REGISTERED COMPANY NUMBER: 01312292 (England and Wales) REGISTERED CHARITY NUMBER: 273695
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SPITALFIELDS HISTORIC BUILDINGS TRUST
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
||Page|
|---|---|
|Charitable companyinformation||
|Report of the Trustees|2 to 8|
|Report of the Independent Examiners|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 19|
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **CHARITABLE COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024**
## **REGISTERED OFFICE AND OPERATIONAL ADDRESS**
18 Folgate Streat London E1 6BX
## **REGISTERED CHARITY NUMBER**
273695
**COMPANY NUMBER**
01312292 (England and Wales)
## **DIRECTORS AND TRUSTEES**
The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year, and subsequent to the year end were as follows:
R J Burrell D G A Cruickshank MA Eksteen Resigned December 2024 AP Forshaw CM Gledhill GCD Harris MLA Jordan MT Kennedy BR Little Resigned August 2024 TJM Lomas PB McKay RNH Munday Resigned October 2024 J M Nicolson HC Palin Appointed January 2025 RAJ Pollard PT Streeter
## **PATRONS**
DE Blain E F H McKay C Roughton
## **ADMINISTRATORS**
CM Suckling (ceased in 2024) HC Palin (ceased December 2024) MS Humphrey
**COMPANY SECRETARY** T J M Lomas
## **BANKERS**
Barclays Bank Plc PO Box 544 54 Lombard Street London EC3V 9EX
## **INDEPENDENT EXAMINER**
John Howard FCA Azets Audit Services 2[nd] Floor Regis House 45 King William Street London EC4R 9AN
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their report and the unaudited financial statements for the year ended 31 March 2024.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum of and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2019).
## **Objectives and activities**
The objects of the Trust are:
- to preserve for the benefit of the people of the London Borough of Tower Hamlets and of the nation at large, whatever of the English and Welsh historical, architectural and constructional heritage may exist in and around the district of Spitalfields or elsewhere in the form of buildings of particular beauty or historical, architectural or constructional interest; and
- to promote the education of the people of the London Borough of Tower Hamlets and of the nation at large on themes relating to social cultural and architectural history and to diversity, immigration and ethnic and cultural identity, both historical and present, including through the operation and maintenance of museums and other educational institutions in and around the district of Spitalfields or elsewhere.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
## **Aims**
The Trust was incorporated for the purpose of preserving the architectural heritage of the area in the London Borough of Tower Hamlets known as Spitalfields, or elsewhere, by acquiring and repairing buildings and helping and encouraging others to do so.
_Main objectives for the year:_
In 2023-24 the Trust’s key objectives were to:
- Continue restoration work at Dennis Severs House.
- Following the successful reopening of Dennis Severs House in August 2021, continue to review the business model and its efficacy.
- Continue work on the two houses in Caerwent so that they can be sold.
- Following its acquisition in July 2023, the Trust will prepare the Archbishop’s Palace at Charing for repair works.
- • Continue work towards acquiring the lease at 19 Princelet Street.
- Continue activities in maintaining public awareness of buildings in need of salvation in the light of the threat posed to the future of the Spitalfields area in general, and Brick Lane in particular.
- Continue to advise on the preservation and restoration of properties in danger of alteration or demolition.
## _Strategies for achieving these objectives:_
- The fireplaces at Dennis Severs House were upgraded and the flues were lined to minimise smoke.
- Work continued on the business model for Dennis Severs House, including consideration of additional use for the space in terms of new enhanced experiences for visitors.
- Work has progressed well at the Caerwent properties and sale is expected by the end of 2024.
- Preparation of the Archbishop’s Palace at Charing has continued throughout the year and the Trust, including an application for funding from Historic England. This project will be the main focus of the Trust's building works for the next few years.
- Negotiations for the lease of 19 Princelet Street were advanced. Conclusion of this will enable the Trust to initiate the process of repair and re-evaluation of the future direction of the space.
- The Trust devoted substantial amounts of time, energy and resources to try to persuade developers to understand the nature of what they are likely to destroy in Spitalfields and Brick Lane.
- The Trust continued to advise and assist residents and businesses in East London to bring existing buildings up to modem standards in a sensitive and appropriate manner.
All these objectives are in line with the continuing strategy of the Trust.
