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2024-03-31-accounts

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Charity registration number 509133

Company registration number 01444058 (England and Wales)

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees E L Mayes
K J Wilson
A D Mitchell
A M Wyatt
A M Watson
G Underwood
S Dyer
M Murphy
K Sussams
I M Burns
M R Thompson
N A Hamza
S Alexander
M Bozic
M Firth
Key Management Personnel M Hulse
K Vickers
Secretary M Hulse
Charity number 509133
Company number 01444058
Principal address John Marley Lodge
John Marley Centre
Muscott Grove
Newcastle Upon Tyne
NE15 6TT
Registered office Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Auditor Kinnair Associates Limited
Chartered Accountants and Statutory Auditor
Aston House
Redburn Road
Tyne and Wear
NE5 1NB

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 35

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Objects and aims

The Trust is governed by its constitution and its main objectives are as follows:

1) To preserve for the benefit of the public generally and especially for the inhabitants of the county of Tyne and Wear, buildings (including artefacts and land) which are of especial historic or architectural or townscape interest.

2) The promotion for the benefit of the public of urban regeneration in areas of social and economic deprivation (and in particular in the county of Tyne and Wear) including by:

a) The provision of housing for those who are in conditions of need and improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing:

b) The maintenance, improvement or provision of public amenities;

c) The creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms.

3) The promotion of the effective use of resources for charitable purposes by charitable and non-charitable bodies for the benefit of the public by the provision of workspace, buildings and/or land for use on favourable terms.

Fundraising disclosure

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contract preferences of all public donors.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

The year has been dominated by the Gateshead Riverside Partnership where T+WBPT has worked in partnership with Gateshead Council, the National Trust, Newcastle University and Northumbria University. The initiative has been branded as the Tyne Derwent Way has led to two new members of staff being recruited to the Trust and a further two being hosted by the National Trust.

At the centre of this partnership is the long-term future of Dunston Staiths that is owned by the Trust. To enhance the profile of the Tyne Derwent Way the Trust has also entered into a 99 year lease of St Mary’s adjacent to the Glasshouse (formerly known as the Sage). This provides a link along the green corridor through the Riverside Park to the city centre and also creates an income stream from which to fund staff and community engagement. The year has also seen plans developed to transfer a car park to act as the visitor hub for the Staiths and support further activation.

Our phase 1 work in Hexham, Northumberland was completed through funding from the Heritage Action Zone. This has split the building back into two units 1 Cattlemarket and 2 Eastgate. The first building will hopefully become a Live Work Unit whilst we continue to work with the Hexham Community Led Housing group to create an affordable housing unit at 2 Eastgate.

The development of the Tyre Shop in Sunderland was paused during the year after the shell works had been completed. This was to allow the Council to examine a potential cultural use of the building and provided the Trust an opportunity to complete the financial appraisal of the building contract. This has since been settled and the Trust has been delighted with the outcome that supports the perseverance and dedication of our staff and professional team.

In Newcastle the focus of activity has been on developing a response to two key assets on the Heritage at Risk Register. Historic England and Newcastle City Council jointly funded a community engagement project to examine the future of Westgate Cemetery and St John’s cemetery in Elswick. At the same time the two organisations funded the project viability for Keelmen’s Hospital that enabled the Trust to procure a design team and develop plans for an affordable housing scheme for this Grade II* building.

At the end of the financial year the Trust began a Resilience project funded by the National Lottery Heritage Fund. This 15 month initiative will provide a focus on the Trust’s future Business Plan, clarify the future role as a membership organisation and update our communications including a new brand and web site. Trustees are keen to promote our work to a wider audience and continue our incredible work to rescue Heritage at Risk.

Financial review

The financial position for the year shows a deficit of £61,004 (2023 surplus of £24,028). The funds of the charitable company amount to £2,261,821 as at 31st March 2024 including restricted funds of £80,221. However as further described below, the unrestricted reserves include designated amounts totalling £2,197,960. The Trust carries forward free reserves of £62,393.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Policy

on

reserves

The Council of Management have reviewed the reserves of the Trust. This review encompassed the nature of the income and expenditure streams, the need to match variable income and fixed commitments and the nature of the reserves.

