 were received during the first half of 2021 and with the gradual resumption of pre-closure income streams, the company will be financially stable to the end of 2022.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Charlotte Benstead (Chair) Carole Coyne (Resigned 29 December 2020) Fiona Daffern Charles Doyle Marianne Jacobson (Appointed 22 March 2021) Geoffrey Lill (Resigned 29 December 2020) Geraldine McAndrew Jason Salmon Christopher Stooke Lisa Thomas Noah Wright (Appointed 29 December 2020)

Appointment of directors

Directors are appointed for a three-year term and are eligible for re-election for up to two further three-year consecutive terms.

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Auditor

In accordance with the company's articles, a resolution proposing that Begbies be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the directors are are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board

Christopher Stooke Director 19 September 2021

SLT BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF SLT BUILDING PRESERVATION TRUST LIMITED

Opinion

We have audited the financial statements of SLT Building Preservation Trust Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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.

Material uncertainty relat ed to going concern

We draw attention to note 1.2 in the financial statements which describes the basis of the going concern assumption. Although the net income for the year was £ 10,960 , the company’s total liabilities exceeded its total assets by £266, 848 as at 31 December 2020 . As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2 and note 1 3 , indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 course of 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 :

SLT BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SLT BUILDING PRESERVATION TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport .

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 .

SLT BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SLT BUILDING PRESERVATION TRUST LIMITED

Our audit was designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting misstatement resulting from fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

There are inherent limitations in the audit procedures performed. The further removed instances of noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Firman (Senior Statutory Auditor) For and on behalf of Begbies

19 September 2021

Chartered Accountants Statutory Auditor

9 Bonhill Street London EC2A 4DJ

SLT BUILDING PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Restricted Unrestricted Total Total
funds funds 2020 2019
as restated
Notes £ £ £ £
INCOME FROM:
Donations, legacies and grants 4 73,351 42,116 115,467 118,658
Charitable activities:
Lettings income - 30,254 30,254 63,862
Other trading activities - - - 1,147
Investments: Bank interest - 14 14 100
Total income 73,351 72,384 145,735 183,767
EXPENDITURE ON:
Raising funds - - - 401
Charitable activities:
Covid-related project costs 6 73,351 61,424 134,775 -
Building project costs - - - 207,645
Total expenditure 73,351 61,424 134,775 208,046
NET INCOME/(EXPENDITURE) - 10,960 10,960 (24,279)
Transfers between funds 3,135 (3,135) - -
NET MOVEMENT IN FUNDS FOR THE YEAR 3,135 7,825 10,960 (24,279)
Total funds brought forward (286,980)
9,172		 (277,808) (253,529)
Total funds carried forward (283,845)
16,997		 (266,848) (277,808)

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SLT BUILDING PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

Notes
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Net current assets
Creditors: amounts falling due after
more than one year
10
Net liabilities
The funds of the charity:
Restricted funds
Unrestricted funds
Total charity's funds		 2020
£
£
11,597
111,501
123,098
(86,808)
36,290
(303,138)
(266,848)
(283,845)
16,997
(266,848)		 2019
£
£
54,795
20,867
75,662
(52,174)
23,488
(301,296)
(277,808)
(286,980)
9,172
(277,808)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2021 and are signed on its behalf by:

Charlotte Benstead Christopher Stooke Director Director

Company Registration No. 6024248

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Company information

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

1.1 Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Act 2011, “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” ( effective 1 January 201 9 ). The charity is a Public Benefit Entity as defined by FRS 102.

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

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

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

1.2 Going concern

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

The directors have prepared cash flow projections covering the period to 31 December 2022 which indicate that the company has sufficient cash resources to meet its liabilities as they fall due. In particular the directors have considered the effects of the COVID-19 pandemic, both during 2021/22 and the possible immediate future effects on its trade and that of its assets.

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

1.3 Income and expenditure

Income

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

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

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Expenditure

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

1.4 Cash and cash equivalents

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

1.5 Financial instruments

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

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

Basic financial assets

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

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

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

Basic financial Liabilities

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

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

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

1.6 Taxation

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

1.7 Employee benefits

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

1.8 Leases

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

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.9 Government grants

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

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

Other grants and legacies

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

1.10 Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Trustees is not recognised . R efer to the trustees’ annual report for more information about their contribution.

1.11 Allocation of support costs

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

1.12 Charity's funds

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

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

2 Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3
Operating surplus/(deficit)
Operating surplus/(deficit) for the year is stated after charging/(crediting):
Fees payable to the company's auditors for:
The audit of the company's financial statements
4
Income
Donations, legacies and grants
Restricted Unrestricted
funds
funds
£
£
Donations under Gift-aid
-
5,416
Donations non-Gift-aided
-
205
Employee donations matched by Visa
-
1,087
Grants receivable and released from:
The Foyle Foundation
-
-
The National Lottery Heritage Fund (formerly
the Heritage Lottery Fund):
- Towards building project costs
-
-
- COVID Emergency
13,443
-
- Community Fund
1,980
-
- Cultural Recovery
57,928
-
The UK government:
- Coronavirus job retention scheme
-
10,408
- Small business rates relief
-
25,000
73,351
42,116		 2020
£
3,950
Total
2020
£
5,416
205
1,087
-
-
13,443
1,980
57,928
10,408
25,000
115,467		 2019
£
3,700
Total
2019
£
3,198
18,853
-
10,000
86,607
-
-
-
118,658

5 Employees

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

2020 2019
Number Number
Total 1 2

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Expenditure

Expenditure on raising funds

Restricted Unrestricted
funds
funds
£
£
Associated support and governance costs
-
-
Expenditure on charitable activities
Restricted Unrestricted
funds
funds
£
£
Covid pandemic project costs:
- Grant to South London Theatre Centre
Limited
48,100
- PPE, cleaning and signage
3,700
- Streaming and digital events
8,424
- Wages and salaries (incl. NI and pension)
4,438
- Professional fees
3,750
- Community outreach events
4,939
Building project costs
-
-
Associated support and governance costs
-
61,424
73,351
61,424		 Total
2020
£
-
Total
2020
£
48,100
3,700
8,424
4,438
3,750
4,939
-
61,424
134,775		 Total
2019
£
401
Total
2019
£
-
-
-
-
-
-
160,228
47,417
207,645

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Expenditure

(Continued)

Analysis of governance and support costs

The company apportions its support costs and governance costs between the key activities undertaken in the year. The table below shows the apportionment of support and governance costs.

