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← Slt Building Preservation Trust Limited

2023-12-31-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 2023

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SLT BUILDING PRESERVATION TRUST LIMITED

COMPANY INFORMATION

Directors Charlotte Benstead
Bryon Fear
Geraldine McAndrew
Christopher Stooke
Lisa Thomas
Noah Wright
Christopher Bennett
Secretary Christopher Stooke
Company number 6024248
Charity registration number 1118905
Registered office 9 Bonhill Street
London
EC2A 4DJ
Auditor Begbies
9 Bonhill Street
London
EC2A 4DJ

SLT BUILDING PRESERVATION TRUST LIMITED

CONTENTS

Page
Directors' report 1 - 3
Directors' responsibilities statement 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 16

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The directors, who are also the Trustees of the charity, present their report and financial statements for the year ended 31 December 2023.

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)”. 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. 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 2023 the outstanding amounts of these loans were £234,008 and £43,743 respectively.

The effect of long-term loan finance for the refurbishment project is that the Restricted Reserves carry a negative balance of £266,992 representing the excess of total expenditure over grants and donations received . As repayments are now being financed from Unrestricted Reserves, an amount of £2,395 representing loan repayments in 2023 and £26,435 restricted portion of long-term has been transferred from Unrestricted to Restricted Reserves. This, together with unspent Restricted Reserves on other charitable activities of £40,965 (2022: £29,337) in the year, reduced the Restricted Reserves negative balance to £184,868 (2022: £232,252) at 31 December 2023.

The Statement of Financial Activities for the year to 31 December 2023 shows net income of £69,271 (2022: £10,748) decreasing the negative total reserves carried forward to £124,265 (2022: £193,536).

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.

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

The cost of living increase may have an effect on audience numbers and our ability to retain staff, and will lead to significant increases in overheads, particularly utilities. While the full impact is yet unknown, the directors have put in place systems to monitor and mitigate for the financial impact of these external factors.

Risk statement

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

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 Bryon Fear Marianne Jacobson (Resigned 4 December 2023) Geraldine McAndrew Christopher Stooke Lisa Thomas Noah Wright Christopher Bennett Caroline Doyle (Appointed 19 April 2023 and resigned 4 December 2023)

Recruitment and election of directors

All directors are Trustees of the Charity for the purposes of Charity law. One third of the Trustees must retire at each Annual General Meeting, those longest in office retiring first and the choice between any of equal service being made by drawing lots. The Trustees may at any time co-opt any person duly qualified to be appointed as a Trustee to fill a vacancy in their number or as an additional Trustee, but a co-opted Trustee holds office only until the next Annual General Meeting.

Elected directors are required to hold office for a minimum of six months. New directors are briefed on their legal obligations under Company and Charity law and the Charity Commission guidance on public benefit.

Our volunteers

All the directors of the company donate their services without charge. The company often also relies on the contribution of unpaid general volunteers in carrying on its activities. The directors have considered the specific provisions regarding the valuation of donated items and services and concluded that placing a monetary value on their contribution would not be possible or appropriate.

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 2023 Audlto¥ In accordancE with Ihe compan￿$ articles, a resc4ution propwn9 that Begimes te reapwnted as auditor of the company will be pul al a General Meets"ng. Statement of disclosure to auditor So far as eath person who was a director at the date of approvTrThJ this report IS BWBre, there is no relev8nl audit infomiation of which the company's audilor is tJrTraware. Athilionally. the directors indNKltJally have tsken all the ne￿SSary steps that they ought to have taken as directots in order lo make Ihemselves aware of all relevant audil inlomiation and to estsblish the companys auditor is awa￿ of that informat￿n. This report has been pffjpared in accordan￿ with Ihe pn)visI￿S athicable to companies entitlod lo the small companies exemption. On behalf of the b)ard Christopher Stooke Dlr•ctor 3 Septemb8r 2024

SLT BUILDING PRESERVATION TRUST LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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 2023 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 related 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 £69,271, the company’s total liabilities exceeded its total assets by £124,265 as at 31 December 2023. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2 and note 13, 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 identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 non-compliance 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.

