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2024-12-31-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 2024

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 Dr. M. J. Fairman
Mrs. A. M. L. Fairman BEM
D.A. Bryant MBE
C. Keane
S. Morrison
N. Wright
B. Rawlings
A Puiy
Ms. K. Edwards (appointed 11 April 2024)
S. Heywood (appointed 11 April 2024)
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

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. 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 £107,900 for the year 31 December 2024 (based on 5395 hours at £20.00 per hour) (Year 31 December 2023 £77,440).

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 2024 of £219,803 (2023 deficit £27,588) and our reserves stand at £428,721 in total, of which £238,068 are unrealised revaluation reserves and £6,296 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 £23,982 and the restricted fund stands at £208,339.

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.

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

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 B. Rawlings A Puiy

THE BOSTON PRESERVATION TRUST LIMITED

DIRECTORS' AND TRUSTEES' REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

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 on12 June 2025 and signed on its behalf by:

M J FAIRMAN Trustee

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 2024 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

12 June 2025

THE BOSTON PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

Notes Restricted Unrestricted 2024 2023
£
£		 £ £
Income and endowments from:
4 Donations and legacies 285,703
188		 285,891 20,540
5 Charitable activities -
143,735		 143,735 143,032
_______
_______		 _______ _______
Total 285,703
143,923		 429,626 163,572
═══════
═══════		 ═══════ ═══════
Expenditure:
6 Charitable activities 48,386
161,437		 209,823 191,160
_______
_______		 _______ _______
Total 48,386
161,437		 209,823 191,160
═══════
═══════		 ═══════ ═══════
Surplus/(Deficit) for the year 237,317
(17,514)		 219,803 (27,588)
15 Reconciliation of Funds
Total Funds Brought Forward -
208,918		 208,918 236,506
Transfer between funds (28,978)
28,978		 - -
_______
_______		 _______ _______
15 Total Funds Carried Forward 208,339
220,382		 428,721 208,918
═══════
═══════		 ═══════ ═══════

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

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

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

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
Fixed Assets
9
Tangible Assets
10
Heritage Assets
Current Assets
Stock
11
Debtors
12
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		 Restricted
Funds
£
-
-
-
-
-
224,274
224,274
(15,935)
208,339
208,339
-
208,339		 Unrestricted
Funds
£
2,585
265,367
267,952
1,731
4,288
107,429
113,448
(12,314)
101,134
369,086
(148,704)
220,382		 2024
£
2,585
265,367
267,952
1,731
4,288
331,703
337,722
(28,249)		 2023
£
3,172
265,367
268,539
1,850
4,512
94,822
101,184
(6,198)
309,473
577,425
(148,704)
428,721
(23,982)
6,296
208,339
238,068
428,721		 94,986
363,525
(154,607)
208,918
(41,543)
12,393
-
238,068
208,918

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

The financial statements were approved by the Board of Trustees on 12 June 2025 and were signed on its behalf by:

M J FAIRMAN Trustee

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

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 (2023 - £NIL).

Trustees’ expenses

The trustees did not claim expenses from the Charity in the year to 31[st] December 2024 (2023 – £NIL).

2024 2023
£ £
4. DONATIONS AND LEGACIES - UNRESTRICTED
Donations and legacies 188 148
__ __
188 148
═══════ ═══════
DONATIONS AND LEGACIES – RESTRICTED
Grants 285,703 20,392
__ __
285,703 20,392
═══════ ═══════
5. INCOME - CHARITABLE ACTIVITIES
Rental income
104,327		 108,844
Room and wedding hire 7,662 10,792
Other income 31,746 23,396
__ __
143,735 143,032
═══════ ═══════

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

6.
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
-
10,945
Major repairs
-
38,082
Property insurance
-
11,774
Electric and gas
-
15,486
Rates
-
590
Professional fees
48,386
2,574
Gardening
-
3,288
Household and cleaning
- 466
Health and safety
-
1,456
_______
_______
48,386
84,661
═══════
═══════
Administration expenditure
Independent examination
- 2,316
Other administrative costs
-
1,572
Wages
-
42,145
Pension
-
893
Telephone and internet
-
659
Postage and stationery
-
251
Advertising
-
684
Subscriptions
-
2,036
Bank charges
-
60
Wedding licence
-
500
Talks and visits
-
781
Friends of Fydell House expenses
-
16,016
Books Etc
-
119
Depreciation
-
2,103
Notional interest on interest free loan
-
6,097
Wedding costs
-
544
PAYE interest- -
__
__
-
76,776
═══════
═══════		 2024
£
133,047
76,776
__________________
209,823
═══════
2024
£
10,945
38,082
11,774
15,486
590
50,960
3,288
466
1,456
_______
133,047
═══════
2,316

1,572
42,145
893
659
251
684
2,036
60
500
781
16,016
119
2,103
6,097
544
-
__

76,776
═══════		 2023
£
122,343
68,817
__________________
191,160
═══════
2023
£
9,653
13,284
10,641
15,509
574
65,710
3,981
1,082
1,909
_______
122,343
═══════
2,154
3,707
39,070
655
799
499
30
1,689
60
167
541
11,083
148
2,032
5,905
273
5
__
68,817
═══════

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

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

7.