Building
Covid project		 Raising 2020 Total 2019 Total
project costs
costs		 funds
£
£		 £ £ £
Support costs:
Wages and salaries -
17,488		 - 17,488 12,643
Social security costs -
1,111		 - 1,111 -
Employer pension costs -
304		 - 304 216
Service charges -
323		 - 323 75
Rates -
24		 - 24 104
Electricity and gas -
4,759		 - 4,759 2,820
Repairs and maintenance -
6,996		 - 6,996 3,163
Insurance -
5,886		 - 5,886 1,807
Office expenses -
3,647		 - 3,647 2,989
Bank charges -
732		 - 732 263
Interest payable -
4,113		 - 4,113 17,956
Sundries -
941		 - 941 1,154
Governance costs:
Audit and accountancy fees -
3,950		 - 3,950 3,700
Professional fees -
11,150		 - 11,150 928
-
61,424		 - 61,424 47,818
Building
Covid project		 Raising 2020 Total 2019 Total
project costs
costs		 funds
£
£		 £ £ £
Analysed between:
Restricted funds -
-		 - - 27,210
Unrestricted funds -
61,424		 - 61,424 20,608
-
61,424		 - 61,424 47,818

7 Directors

None of the directors (or any persons connected with them) received any remuneration during the year (2019: £nil).

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
9
Creditors: amounts falling due within one year
Other borrowings
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
10
Creditors: amounts falling due after more than one year
Loans		 2020
£
216
670
3,529
7,182
11,597
2020
£
2,012
6,396
3,700
67,987
6,713
86,808
2020
£
303,138		 2019
£
5,503
20,208
22,336
6,748
54,795
2019
£
6,988
18,861
-
11,629
14,696
52,174
2019
£
301,296

At the year end the company owed:

£2,012 (2019: £6,988) of the loans is repayable within one year and is shown under Creditors: amounts falling due within one year.

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

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year (Continued)
Creditors which fall due after five years are as follows: 2020 2019
£ £
Payable by instalments 217,943 215,426

11 Members' liability

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

12 Analysis of net assets between funds

Analysis of net assets between funds
Restricted Unrestricted 2020 2019
funds funds Total Total
£ £ £ £
Fund balances at the year end are represented by:
Debtors 670 10,927 11,597 54,795
Cash at bank and in hand 67,359 44,142 111,501 20,867
Creditors: amounts falling due within one year (67,651)
(19,157)		 (86,808) (52,174)
Creditors: amounts falling due after more than
one year (284,223)
(18,915)		 (303,138) (301,296)
(283,845)
16,997		 (266,848) (277,808)

13 Events after the reporting date

The director s' view on the impact of COVID-19 pandemic is disclosed in the Directo rs' report and in the going concern accounting policy.

14 Related party transactions

During the year the company charged rent of: - £18,000 (2019: £36,000) to South London Theatre Centre Limited , and - £3,000 (2019: £12,000) to SLTC Members’ Club.

It also recharged a share of overheads of: - £9,746 (2019: £23,906) to South London Theatre Centre Limited , and

15 Parent company

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

SLT BUILDING PRESERVATION TRUST LIMITED

DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Income
Donations under Gift aid
Donations non gift-aided
Grants receivable - Heritage Lottery Fund
Grants receivable - Foyle Foundation
COVID-related grants receivable - other
Other activities
Bank interest received
Cost of sales
Capital project costs
Activity project costs
Resilience project costs
Upper floors project costs
COVID-related project costs
Gross surplus/(deficit)
Other operating income
Rent receivable
Other government grants receivable and released
Coronavirus job retention scheme grant
Administrative expenses
Operating surplus/(deficit)
Interest payable and similar expenses
Loan interest
Surplus/(deficit) before taxation		 £
-
-
-
-
73,351
30,254
25,000
10,408		 2020
£
5,416
1,292
-
-
73,351
-
14
80,073
(73,351)
6,722
65,662
(57,311)
15,073
(4,113)
10,960		 2019
£
£
3,198
18,853
86,607
10,000
-
1,147
100
119,905
58,050
29,101
54,504
18,573
-
(160,228)
(40,323)
63,862
-
-
63,862
(29,862)
(6,323)
(17,956)
(24,279)

SLT BUILDING PRESERVATION TRUST LIMITED

SCHEDULE OF ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2020

Administrative expenses (unrestricted funds)
Wages - Casual
Social security costs
Gross salaries
Employers pension contributions
Service charge payable
Rates
Electricity
Insurance
Repairs and renewals
Computer running costs
Professional fees
Audit fees
Bank charges
Printing and stationery
Telephone and fax
Sundry expenses		 2020
£
495
1,111
16,993
304
323
24
4,759
5,886
6,996
2,317
11,150
3,950
732
375
955
941
57,311		 2019
£
2,383
-
10,260
216
75
104
2,820
1,807
3,163
1,357
928
3,700
263
254
1,378
1,154
29,862