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Christopher Bates FCA Senior Statutory Auditor For and on behalf of Begbies Chartered Accountants and Statutory Auditors

Date: ........................13 September 2024

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 2023

Restricted Unrestricted Total Total
funds funds 2023 2022
Notes £ £ £ £
INCOME FROM:
Donations, legacies and grants 4 18,000 20,765 38,765 33,063
Charitable activities:
Lettings income - 105,541 105,541 90,886
Investments: Bank interest - 717 717 39
Total income 18,000 127,023 145,023 123,988
EXPENDITURE ON:
Raising funds - - - -
Charitable activities:
Building project costs 6 6,372 69,379 75,751 113,240
Total expenditure 6,372 69,379 75,751 113,240
NET INCOME/(EXPENDITURE) 11,628 57,644 69,271 10,748
Transfers between funds 35,757 (35,757) - -
NET MOVEMENT IN FUNDS FOR THE YEAR 47,385 21,887 69,271 10,748
Total funds brought forward (232,252) 38,716 (193,536) (204,284)
Total funds carried forward (184,868) 60,603 (124,265) (193,536)

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 2023 2023 2022 Notes Current as80ts Debto Cash at bank 8nd in haTrJ 41.n1 151.569 60.864 76.894 193,340 137,758 Crodltors.. amounts falling due withi one year (91.772) {54.7951 Net current assets 101.568 82.963 Credltors.. amounts falllng due •ft¢r mor• than one year (225.8331 {276.499) Net liabllltles (124.265} 1193.5361 The funds of the charfty: Rostri¢t8d ftsnds Unrestn'cted funds 1211,303) 87.038 1232,2521 38.716 Membors. funds (124.2651 1193.5361 The directors of the company have elected not to i￿lUde a u)py of the and eXp￿dI￿￿ accwnt wthin the financial statements. These finanual statements have been Pfepared arKI delivered in 8cuJrdan¢e with the wovisions aWir2ble to companies subjert to the small ccffipanies regime. Thg financial ststemenls were approved by the tK)ard of direct(ws and authorised fLY issue M 3 September 2024 and are signed on i half by". Christopher Stookn Dlr8Ctor Company registr8tion number 6024248 {England 8ThJ Wa*)

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Company information

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

1.1 Accounting convention

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

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

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

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

1.2 Going concern

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

The directors have prepared cash flow projections covering the period to 31 December 2024 which indicate that the company has sufficient cash resources to meet its liabilities as they fall due.

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

1.3 Income and expenditure

Income

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

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

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Expenditure

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

1.4 Cash and cash equivalents

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

1.5 Financial instruments

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

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

Basic financial assets

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

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

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

Basic financial Liabilities

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

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

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

1.6 Taxation

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

1.7 Employee benefits

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

1.8 Leases

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

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.9 Donated services and facilities

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

1.10 Allocation of support costs

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

1.11 Charity's funds

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

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

2 Judgements and key sources of estimation uncertainty

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

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

3 Operating surplus

Operating surplus
2023 2022
Operating surplus for the year is stated after charging/(crediting): £ £
Fees payable to the company's auditors for:
The audit of the company's financial statements 4,350 3,950

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income

Donations, legacies and grants

Donations, legacies and grants
Restricted
Unrestricted
funds
funds
£
£
Donations under Gift-aid
-
1,170
Donations non-Gift-aided
-
19,595
Other grants received towards future building
project costs
18,000
-
18,000
20,765		 Total
2023
£
1,170
19,595
18,000
38,765		 Total
2022
£
1,193
1,370
30,500
33,063

5 Employees

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

Total

2023 2022
Number Number
1 2

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure

Expenditure on raising funds

Expenditure on raising funds
Restricted
Unrestricted
funds
funds
£
£
Associated support and governance costs
-
69,379
Expenditure on charitable activities
Restricted
Unrestricted
funds
funds
£
£
Building project costs:
- Building Project - ASH Rusted Beam 2022
-
-
- Building Project - Fire / Lighting 2023
4,953
-
- Building Project - Making High Streets Work
2023
1,419
-
Associated support and governance costs
69,379
-
75,751
-		 Total
2023
£
67,841
Total
2023
£
-
4,953
1,419
69,379
75,751		 Total
2022
£
-
Total
2022
£
43,751
69,489
113,240

