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2020-12-31-accounts

THE BOSTON PRESERVATION TRUST LIMITED (LIMITED BY GUARANTEE)

Company Number 00302819 (England & Wales) Charity Number 509128

DIRECTORS' AND TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR 31 DECEMBER 2020

Dexter & Sharpe Chartered Certified Accountants The Old Vicarage Church Close Boston Lincolnshire PE21 6NA

THE BOSTON PRESERVATION TRUST LIMITED

CONTENTS

_________________

Page
Company Information 2
Directors' and Trustees' Report 3 - 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 - 14
The following page does not form part of the statutory Accounts:
Detailed Income and Expenditure Account 15

THE BOSTON PRESERVATION TRUST LIMITED

COMPANY INFORMATION

Directors and Trustee: Dr. M. J. Fairman Mrs. A. M. L. Fairman BEM A. Hoyle (Resigned 15 September 2020) D.A. Bryant MBE P.C. Dorr (Resigned 12 October 2020) C. Keane S. Morrison N. Wright A. Healey (Resigned 14 September 2020) M. Anderson B Rawlings (Appointed 18 December 2019) Registered Office Fydell House South Street Boston Lincolnshire PE21 6HT Independent Examiner Nicola Lenton FCCA Dexter & Sharpe The Old Vicarage Church Close Boston Lincolnshire PE21 6NA Company Number 00302819 (England & Wales) Charity Number 509128

2

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 2016).

OBJECTIVES AND ACTIVITIES

Objects of the charity, principal activities and organisation of our work

The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association which were revised and adopted on 13 October 2018.

The charity’s objects are stated in full in the Articles of Association, 2018. They are to preserve for the public benefit buildings and lands of historic or architectural significance, and to promote the re-use of such buildings, and to encourage public support for and involvement in all these activities. The trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission.

The charity is organised so that the trustees meet regularly to manage its affairs. There was one part time employee. The administration is conducted through the registered office at Fydell House, and by the trustees in an honorary capacity. The collection of rents during the year was carried out by the trust.

The charity has benefited from the services provided by volunteers. It is estimated that the value of this is £78,000 for the year 31 December 2020 (based on 6,500 hours at £12.00 per hour) (Year 31 December 2019 £78,000).

Development, activities and achievements this year

The trustees consider that the performance of the charity this year has been satisfactory. The trust has continued to carry out refurbishment works on the properties, in order to maintain them. However, this enhancement has resulted in the charity being able to increase rents on the properties that have been refurbished which allows them to carry on the trust's objectives.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities shows an excess for the year 31 December 2020 of £49,094 (2019 excess £13,002) and our reserves stand at £167,692 in total, of which £238,068 are unrealised revaluation reserves and £29,557 is a capital contribution with regards to the FRS102 adjustment in respect of the interest free loan from a former director and trustee. The unrestricted general funds stand at a deficit of £102,393 and the restricted fund stands at £2,460.

Heritage assets

The properties which are held as part of the Company's objects, namely to preserve, restore and manage buildings of architectural merit are classified as Heritage Assets. Their market value is estimated at £4,346,721 compared to the amount stated in the accounts at £265,000.

Investment policy and objectives

3

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have decided that excess monies shall be placed in interest bearing accounts or on deposit.

Reserves policy

The present level of funding and reserves is not sufficient to cover the restoration and refurbishment of the properties, therefore financial arrangements have been made to cover this necessary expenditure, as well as increasing the rents charged.

4

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

FUTURE PLANS

The charity continues to undertake significant works on the properties it owns and expects this to continue in the future to ensure that these remain in appropriate conditions as per the charity's objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Directors and trustees

All directors of the company are also trustees of the charity, and there are no other trustees. The board has the power to appoint additional trustees as it considers fit to do so.

Risk management

The trustees actively review the major risks which the charity faces on a regular basis and, combined with an annual review of the controls over key financial systems, they believe the charity could provide sufficient resources in the event of adverse conditions.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00302819 (England and Wales)

Registered Charity number

509128

Registered office

Fydell House South Street Boston Lincolnshire PE21 6HT

Trustees

Dr. M. J. Fairman Mrs. A. M. L. Fairman BEM A. Hoyle (Resigned 15 September 2020) D.A. Bryant MBE P.C. Dorr (Resigned 12 October 2020)

C. Keane

S. Morrison

N. Wright A. Healey (Resigned 14 September 2020)

M. Anderson

B. Rawlings (Appointed 18 December 2019)

5

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner

Nicola Lenton FCCA Dexter & Sharpe Chartered Certified Accountants The Old Vicarage Church Close Boston Lincolnshire PE21 6NA

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.