4
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and Performance**
## **18 Folgate Street, London**
This fine 18th century house was furnished and opened by the late Dennis Severs and left to the Trust in his will. The Trust held an exhibition of Simon Pettet’s ceramic works in April 2023, which was repeated in October 2023. Restoration work was carried out to repair the chimneys at the house and reduce the smoke produced.
## **Archbishop's Palace site, Charing, Kent**
Following the acquisition of the Archbishop’s Palace at Charing, the Trustees continued to develop plans for the site, including identifying areas where urgent repairs are required. The Trust continues to be supported by Historic England in its activities at the site.
## **Caerwent House, Monmouthshire**
Work continued on the two properties in Caerwent. Completion of the works and they are expected to be ready for sale towards the end of 2024.
## **19 Princelet Street, London**
Progress has been made with the re-acquisition of the lease for 19 Spitalfields. The Trust will now be able to progress its plans for the house, which are to carry out repair works so that the house is accessible to the public and so that the history of migration in Spitalfields can be shared.
## **Other Projects**
We continue to look at a wide range of other threatened properties and, where appropriate, negotiations are commenced with the objective of finding a solution to restoration, including acquiring some of them in association with local authorities. Our advice continues to be sought by owners seeking a viable future for buildings at risk both in East London and elsewhere. We are particularly concerned with projects in the Brick Lane area and are working closely with the Save Brick Lane campaign.
## **Financial Review**
The financial activities are set out in the Statement of Financial Activities together with the relevant accompanying notes. The net increase in funds of £251,840 (2023: decrease of £109,303) is added to the existing funds of £664,009 (2023: £773,313), which resulted in an increase in funds to £915,849 (2023: £664,009) at 31 March 2024.
The Trust funds its activities from the sales of renovated properties and grants, together with entrance fees to Dennis Severs House and sales of books and other merchandise.
## **Market value of land and buildings**
The Trust considers that the market value of its land and buildings exceeds the book value.
## **Reserves Polley**
It is the policy of the Trust to maintain unrestricted free funds at a level which equates to at least six months’ unrestricted expenditure (approximately £50,000), while also providing sufficient funds to complete those building and refurbishment projects to which the Trust is committed. Unrestricted funds were maintained at this level throughout the period and at 31 March 2024 unrestricted funds were made up of a designated fund of £484,914 and general reserves of £50,000.
## **Restricted Reserves**
Restricted funds comprise grants received for specific projects. There were two restricted funds in 2023-24:
- A grant from Historic England, to restore the Archbishop’s Palace at Charing
- 19 Princelet Street was gifted to the Trust and is being held as restricted fund
## **Designated Funds**
A designated fund, the property renovation reserve, has been established by the Trust, which represents unrestricted funds earmarked for specific future renovation projects. An amount of £900,000 was originally designated for this purpose and the balance at 31 March 2024 was £614,309 (2023: £614,009)
## **Principal Risks and Uncertainties**
The Trust has conducted a review of the major strategic, operational and business risks to which the charity is exposed and systems have been established to manage those risks.
5
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Fundraising**
The charity does not actively seek donations from the general public, but on occasion will receive unexpected funds in the form of legacies. Insofar as Dennis Severs House plans particular events or exhibitions it may seek sponsorship from "Friends of the House".
## **Plans for the future**
## **Aims for 2024-25**
## **Caerwent**
The intention is to complete repair of both the houses - Magna and Parva - created from the single Caerwent House, and to market and sell both as soon as possible. Some amendments to the initial planning permission and listed building consent have proved necessary and have been, or are being, resolved. With the sale completed, the Trust will be in a position to repay the loan from the Architectural Heritage Fund as planned.
## **Archbishop’s Palace at Charing, Kent**
The Trust aims to continue development for the repairs and re-use of this outstanding historic complex, utilising Historic England grants towards work to the Great Hall/Barn. Various strategies are to be examined including the creation of a Trust controlled scheme for the whole site, including the possibility of some limited enabling development to offset the significant conservation deficit. Architect Ptolemy Dean has been approached for ideas. This will be pursued in close association with the exploration of the acquisition of a substantial grant from National Lottery Heritage Fund. In parallel, the Trust intends to increase security on the site, perhaps by placing a licensed tenant in the farmhouse, and it intends to continue with works to upgrade services and water supply for those in occupation of buildings on the site. Additional options include the marketing of part of all the site, with repairs and additions to be undertaken under the control of the Trust. The Trust will engage with English Heritage, the local planning authority, and the local community in relation to the site.
