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 2022
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 | |
| D.A. Bryant MBE | ||
| C. Keane | ||
| S. Morrison | ||
| N. Wright | ||
| M. Anderson | ||
| B. Rawlings | ||
| S.E.Middleton | (Appointed 20.10.2022) | |
| 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 2022
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 2022. 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 were 2 part time employees. 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 £84,300 for the year 31 December 2022 (based on 4,216 hours at £20.00 per hour) (Year 31 December 2021 £96,000).
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 a surplus for the year 31 December 2022 of £69,309 (2021 deficit £495) and our reserves stand at £236,506 in total, of which £238,068 are unrealised revaluation reserves and £18,298 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 £59,485 and the restricted fund stands at £39,625.
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
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.
- 3 -
THE BOSTON PRESERVATION TRUST LIMITED
DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
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.
The charity has been preparing the development phase for a project, supported by the National Lottery Heritage Fund (NLHF),to apply for a significant grant to support a project to address the condition of and future activities within Fydell House.
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 D.A. Bryant MBE C. Keane S. Morrison N. Wright M. Anderson B. Rawlings S.E.Middleton (Appointed 20.10.2022)
- 4 -
THE BOSTON PRESERVATION TRUST LIMITED
DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of recommended practices, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
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 14 October 2023 and signed on its behalf by:
M J FAIRMAN Trustee
- 5 -
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 2022 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:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the accounts do not accord with such records; or
-
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).
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: 14 October 2023
- 6 -
THE BOSTON PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
| Notes | Restricted | Unrestricted | 2022 | 2021 | |
|---|---|---|---|---|---|
| £ | £ |
£ | £ | ||
| Income and endowments from: | |||||
| 4 | Donations and legacies | 55,000 | 495 |
55,495 | 508 |
| 5 | Charitable activities | - | 134,006 |
134,006 | 125,497 |
| 6 | Other income | - | - |
- | 24,500 |
_______ |
_______ |
_______ |
_______ |
||
| Total | 55,000 | 134,501 |
189,501 | 150,505 | |
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═══════ |
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||
| Expenditure: | |||||
| 7 | Charitable activities | 15,375 | 104,817 |
120,192 | 151,000 |
_______ |
_______ |
_______ |
_______ |
||
| Total | 15,375 | 104,817 |
120,192 | 151,000 | |
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═══════ |
═══════ |
═══════ |
||
| Surplus/(Deficit) for the year | 39,625 | 29,684 |
69,309 | (495) | |
| 15 | Reconciliation of Funds | ||||
| Total Funds Brought Forward | - | 167,197 |
167,197 | 167,692 | |
| Transfer between funds | - | - |
- | - | |
_______ |
_______ |
_______ |
_______ |
||
| 15 | Total Funds Carried Forward | 39,625 | 196,881 |
236,506 | 167,197 |
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CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes on pages 9 to 14 form part of these accounts
- 7 -
THE BOSTON PRESERVATION TRUST LIMITED COMPANY NUMBER: 302819 (LIMITED BY GUARANTEE)
BALANCE SHEET AS AT 31 DECEMBER 2022
| Notes Fixed Assets 10 Tangible Assets 11 Heritage Assets Current Assets Stock 12 Debtors 13 Cash at Bank and in Hand 14 Creditors:amounts falling due within one year Net Current (Liabilities)/Assets Net Assets 15 Creditors: amounts falling due after one year Capital Unrestricted Funds – General Unrestricted Funds – Capital contribution Restricted Funds 11 Property Revaluation Reserve |
Restricted Funds £ - - - - - 39,625 39,625 - 39,625 39,625 - 39,625 |
Unrestricted Funds £ 5,204 265,367 270,571 1,698 2,550 89,729 93,977 (3,965) 90,012 360,583 (163,702) 196,881 |
2022 £ 5,204 265,367 270,571 1,698 2,550 129,354 133,602 (3,965) |
2021 £ 6,486 265,367 |
|---|---|---|---|---|
| 271,853 1,235 5,522 89,824 |
||||
| 96,581 (25,254) |
||||
| 129,637 400,208 (163,702) 236,506 (59,485) 18,298 39,625 238,068 236,506 |
71,327 | |||
| 343,180 (175,983) |
||||
| 167,197 | ||||
| (94,888) 24,017 - 238,068 |
||||
| 167,197 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit 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 charitable company.
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.
The financial statements were approved by the Board of Trustees on 14 October 2023 and were signed on its behalf by:
M J FAIRMAN Trustee
The notes on pages 9 to 14 form part of these accounts
- 8 -
THE BOSTON PRESERVATION TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 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.
- 9 -
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE BOSTON PRESERVATION TRUST LIMITED
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 2022 (2021 - £NIL).