Approved by order of the board of trustees on 18 February 2021 and signed on its behalf by:

M J FAIRMAN Trustee

7

THE BOSTON PRESERVATION TRUST LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE BOSTON PRESERVATION TRUST LIMITED

I report on the accounts for the year ended 31 December 2020 set out on pages seven to fourteen.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company 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 for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’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

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

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.

NICOLA LENTON FCCA Independent Examiner Dexter & Sharpe Chartered Certified Accountants The Old Vicarage Church Close Boston Lincolnshire PE21 6NA

Date: 18 February 2021

9

THE BOSTON PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

Notes Notes RestrictedUnrestricted 2020 RestrictedUnrestricted 2020 RestrictedUnrestricted 2020 2019
£ £ £ £
Income and endowments from:
4 Donations and legacies 1,700 5,918 7,618 10,650
5 Charitable activities - 102,840 102,840 108,884
6 Other income - 27,000 27,000 -
_ _ _ _
Total 1,700 135,758 137,458 119,534
═══════ ═══════ ═══════ ═══════
Expenditure:
7 Charitable activities 7,740 80,624 88,364 106,532
_ _ _ _
Total 7,740 80,62488,364 106,532
═══════ ═══════ ═══════ ═══════
Surplus/(Defcit) for the year (6,040) 55,134 49,094 13,002
15 Reconciliation of Funds
Total Funds Brought Forward 10,000108,598 118,598 105,596
Transfer between funds (1,500) 1,500 - -
_ _ _ _
15 Total Funds Carried Forward 2,460165,232 167,692 118,598
═══════ ═══════ ═══════ ═══════

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes on pages 9 to 14 form part of these accounts

10

THE BOSTON PRESERVATION TRUST LIMITED COMPANY NUMBER: 302819 (LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
s
Fixed Assets
10
Tangible Assets
11
Heritage Assets
Current Assets
Stock
12
Debtors
Cash at Bank and in Hand
13
Creditors:amounts falling due within
one year
Net Current (Liabilities)/Assets
Net Assets
14
Creditors: amounts falling due after one
year
Capital
Unrestricted Funds – General
Unrestricted Funds – Capital
contribution
Restricted Funds
11
Property Revaluation Reserve		 Restricte
d Funds
£
-
-
-
-
-
2,460
2,460
-
2,460
2,460
-
2,460		 Unrestric
ted
Funds
£
5,697
265,367
271,064
1,182
4,573
67,436
73,191
(8,580)
64,611
335,675
(170,443
)
165,232		 2020
£
5,697
265,367
271,064
1,182
4,573
69,896
75,651
(8,580)		 2019
£
3,873
265,367
269,240
1,339
5,369
17,107
23,815
(9,379)
67,071
338,135
(170,443
)
167,692
(102,393
)
29,557
2,460
238,068
167,692		 14,436
283,676
(165,078)
118,598
(164,392)
34,922
10,000
238,068
118,598

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and in accordance with FRS102 SORP.

11

The financial statements were approved by the Board of Trustees on 18 February 2021 and were signed on its behalf by:

M J FAIRMAN Trustee

The notes on pages 9 to 14 form part

of these accounts

12

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. STATUTORY INFORMATION

The Boston Preservation Trust Limited is a charitable company, limited by guarantee, registered in England and Wales. The charitable company’s registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2016)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grant income is recognised in the Statement of Financial Activities when the conditions for receipt have been met.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment 5 years straight line Plant and Machinery 5 years straight line Fixtures and Fittings 5 years straight line

Heritage Assets

The properties are held as part of the charity’s object, namely to preserve, restore and manage properties of architectural merit. The properties are, where possible, rented to third parties on a commercial basis.

These assets are an integral part of the charity’s object, as they are being held for preservation purposes they are classified as Heritage Assets, rather than Investment Properties or Program Related Investments. The properties are held at the valuation conducted May 1997. The company has followed the transitional provisions of FRS 15

13

and has not updated the valuation.

The properties are not depreciated as the residual value of the properties exceeds their carrying value. The company incurs significant expenditure in repairing and refurbishing the properties. This expenditure is written off to the SOFA unless there has been an enhancement to the properties such as an extension increasing the capacity of the building or a major refurbishment when such expenditure is capitalised.