## **19 Princelet Street, Spitalfields**
A house of 1718 with a synagogue added from 1870 within lower rear rooms and built to the garden. The intention is to complete the process of the Trust’s repossession and control of the building, which it acquired in 1980 and leased to another Trust. Some urgent but relatively minor repairs are required, particularly to the roof of the main house and the synagogue hall. Some ‘ringfenced’ funds were acquired when the building was reclaimed, which can fund certain works.
The current the aim is to complete repairs and open the building to the public to fulfil the long-held intention it should serve the community and tell the tales of migration and culture in Spitalfields during the last 350 years. Schemes are to be evolved, a business plan created, consultants and professionals appointed and sources of money identified and pursued. These will, it is hoped, included grants from Historic England and the National Lottery Heritage Fund, from the Postcode Lottery, from private and institutional benefactors, and through fundraising. The Trust is also considering appropriate cultural activities such as concerts and non-commercial exhibitions of site-specific art, commissioned for the building and that reflects and reinforces its special aims. Such is the architectural and historic importance of the building, and so potent is the story that it can tell, that the Trust intends to work hard to allow it to realise its potential as a cultural centre of international significance.
The Trust intends to carry out a project in conjunction with Tower Hamlets Council to archive books and objects within the house.
## **Dennis Severs House, 18 Folgate Street**
The Trust plans to appoint a new Director for Dennis Severs House with the aim of expanding its revenue generation schemes, and developing a business plan for the house.
The Trust will also hold a lunch for Founding Friends with St Johns. This will be held in the drawing room at 18 Folgate Street.
The online shop will be developed so that it is ready for Christmas. A Christmas shop will also be set up in 18 Folgate Street with a designated shopkeeper. The Trust plans to introduce new products for Christmas to increase revenue from the shop. The Trust is also planning a Christmas shopping event at 18 Folgate Street for December 2024.
A redesign of the Dennis Severs House website is planned to make bookings easier and to create an online donations page for Friends of Dennis Severs House.
The Trust also plans to review the staffing model for Dennis Severs House.
6
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Engagement**
The Trust’s major focus is on the future development of the Brick Lane area. This follows an increasing spread of City-style office developments eastwards from Bishopsgate, which is changing the physical form of the area and prioritising commercial return on investment over the needs of the local community. The Trust is not against development per se but believes it should be given careful guidance rather than left to market forces.
The Trust is consulting with the Old Truman Brewery on their plans for development of their large site either side of Brick Lane and the Trust will continue to be active in commenting on the planning application. The Trust will also continue to contribute to the LBTH consultations on a Masterplan SPD for the Brick Lane area and a new Local Plan for Tower Hamlets.
The Save Brick Lane campaign is continuing and the Trust is planning an exhibition to open when the Truman Brewery application is submitted. It will illustrate how the site could be developed to provide housing, in particular social housing.
The Trust awaits a judgment from the Supreme Court regarding the Council determination of the Woodseer Street application, now scheduled for July 2024. The Trust has challenged the provision in the LBTH constitution which, under certain circumstances, prevents Councillors voting at committees, and which led to this application being determined by just three Councillors
The Trust continues to provide advice to local residents and others with regard to historic building conservation and planning issues.
The Trusts plans to resume commenting on local planning applications and closer interaction with LBTH Conservation as soon as we have the staff capacity to do so.
## **Structure, Governance & Management**
The organisation is a charitable company limited by guarantee, incorporated on 3 May 1977 and registered as a charity on 3 May 1977.
The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association• these articles of association were last updated in January 2022.
There is no maximum number of members of the Trust. Any proposal for membership must be proposed by an existing Trustee and resignations must be in writing unless after the resignation there would be less than five members remaining. Each member receives an equal vote, with the chairman holding the casting vote.
The members may appoint any member of the Trust as a Trustee, subject to there being a minimum of 5 and a maximum if 15 Trustees. The Trustees may at any time appoint an individual to be a Trustee, subject to the maximum permitted as above.
The Trust has a very small staff. There is one part-time administrator. Dennis Severs House is run by two managers with additional support from zero-hour employees and a number of contractors. The affairs of the Trust are managed by the Trustees who make strategic and organisational decisions at their meetings which are held at monthly intervals throughout the year. A number of focused sub committees meet more regularly and have limited designated authority to act between meetings of the full Trustees.