Analysis of governance and support costs

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

Building 2023 Total 2022 Total
project costs
£ £ £
Support costs:
Wages and salaries 23,094 23,094 39,881
Social security costs 1,086 1,086 -
Employer pension costs 474 474 861
Staff Training - - -
Service charges 253 253 62
Rates 2,232 2,232 280
Electricity and gas 10,478 10,478 3,964
Repairs and maintenance 9,323 9,323 7,094
Insurance 3,596 3,596 2,132
Office expenses 3,223 3,223 3,499
Bank charges 68 68 126
Interest payable 3,590 3,590 3,773
Sundries 3,376 3,376 2,757
Governance costs:
Audit and accountancy fees 5,663 5,663 3,950
Professional fees 1,385 1,385 1,110
67,841 67,841 69,489

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Expenditure (Continued)
Building 2023 Total 2022 Total
project costs
£ £ £
Analysed between:
Restricted funds - -
Unrestricted funds 69,379 69,379 69,489
67,841 67,841 69,489

6 Expenditure

7 Directors

None of the directors (or any persons connected with them) received any remuneration during the year (2022: £nil).

8 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other borrowings
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Loans		 2023
£
33,774
-
7,997
41,771
2023
£
63,918
15,706
-
3,040
282
8,826
91,772
2023
£
225,833		 2022
£
21,344
10,164
29,356
60,864
2022
£
19,396
5,984
18,918
-
532
9,965
54,795
2022
£
276,499

9 Creditors: amounts falling due within one year

10 Creditors: amounts falling due after more than one year

SLT BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10 Creditors: amounts falling due after more than one year

(Continued)

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

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

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

Creditors which fall due after five years are as follows: 2023 2022
£ £
Payable by instalments 194,302 199,989

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 2023 2022
funds funds Total Total
£ £ £ £
Fund balances at the year end are represented by:
Debtors 41,772 41,771 60,864
Cash at bank and in hand 52,965 98,605 151,570 76,894
Creditors: amounts falling due within one year (53,159) (38,614) (91,773) (54,795)
Creditors: amounts falling due after more than
one year (211,109) (14,724) (225,833) (276,499)
(211,303) 87,038 (124,265) (193,536)

13 Related party transactions

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

14 Parent company

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

SLT BUILDING PRESERVATION TRUST LIMITED

DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Income
Donations under Gift aid
Donations non gift-aided
Donation - other (RF)
Other grants receivable (RF)
Bank interest received
Direct expenditure
Capital project costs
Gross surplus/(deficit)
Other operating income
Rent receivable
Administrative expenses
Operating surplus
Interest payable and similar expenses
Loan interest
Surplus before taxation		 £
6,372		 2023
£
1,170
19,595
3,000
15,000
717
39,482
(6,372)
33,110
105,541
(65,790)
72,861
(3,590)
69,271		 £
43,751		 2022
£
1,193
1,370
3,000
27,500
39
33,102
(43,751)
(10,649)
90,886
(65,716)
14,521
(3,773)
10,748

SLT BUILDING PRESERVATION TRUST LIMITED

SCHEDULE OF ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2023

Administrative expenses (unrestricted funds)
Social security costs
Gross salaries
Employers pension contributions
Service charge payable
Rates
Electricity
Insurance
Repairs and renewals
Computer running costs
Professional fees
Bookkeeping services
Audit fees
Bank charges
Bad and doubtful debts
Printing and stationery
Telephone and fax
Sundry expenses		 2023
£
1,086
23,094
474
253
2,232
10,478
3,596
9,323
2,446
1,385
1,313
4,350
68
5
87
690
4,910
65,790		 2022
£
(1,795)
41,676
861
62
280
3,964
2,132
7,094
2,386
1,110
-
3,950
126
-
67
1,046
2,757
65,716