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Administration expenditure

Administration expenditure includes all expenditure not directly related to the charitable activity or fundraising ventures, this includes costs of running the office premises and governance costs and are allocated to expenditure on the raising of funds or charitable activities as appropriate.

3. TRUSTEES’ REMUNERATION AND BENEFITS There were no trustees’ remuneration or other benefits for the year ended 31 December 2020.

Trustees’ expenses

Three trustees have claimed expenses from the Charity for the purposes of travelling totalling NIL (2019 – £110).

totalling NIL (2019 – £110).
2020 2019
£ £
4. DONATIONS AND LEGACIES
Donations and legacies 5,918 650
═══════ ═══════
DONATIONS AND LEGACIES – RESTRICTED
Grants – feasibility study - 10,000
Grants – picture hanging 1,700 -
__ __

14

1,700 10,000
═══════ ═══════
5. INCOME - CHARITABLE ACTIVITIES
Rental income 91,672 91,246
Room and wedding hire 5,801 11,557
Other income 5,367 6,081
__ __
102,840 108,884
═══════ ═══════

15

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

_____________
2020
£
6.
OTHER INCOME
Covid grants
27,000
═══════
7.
RESOURCES EXPENDED - CHARITABLE ACTIVITIES
Management and maintenance of the properties
55,732
Administration expenditure
35,925
______
88,364
═══════
Further analysis is given of the above headings:
RestrictedUnrestricted
2020
£
£
£
Management and Maintenance of Property
Minor repairs
-
7,302
7,302
Major repairs
-
3,500
3,500
Property insurance
-
8,134
8,134
Electric and gas
-
8,071
8,071
Rates
-
1,776
1,776
Professional fees
7,740
11,745
19,485
Security
-
-
-
Gardening
-
174
174
Household and cleaning
-
1,364
1,364
Health and safety
-
2,633
2,633
_
_
_
7,740
44,699
52,439
═══════
═══════
═══════
Administration expenditure
Independent examination
-
1,836
1,836
Other administrative costs
- 2,267
2,267
Operations manager
-
-
-
Wages
-
17,143
17,143
Pension
-
193
193
Telephone and internet
-
946
946
Postage and stationery
-
190
190
Advertising
-
243
243
Subscriptions
-
824
824
Bank charges
-
67
67
Wedding licence
-
500
500
Talks and visits
-
235
235
Friends of Fydell House expenses
-
933
933
Books
-
157
157
Volunteer travelling expenses
-
2,822
2,822
Trustee travailing expenses
-
-
-
Petty cash diferences
-
206
206
Depreciation
-
1,998
1,998
Notional interest on interest free loan
-
5,365
5,365
__
__
__
-35,925
35,925
═══════
═══════
═══════		 __
2019
£
-
═══════
52,439
50,800
______
106,532
═══════
2019
£
10,678
16,875
6,214
10,511
2,391
1,578
200
1,803
3,520
1,962
____
55,732
═══════
1,752
4,227
22,680
2,772
28
748
1,836
1,480
332
73
417
604
1,949
1,052
3,507
110
804
1,233
5,196
__
50,800
═══════

16

Notional interest is required to be shown in the accounts in accordance with the Charities SORP (FRS102) (see note 12).

17

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £

8. SURPLUS/(DEFICIT) FOR THE YEAR

The deficit of expenditure over income is stated after charging:

Independent examination 1,836 1,752
Other accountancy work 2,005 3,649
Depreciation 1,998 1,233
═══════ ═══════

The expenditure incurred during the year related to the charitable activities. No direct expenditure was incurred in raising funds and any apportionment of administration expenditure to this activity is insignificant.

9. STAFF COSTS

No remuneration was paid to any trustee or member during the year. The only staff costs were:

Subcontracted ofice manager - 22,680
Wages 17,143 2,772
Employer pension contributions 193 28
═══════ ═══════
Average number of monthly employees 1
1
═══════ ═══════

No member of staff was paid more than £60,000

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Computer
Equipment etc.
£
Cost
At 1 January 2020 6,827
Additions 3,822
_
31 December 2020 10,649
═══════
Depreciation
At 1 January 2020 and 2,954
Charge for year 1,998
_
31 December 2020 4,952
═══════
Net Book Value
31 December 2020 5,697
═══════
31 December 2019 3,873
═══════

18

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £
11. HERITAGE ASSETS
Freehold Property, Boston, Lincs
At Cost:
1-9 Spain Court & Fydell House 12,326 12,326
3, 5, 7, 9 Spain Lane 13,931 13,931
24, 26, 28 South Street 675 675
_ _
26,932 26,932
Revaluation surplus 238,068 238,068
_ _

265,000		 265,000
Portraits and antiquities at cost 367 367
_ _
265,367 265,367
═══════ ═══════

The professional valuation £265,000 dated 15 May 1997 was taken as the deemed cost as permitted by the transitional provision of FRS15.