The Trust has no affiliations with any wider networks.
## **Key management personnel**
The key management personnel of the charitable company are the Trustees. All Trustees give their time freely and no Trustee received remuneration during the year.
7
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Trustees' responsibilities in relation to the financial statements**
The trustees (who are also directors of The Spitalfields Historic Buildings Trust Limited for the purposes of company law) are responsible for preparing the Trustee's 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 Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SOAP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that 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. 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.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantors at 31 March 2024 was 3 (2023 - 3). Each member of the council of management is a member of the charity but this entitles them only to voting rights. No member of the council of management has any beneficial interest in the charity.
This report has been prepared in accordance with the Statement of Recommended Practice: 'Accounting and Reporting by Charities' and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smaller entities.
Approved by the Trustees on 30 January 2025 and signed on their behalf by:
Richard Pollard, Trustee
8
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 8 to 17.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
- • the accounts do not accord with those records; or
- the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
John Howard FCA Azets Audit Services 2[nd] Floor Regis House 45 King William Street London EC4R 9AN
Date: 31 March 2025
9
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income / -expenditure**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forwards
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
184,893
493,427
878
10
679,208
639,339
639,339
39,869
-
39,869
664,009
703,878|**Restricted**
**Funds**
**£**
230,568
-
-
-
230,568
19,083
19,083
211,485
-
211,485
-
211,485|**Total**
**2024**
**£**
415,461
493,427
878
10
909,776
658,422
658,422
251,354
-
251,354
664,009
915,363|**Unrestricted**
**and Total**
**2023**
**£**
2,610
361,457
-
-
364,067
473,371
473,371
(109,304)
-
(109,304)
773,313
664,009|
|---|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes on pages 10 to 17 form part of these financial statements
10
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **BALANCE SHEET AT 31 MARCH 2024**
|
**Notes**
**FIXED ASSETS**
Tangible assets
8
**CURRENT ASSETS**
Stock
Debtors
9
Current asset investments
10
Cash at bank
**CREDITORS:**Amounts falling
due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**CREDITORS:**Amounts falling
due after more than one
year
12
**NET ASSETS**
13
**FUNDS**
**INCOME FUNDS**
Unrestricted Income funds
14
Restricted Funds
**TOTAL INCOME FUNDS**|**2024**
**£**
**£**
1,040,209
14,682
16,658
1,114,152
393,178
1,538,670
(891,016)
647,654
1,687,863
(772,500)
915,363
703,878
211,485
915,363|**2023**
**£**
**£**
352,174
14,682
73,926
857,244
70,594
1,016,446
(57,944)
958,502
1,310,676
(646,667)
664,009
664,009
-
664,009|**2023**
**£**
**£**
352,174
14,682
73,926
857,244
70,594
1,016,446
(57,944)
958,502
1,310,676
(646,667)
664,009
664,009
-
664,009|
|---|---|---|---|
||||1,310,676
(646,667)|
||||664,009|
||||664,009
-|
||||664,009|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the charitable company to obtain an audit of its financial statements for the period ended 31 March 2024 In accordance with Section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for:
- ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006; and
- preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements were approved by the Board of Trustees on 30 Jan 2025 and were signed on its behalf by:
**Richard Pollard, Trustee**
The notes on pages 10 to 17 form part of these financial statements 11
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. STATUTORY INFORMATION**
Spitalfields Historic Buildings Trust is registered in England and Wales. The charity's registered number and registered office address can be found on the General Information page.
The presentation currency of the financial statements is Pound Sterling (£) which is also the functional currency for the charity.
## **2. ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with 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 (FAS 102) (effective 1 January 2015)-(Charities SOAP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FAS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **b) Going concern**
The Trustees have prepared and reviewed forecasts and projections for the charity and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **c) Reduced disclosure exemption**
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FAS 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland': The requirements of Section 7 Statement of Cash Flows
## **d) Significant judgements**
The preparation of financial statements requires management 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 a continuing basis. Revisions to accounting estimates are recognized 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 both current and future periods.
The Trustees consider that there are no significant judgements or estimates in the preparation of these financial statements.
## **e) Public benefit**
Spitalfields Historic Buildings Trust meets the definition of a public benefit entity under FAS 102.