2024 2023
£ £
(DEFICIT)/SURPLUS FOR THE YEAR
The deficit of expenditure over income is stated after charging:
Independent examination 2,316 2,154
Other accountancy work 780 283
Depreciation 2,103 2,032
═══════ ═══════

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.

8. STAFF COSTS

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

Wages 42,145 39,070
Employer pension contributions 893 655
═══════ ═══════
Average number of monthly employees 2 2
═══════ ═══════

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

9.

TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Computer
Equipment etc.
£
Cost
At 1 January 2024 15,825
Additions 1,516
_______
31 December 2024 17,341
═══════
Depreciation
At 1 January 2024 12,653
Charge for year 2,103
_______
31 December 2024 14,756
═══════
Net Book Value
31 December 2024 2,585
═══════
31 December 2023 3,172
═══════

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £
10. 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.

11. DEBTORS DUE WITHIN ONE YEAR

Rents receivable 1,615 1,500
Prepayments 2,673 3,012
_______ _______
4,288 4,512
═══════ ═══════

12. CASH AT BANK

Included within the cash at bank in hand figure of £331,703 is £29,258 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 01.01.24
Income		 Utilised at 31.12.24
£
£		 £ £
Friends of Fydell House 23,681
21,593		 (16,016) 29,258
═══════
═══════		 ═══════
═══════
CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors 24,624 346
Accruals and deferred income 3,625 5,852
_______ _______
28,249 6,198
═══════ ═══════

13. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR

THE BOSTON PRESERVATION TRUST LIMITED

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

14. CREDITORS AMOUNTS FALLING DUE AFTER ONE YEAR

2024 2023
£ £
Loans 148,704 154,607
═══════ ═══════

£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.

15. TOTAL FUNDS

TOTAL FUNDS
Restricted Capital Realised Revaluation
Fund Contribution Reserves Reserve Total
£
£		 £ £ £
Brought forward -
12,393		 (41,543) 238,068 208,918
Movement in year 237,317
-		 (17,514) - 219,803
Transfer between reserves (28,978)
(6,097)		 35,075 - -
_______
_______		 _______
_______		 _______
Carried forward 208,339
6,296		 (23,982) 238,068 428,721
═══════
═══════		 ═══════
═══════		 ═══════

16. PROPERTY – Insured Amount

The properties are insured for the following amounts:

2024 2023
£ £
Fydell House 3,477,352 2,924,357
Spain Court 1,539,747 1,294,893
Spain Lane 1,442,244 1,212,892
South Street 727,118 611,487
_______ _______
7,186,461 6,043,629
═══════ ═══════

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. GOING CONCERN

The unrestricted funds are in deficit at the year end. The deficit had 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 be demanded to be repaid before 2025. Accordingly with this continuing support the financial statements have been prepared on the going concern basis.

THE BOSTON PRESERVATION TRUST LIMITED

DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £ £ £
Donations and legacies 97 148
Charitable activities
Rents 104,327 108,844
Rents – Room Hire 4,675 4,567
Rents – Wedding Hire 2,987 6,225
Talks 1,401 941
Friends of Fydell House income 21,593 18,878
Grants 285,772 20,392
Other income 8,774 3,577
________ ________
429,529 163,424
________ ________
TOTAL INCOME 429,626 163,572
═══════ ═══════
Charitable Expenditure
Administration:
Independent examination 2,316 2,154
Wages 42,145 39,070
Pension 893 655
Other admin costs 1,572 3,707
Postage and stationery 251
499
Subscriptions 2,036 1.689
Advertising 684 30
Bank charges 60 60
Notional interest on interest free loan 6,097 5,905
Telephone and internet 659 799
Wedding licence 500 167
Talks and visits 781 541
Depreciation 2,103 2,032
Friends of Fydell House expenses 16,016 11,083
Books Etc 119 148
Wedding costs 544 273
PAYE interest - 5
________ ________
76,776 68,817
Management and maintenance of property:
Property Expenses:
Repairs - minor 10,945 9,653
Repairs - major 38,082 13,284
Insurance 11,774 10,641
Electric and gas 15,486 15,509
Rates and water 590 574
Professional fees 50,960 65,710
Household cleaning 466 1,082
Gardening 3,288 3,981
Health and safety 1,456 1,909
________ ________
133,047 122,343
________ ________
TOTAL EXPENDITURE 209,823 191,160
═══════ ═══════
SURPLUS/(DEFICIT) FOR THE YEAR 219,803 (27,588)
═══════ ═══════

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