12. DEBTORS DUE WITHIN ONE YEAR
Rents receivable 2,785 3,715
Prepayments 1,501 1,654
Other debtors 287 -
_ _
4,573 5,369
═══════ ═══════
13. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors 125 1,028
Accruals and deferred income 7,858 8,286
Taxation and social security 597 -
Other creditors - 65
_ _
8,580 9,379
═══════ ═══════
14. CREDITORS AMOUNTS FALLING DUE AFTER ONE YEAR
Loans 170,443 165,078
═══════ ═══════
£60,000 of the above amount has been secured on 8 Spain Court.

20

In accordance with the Charities SORP (FRS102), the interest free loan has been discounted at a market rate of interest.

21

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020

15. TOTAL FUNDS

TOTAL FUNDS
Restricted Capital RealisedRevaluation
FundContribution Reserves Reserve Total
£ £ £ £ £
Brought forward 10,000 34,922 **(164,392)238,068 ** 118,598
Movement in year (6,040) - 55,134 - 49,094
Transfer between reserves (1,500) (5,365) 6,865 - -
_ _ _ __ _
Carried forward **2,460 29,557 (102,393) ** 238,068 167,692
══════ ══════ ══════ ═══════ ═══════

16. PROPERTY – Insured Amount

The properties are insured for the following amounts:

2019

2020
£ £
Fydell House 2,744,251 2,690,443
Spain Court 1,215,144 1,058,952
Spain Lane 1,138,196 1,079,493
South Street 573,828 562,577
_ _
5,671,419 5,391,465
═══════ ═══════

17. SHARE CAPITAL

The company is incorporated under the Companies Act as a Guarantee Company. No share capital has been issued. In the event of the company’s winding up each member may be required to contribute an amount not exceeding £1 as a contribution towards the debts and liabilities of the company.

18. RELATED PARTY

The balance on the interest free loan due by the Company to Mr A B Isaac to make improvements to the properties was £200,000 (2019 - £200,000).

19. GOING CONCERN

The unrestricted funds are in deficit at the year end. The deficit has arisen due to some major repairs being required on the properties to enable full rents to be charged. These repairs have been financed by way of a loan from Mr A B Isaac, a former director and trustee, repayments of which cannot commence before 2025. Accordingly with this continuing support the financial statements have been prepared on the going concern basis.

22

THE BOSTON PRESERVATION TRUST LIMITED

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

2020 2019
£ £ £ £
Donations and legacies 7,618 10,650
Charitable activities
Rents 91,672 91,246
Rents – Room Hire 5,801 9,107
Rents – Wedding Hire - 2,450
Talks 546 1,325
Friends of Fydell House income 3,294 3,576
Covid grants 27,000 -
Other income 1,527 1,180
__ __
129,840 108,884
__ __
TOTAL INCOME 137,458 119,534
═══════ ═══════
Charitable Expenditure
Administration:
Independent examination 1,836 1,752
Operations manager - 22,680
Wages 17,143 2,772
Pension 193 28
Other admin costs 2,267 4,227
Postage and stationery 190 1,836
Subscriptions 824 332
Advertising 243 1,480
Bank charges 67 73
Notional interest on interest free loan 5,365 5,196
Telephone and Internet 946 748
Wedding licence 500 417
Talks and visits 235 604
Depreciation 1,998 1,233
Friends of Fydell House expenses 933 1,949
Volunteer travelling expenses 2,822 3,507
Trustee travelling expenses - 110
Petty cash diferences 206 804
Books 157 1,052
__ __
35,925 50,800
Management and maintenance of property:
Property Expenses:
Repairs - minor 7,302 10,678
Repairs - major 3,500 16,875
Insurance 8,134 6,214
Electric and gas 8,071 10,511
Rates and water 1,776 2,391
Professional fees
19,485		 1,578
Household cleaning 1,364 3,520
Gardening 174 1,803
Security - 200
Health and safety 2,633 1,962
__ __
52,439 55,732
__ __
TOTAL EXPENDITURE 88,364 106,532
═══════ ═══════
SURPLUS/DEFICIT FOR THE YEAR 49,094 13,002
═══════ ═══════

23

This page is for information purposes and does not form part of the statutory accounts.

24