**f) Legal status** The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
**g) Incoming resources** Income is recognized in the Statement of Financial Activities when the Charitable Company has entitlement to the funds; any performance conditions have been met; it is probable that the income will be received; and that the amount can be measured reliably.
- Donations and legacies are recognized in the financial statements when the Trust is convinced that there is entitlement to the Income, there is certainty of receipt and the amount in question can be reliably measured. Any administration fee charged is recognized as unrestricted income;
- Grants received for specific purposes are treated as restricted funds. Amounts restricted to future accounting periods are deferred and recognized In those periods; and
- Income from charitable activities includes income from carrying out the charity's activities, which is mainly from visitor sales from Dennis Severs' House.
0
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. ACCOUNTING POLICIES - continued**
## **h) Expenditure and irrecoverable VAT**
Expenditure is recognized in the Statement of Financial Activities once there is a legal 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 headings that aggregate all cost related to a category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
- Expenditure on charitable activities comprises of those costs incurred by the charity in the delivery of its activities and se,vices. It includes property which is being refurbished by the Trust and expenditure relating to the running of Dennis Severs' House;
- Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements;
- Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred; and
- Support and governance costs have been allocated across charitable activities.
## **i) Allocation of expenditure**
Expenditure is allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis, for example time spent, per capita or floor area.
## **j) Fixed assets**
Tangible fixed assets are measured at cost less accumulated depreciation.
Depreciation is provided at rates calculated to write off the costs of each asset over the assets estimated useful live as follows:
Freehold land - not depreciated Freehold buildings - 50 years on a straight-line basis Fixtures and fittings - 4 years on a straight-line basis
**k) Stock**
Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
The stock held by the Trust consists of item held for resale In the house shop, together with stocks of consumables that wilt be used in future visitor experiences.
## **I) Taxation**
The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extentthat such income or gains are applied exclusively to charitable purposes.
## **m) Fund accounting**
Restricted funds - these are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
## **n) Tangible current asset investments**
The cost of acquisition of properties and renovations thereto are held in the balance sheet as development properties for renovation and subsequent sale.
11
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. ACCOUNTING POLICIES - continued**
**o) Government and other Grants** Government and other grants relating to turnover are recognised as income over the periods when the related costs are incurred. The National Heritage lottery Funding was received in connection with the costs associated with the reopening of Dennis Severs House and the replenishment of reserves which had dissipated during the pandemic. The government grant received in the prior year related to The Coronavirus Job Retention Scheme.
12
## **SPITALFIELDS HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**3. DONATIONS AND LEGACIES**
**Unrestricted**
**£**
Donations and gifts
184,893
Grants
-
184,893
**4. INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**£**
Dennis Severs House visitor income
360,001
Dennis Severs House shop sales
88,426
Dennis Severs House sponsorship
45,000
493,427
**5. INVESTMENT INCOME**
**Unrestricted**
**£**
Bank Interest
878
**6. EXPENDITURE ON CHARITABLE ACTIVITIES**
**Direct**
**costs**
**Support**
**costs**
**£**
**£**
Property expenditure - direct
85,745
70,157
Dennis Severs' House expenditure
448,340
54,180
534,085
124,337|**3. DONATIONS AND LEGACIES**
**Unrestricted**
**£**
Donations and gifts
184,893
Grants
-
184,893
**4. INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**£**
Dennis Severs House visitor income
360,001
Dennis Severs House shop sales
88,426
Dennis Severs House sponsorship
45,000
493,427
**5. INVESTMENT INCOME**
**Unrestricted**
**£**
Bank Interest
878
**6. EXPENDITURE ON CHARITABLE ACTIVITIES**
**Direct**
**costs**
**Support**
**costs**
**£**
**£**
Property expenditure - direct
85,745
70,157
Dennis Severs' House expenditure
448,340