Trustees’ expenses
Three trustees did not claim expenses from the Charity in the year to 31[st] December 2022 (2021 – £NIL).
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 4. | DONATIONS AND LEGACIES - UNRESTRICTED | ||
| Donations and legacies | 495 | 508 | |
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||
| DONATIONS AND LEGACIES – RESTRICTED | |||
| Grants – Medlock Charity | 25,000 | - | |
| NLFH Bid | 30,000 | - | |
| __ | __ | ||
| 55,000 | - | ||
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||
| 5. | INCOME - CHARITABLE ACTIVITIES | ||
| Rental income | 100,462 |
98,207 | |
| Room and wedding hire | 13,505 | 13,711 | |
| Other income | 20,039 | 13,579 | |
| __ | __ | ||
| 134,006 | 125,497 | ||
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- 10 -
THE BOSTON PRESERVATION TRUST LIMITED
NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 6. OTHER INCOME Covid grants 7. RESOURCES EXPENDED - CHARITABLE ACTIVITIES Management and maintenance of the properties Administration expenditure Further analysis is given of the above headings: Restricted Unrestricted £ £ Management and Maintenance of Property Minor repairs - 11,150 Major repairs - 6,726 Property insurance - 9,122 Electric and gas - 12,372 Rates - 869 Professional fees 15,288 709 Gardening - 3,369 Household and cleaning - 958 Health and safety - 1,760 Training - - ______________15,288 47,035 ══════════════Administration expenditure Independent examination - 2,016 Other administrative costs 87 935 Wages - 31,089 Pension - 419 Telephone and internet - 753 Postage and stationery - 577 Advertising - 485 Subscriptions - 2,249 Bank charges - 91 Wedding licence - 458 Talks and visits - 522 Friends of Fydell House expenses - 7,990 Books Etc - 199 Volunteer travelling expenses - - Petty cash differences - - Depreciation - 2,974 Notional interest on interest free loan - 5,719 Wedding costs - 1,284 Catering costs - 22 __ __ 87 57,782 ══════════════ |
2022 £ - ═══════62,323 57,869 __________________120,192 ═══════2022 £ 11,150 6,726 9,122 12,372 869 15,997 3,369 958 1,760 - _______62,323 ═══════2,016 1,022 31,089 419 753 577 485 2,249 91 458 522 7,990 199 - - 2,974 5,719 1,284 22 __ 57,869 ═══════ |
2021 £ 24,500 ═══════103,096 47,904 __________________151,000 ═══════2021 £ 25,622 33,611 7,306 7,334 3,129 9,020 4,387 1,009 2,918 5,760 _______103,096 ═══════1,848 2,324 24,671 70 1,160 1,268 2,249 623 96 500 265 4,068 7 34 (210) 2,694 5,539 170 528 __ 47,904 ═══════ |
|---|---|---|
Notional interest is required to be shown in the accounts in accordance with the Charities SORP (FRS102) (see note 12).
- 11 -
THE BOSTON PRESERVATION TRUST LIMITED
NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| SURPLUS/(DEFICIT) FOR THE YEAR | ||
| The deficit of expenditure over income is stated after charging: | ||
| Independent examination | 2,016 | 1,848 |
| Other accountancy work | 540 | 1,985 |
| Depreciation | 2,974 | 2,695 |
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8. SURPLUS/(DEFICIT) FOR THE YEAR
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:
| Wages | 31,089 | 24,671 |
|---|---|---|
| Employer pension contributions | 419 | 70 |
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|
| Average number of monthly employees | 2 | 2 |
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No member of staff was paid more than £60,000
10.
TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| Equipment etc. | |
| £ | |
| Cost | |
| At 1 January 2022 | 14,133 |
| Additions | 1,692 |
_______ |
|
| 31 December 2022 | 15,825 |
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|
| Depreciation | |
| At 1 January 2022 and | 7,647 |
| Charge for year | 2,974 |
_______ |
|
| 31 December 2022 | 10,621 |
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|
| Net Book Value | |
| 31 December 2022 | 5,204 |
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|
| 31 December 2021 | 6,486 |
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- 12 -
THE BOSTON PRESERVATION TRUST LIMITED
NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 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 | ||
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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 | 370 | 3,230 |
|---|---|---|
| Prepayments | 2,180 | 2,292 |
_______ |
_______ |
|
| 2,550 | 5,522 | |
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13. CASH AT BANK
Included within the cash at bank in hand figure of £129,354 is £15,886 which has been generated by The Friends of Fydell House as detailed below. These funds have been set aside for specific purposes by the trustees.
| Balance | Balance | |||
|---|---|---|---|---|
| at 01.01.22 | Income | Utilised | at 31.12.22 | |
| £ | £ | £ | £ | |
| Friends of Fydell House | 7,460 | 16,416 |
(7,990) | 15,886 |
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|
| CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Trade creditors | 1,061 | 20,131 | ||
| Accruals and deferred income | 2,904 | 4,363 | ||
| Taxation and social security | - | 760 | ||
_______ |
_______ |
|||
| 3,965 | 25,254 | |||
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14. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
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THE BOSTON PRESERVATION TRUST LIMITED
NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
15. CREDITORS AMOUNTS FALLING DUE AFTER ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Loans | 163,702 | 175,983 |
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£60,000 of the above amount has been secured on 8 Spain Court.