54,180
534,085
124,337|||**Restricted**
**£**
-
230,568
230,568
**Restricted**
**£**
-
-
-
-
**Restricted**
**£**
-|||**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
184,893
2,610
230,568
-
415,461
2,610
**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
360,001
335,284
88,426
26,173
45,000
-
493,427
361,457
**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
878
-
**Direct**
**costs**
**Support**
**costs**
**Total**
**Funds**
**2023**
**£**
**£**
**£**
10,765
106,111
116,876
310,412
46,083
356,495
321,177
152,194
473,371|**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
184,893
2,610
230,568
-
415,461
2,610
**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
360,001
335,284
88,426
26,173
45,000
-
493,427
361,457
**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
878
-
**Direct**
**costs**
**Support**
**costs**
**Total**
**Funds**
**2023**
**£**
**£**
**£**
10,765
106,111
116,876
310,412
46,083
356,495
321,177
152,194
473,371|
|---|---|---|---|---|---|---|---|---|
||||||||||
||||||||||
||||||||||
||||||||||
|||||**Total**
**Funds**
**2024**
**£**
155,902
502,520
658,422|||**Direct**
**costs**
**£**
10,765
310,412
321,177||
||124,337|||||||473,371|
3
## **SPITALFIELDS HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6a. ANALYSIS OF SUPPORT COSTS**
|Bank charges
Interest Expense
Telephone/Internet
Printing, Postage and
stationery
Campaigns
Administrators' fees
Administrators' salaries
Legal & Professional Fees
Amortisation
Depreciation
Insurance
Audit & Accountancy Fees
Independent Examination
Fee
Other costs
Overheads
Total charitable activities|**Unrestricted**
**£**
10,995
4,763
4,698
1,576
-
-
54,180
-
7,803
18,236
-
11,600
3,200
-
7,286
124,337|**Restricted**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**Funds**
**2024**
**£**
10,995
4,763
4,698
1,576
-
-
54,180
-
7,803
18,236
-
11,600
3,200
-
7,286
124,337|**Unrestricted**
**£**
5,000
963
5,009
1,290
1,411
21,040
37,506
28,314
6,180
17,961
12,299
11,000
3,200
1,021
-
152,194|**Restricted**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**Funds**
**2023**
**£**
5,000
963
5,009
1,290
1,411
21,040
37,506
28,314
6,180
17,961
12,299
11,000
3,200
1,021
-|
|---|---|---|---|---|---|---|
|||||||152,194|
## **7. NET INCOME / (EXPENDITURE)**
|**. NET INCOME / (EXPENDITURE)**|||
|---|---|---|
|Depreciation & Amortisation
Independent examiner's fee
**Staff costs and emoluments**
Wages
Social security costs
Pension contributions|**2024**
**£**
26,039
3,200
**2024**
**£**
179,622
11,236
1,692
192,550|**2023**
**£**
24,141
3,200|
|||**2023**
**£**
121,450
7,150
2,000|
|||130,600|
No employee received employee benefits (excluding employer pension costs) of more than £60,000 in either the current or the prior year.
The key management personnel comprise the personnel given in the Trustees' Report. The total employee benefits of the key management personnel (including employer pension costs) of the charitable company was £nil in both the current and the prior year.
## **Trustees' remuneration and benefits**
None of the trustees have been paid any remuneration or received any other benefits from an employment within the Charity. No expenses were paid to Trustees in either the current or the prior year.
14
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. TANGIBLE AND INTANGIBLE FIXED ASSETS**
|COST
At 1 April 2023
Additions
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 1 April 2023|**Land and**
**Buildings**
**£**
446,972
702,672
1,149,644
120,556
7,803
128,359
1,021,285
326,416|**Furniture and**
**Fittings**
**£**
71,845
-
71,845
46,087
15,386
61,473
10,372
25,758|**Website**
**£**
-
11,402
11,402
-
2,850
2,850
8,552
-|**Total**
**£**
518,817
714,074|
|---|---|---|---|---|
|||||1,232,891|
|||||166,643
26,039|
|||||192,682|
|||||1,040,209|
|||||352,174|
## **9. DEBTORS**
|VAT repayment from HMRC
Property acquisition deposit
Prepayments
Other debtors|**2024**
**£**
12,626
-
4,032
-
16,658|**2023**
**£**
-
65,000
7,295
1,631|
|---|---|---|
|||73,926|
15
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 MARCH 2024**
## **10. CURRENT ASSET INVESTMENTS**
|COST
At 1 April 2023
Additions
Transfer to Fixed Assets
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 1 April 2023|**Current asset**
**investments**
**£**
857,244
257,768
- 860|
|---|---|
||1,114,152|
||-
-|
||-|
||1,114,152|
||857,244|
A further £255,214 was spent on the property at Caerwent, Monmouthshire (2023: £824,775) The Caerwent property remains under renovation at the balance sheet date. The remaining £35,024 (2023: £32,470) relates to fixtures and fittings salvaged from an historic building that are held for resale. £860, relating to Charing, has been transferred to Fixed Assets Investments, now that the purchase on this property has been completed.