In accordance with the Charities SORP (FRS102), the interest free loan has been discounted at a market rate of interest.
16. TOTAL FUNDS
| TOTAL FUNDS | |||||
|---|---|---|---|---|---|
| Restricted | Capital | Realised | Revaluation | ||
| Fund | Contribution | Reserves | Reserve | Total | |
| £ | £ |
£ | £ | £ | |
| Brought forward | - | 24,017 |
(94,888) | 238,068 | 167,197 |
| Movement in year | 39,625 | - | 29,684 | - | 69,309 |
| Transfer between reserves | - | (5,719) |
5,719 | - | - |
_______ |
_______ |
_______ |
_______ |
_______ |
|
| Carried forward | 39,625 | 18,298 |
(59,485) | 238,068 | 236,506 |
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|
| PROPERTY – Insured Amount | |||||
| The properties are insured for the following amounts: | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fydell House | 2,744,251 | 2,744,251 | |||
| Spain Court | 1,215,144 | 1,215,144 | |||
| Spain Lane | 1,138,196 | 1,138,196 | |||
| South Street | 573,828 | 573,828 | |||
_______ |
_______ |
||||
| 5,671,419 | 5,671,419 | ||||
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17. PROPERTY – Insured Amount
18. 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.
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.
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THE BOSTON PRESERVATION TRUST LIMITED
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Donations and legacies | 495 | 508 | ||
| Charitable activities | ||||
| Rents | 100,462 | 98,207 | ||
| Rents – Room Hire | 7,855 | 7,990 | ||
| Rents – Wedding Hire | 5,650 | 5,721 | ||
| Talks | 199 | 35 | ||
| Friends of Fydell House income | 16,416 | 11,993 | ||
| Covid grants | - | 24,500 | ||
| Grants | 55,000 | - | ||
| Other income | 3,424 | 1,551 | ||
________ |
________ |
|||
| 189,006 | 149,997 | |||
________ |
________ |
|||
| TOTAL INCOME | 189,501 | 150,505 | ||
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═══════ |
|||
| Charitable Expenditure | ||||
| Administration: | ||||
| Independent examination | 2,016 | 1,848 | ||
| Wages | 31,089 | 24,671 | ||
| Pension | 419 | 70 | ||
| Other admin costs | 1,022 | 2,324 | ||
| Postage and stationery | 577 | 1,268 | ||
| Subscriptions | 2,249 | 623 | ||
| Advertising | 485 | 2,249 | ||
| Bank charges | 91 | 96 | ||
| Notional interest on interest free loan | 5,719 | 5,539 | ||
| Telephone and internet | 753 | 1,160 | ||
| Wedding licence | 458 | 500 | ||
| Talks and visits | 522 | 265 | ||
| Depreciation | 2,974 | 2,694 | ||
| Friends of Fydell House expenses | 7,990 | 4,068 | ||
| Volunteer travelling expenses | - | 34 | ||
| Petty Cash differences | - | (210) | ||
| Books Etc | 199 | 7 | ||
| Wedding costs | 1,284 | 170 | ||
| Catering costs | 22 | 528 | ||
________ |
________ |
|||
| 57,869 | 47,904 | |||
| Management and maintenance of property: | ||||
| Property Expenses: | ||||
| Repairs - minor | 11,150 | 25,622 | ||
| Repairs - major | 6,726 | 36,611 | ||
| Insurance | 9,122 | 7,306 | ||
| Electric and gas | 12,372 | 7,334 | ||
| Rates and water | 869 | 3,129 | ||
| Professional fees | 15,997 | 9,020 | ||
| Household cleaning | 958 | 1,009 | ||
| Gardening | 3,369 | 4,387 | ||
| Health and safety | 1,760 | 2,918 | ||
| Training | - | 5,760 | ||
________ |
________ |
|||
| 62,323 | 103,096 | |||
________ |
________ |
|||
| TOTAL EXPENDITURE | 120,192 | 151,000 | ||
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|||
| SURPLUS/(DEFICIT) FOR THE YEAR | 69,309 | (495) | ||
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This page is for information purposes and does not form part of the statutory accounts.
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