## **11. CURRENT LIABILITIES: AMOUNTS DUE WITHIN ONE YEAR**
|Taxation and social security
Other creditors
Current portion of Bounceback loan
Architectural Heritage Fund loan
Other loans
Accruals
Deferred income|**2024**
**£**
2,618
15,250
10,000
610,000
100,000
138,148
15,000
891,016|**2023**
**£**
5,242
27,702
10,000
-
-
-
15,000|
|---|---|---|
|||57,944|
16
## **SPITALFIELDS HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 MARCH 2024**
## **12. CREDITORS: AMOUNTS DUE AFTER MORE THAN ONE YEAR**
|Architectural Heritage Fund loan
Other loans
Bounceback loan|**2024**
**£**
750,000
-
22,500
772,500|**2023**
**£**
550,000
65,000
31,667|
|---|---|---|
|||646,667|
Of this amount, £750,000 (2023: £550,000) represents a loan due to the Architectural Heritage Fund to provide working capital for the work being carried out in Charing. The amount is due (need date) and bears interest at 6.5% pa.
A further £nil (2023: £65,000) represents a loan from a former administrator in connection with the deposit monies paid on exchange of contracts on Charing Palace. This loan is repayable in February 2025 and bears interest at 6%.
The remaining £12,500 is a COVID bounce-back loan, initially in the sum of £50,000, which is repayable in 60 equal instalments starting 1 July 2022. The portion payable within 12 months is included in Creditors: Amounts falling due within one year. The loan was interest free between July 2021 and 30 June 2022 and thereafter interest is applied at 2.5% pa
## **13. ANALYSIS OF NET ASSETS BY FUND**
|Unrestricted income funds
Restricted income funds
Historic England|**Tangible fixed**
**assets**
**£**
1,040,209
-
-
1,040,209|**Net current**
**assets /**
**liabilities**
**£**
426,169
211,485
211,485
637,654|**Amounts**
**falling due**
**after more**
**than one year**
**£**
(762,500)
-
-
(762,500)|**Total**
**£**
703,878
211,485|
|---|---|---|---|---|
|||||211,485|
||||||
|||||915,363|
17
## **SPITALFIELDS HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 MARCH 2024**
|**14. MOVEMENT IN FUNDS**
_Current Year_
**UNRESTRICTED FUNDS**
General funds
Designated funds:
19 Princelet Street
Property Renovation Fund|**Balance at**
**1 Apr 23**
**£**
50,000
-
614,009
664,009|**Income**
**£**
499,052
180,156
-
679,208|**Expenditure**
**£**
(628,633)
(10,706)
-
(639,339)|**Transfers**
**£**
129,581
-
(129,581)
-|**Balance at**
**31 Mar 24**
**£**
50,000
169,440
484,428|
|---|---|---|---|---|---|
||||||703,878|
The purpose of the Designated Funds is for property renovation, with funds being used for specific renovation projects
|**RESTRICTED FUNDS**
Historic England
_Previous Year_
**UNRESTRICTED FUNDS**
General funds
Designated funds:
Property Renovation Fund|**Balance at**
**1 Apr 23**
**£**
-
-
**Balance at**
**1 Apr 22**
**£**
50,000
723,313
773,313||**Income**
**£**
230,568
230,568
**Income**
**£**
364,067
-
364,067||**Expenditure**
**£**
(19,083)
(19,083)
**Expenditure**
**£**
(462,306)
(10,765)
(473,071)||**Transfers**
**£**
-
-
**Transfers**
**£**
98,239
(98,239)||**Balance at**
**31 Mar 24**
**£**
211,485
380,935
**Balance at**
**31 Mar 23**
**£**
50,000
614,309|
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
|||||||||||
||||||||-||664,309|
18
## **SPITALFIELDS HISTORIC BUILDINGS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15 CAPITAL COMMITMENTS**
The remaining Historic England funds are committed to be spent on the restoration of Charing during 2024-25.
## **16. ULTIMATE CONTROLLING PARTY**
The charitable company is considered to have no ultimate controlling party.
19