The Council of Management have identified that the unrestricted reserves need to be designated in respect of future projects and against various properties where they have identified the need to maintain these properties on an ongoing basis. The balance of unrestricted reserves forms the general unrestricted funds.

The Council of Management continue to make the following designations:

Unrestricted funds amounted to £2,181,600, and taking account of the above designated unrestricted funds, which total £2,197,960 the general unrestricted fund amounts to (£16,360). This amount less fixed assets of £1,247 and adding back long term loans of £80,000 equals £62,393 and represents the free reserves of the charity. The trustees considered it appropriate to hold between £100k - £200k in free reserves in a typical year. The free reserves are just outside of the targeted range set. The Trust has a loan facility attached to the investment portfolio and therefore, should cashflow require it, can draw down cash from the investment portfolio as required.

Properties

In April and May 2006 the three Leasehold Properties and the Buildings and Structures in the Course of Preservation were valued by Storey Sons and Parkers, who are regulated under RICS, on a market value basis assuming full vacant possession. A further revaluation was carried out in October 2012 by Lambert Smith Hampton. In September 2016 a valuation was performed by an external valuer on St Hilda's Pit Head in South Shields.

In October 2015 a valuation was carried out by Lambert Smith Hampton, who are regulated under RICS, on Buttress House and Blackfell Hauler House. In October 2016 a valuation was carried out by Lambert Smith Hampton, who are regulated under RICS, on Alderman Fenwick's House, Buttress House, Blackfell Hauler House and Old Low Light. Then during October 2022, Lambert Smith Hampton, who are regulated by RICS, updated the valuation for High Street West Sunderland, Old Low Lights, Buttress House, Black Hauler House, St Hilda's Pit Head and 1 Cattle Market based on an open market basis. During 2023, Lambert Smith Hampton, who are regulated by RICS, updated the valuation for Buttress House on an open market basis.

The trustees consider that this most recent valuation represents the market value of the Leasehold Properties and the Building and Structures in the Course of Preservation.

Principal funding sources

The principal sources of funding are grants and rental income.

Plans for future periods

Plans for future periods is covered within achievements and performance section of the trustees report.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The charity is a company limited by guarantee and its governing document is its Memorandum and Articles of Association, last amended on 30th January 2023. It is incorporated in England and Wales - number 01444058 and is also a registered charity - number 509133.

The members of the Council hold no shares in the company but each member is guarantor of the company to an amount not exceeding £1 in the event of the company winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

E L Mayes

K J Wilson A D Mitchell A M Wyatt A M Watson G Underwood S Dyer M Murphy K Sussams I M Burns M R Thompson N A Hamza S Alexander M Bozic B L Clelland (Resigned 22 January 2024) M Firth

The governing body of the Trust is a Council of Management which meets on a quarterly basis to decide overall financial and policy matters. The day to day issues are handled by the Trust Manager in consultation with the Chairman, Vice Chairman and Hon. Treasurer. Where more urgent matters require further and ongoing attention, then the Council of Management appoint a small working group of three to four members who take on board the matter and report back their findings.

New members of the Council of Management are elected by the established Council of Management or by the members of the Trust in General Meetings.

The Council of Management maintain a well mixed skill base of expertise and ensure that members resign, suitable candidates are sought.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Key Management Personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis. The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration.

Most members are already familiar with the practical work and objectives of the charity bringing their own relevant and unique skills.

Members are actively encouraged to attend the regular Council of Management meetings to ensure that they are always up to date with the latest activities of the Trust.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the company will be put at a General Meeting.

Public benefit

The properties preserved by the trust with the regime of Tyne and Wear are for the benefit of the public generally. These preserves properties continue to provide the public with an insight into the specific historic, architectural or townscape interests that could otherwise be lost from the region. It is for these reasons that the trustees consider the charity provide a public benefit.

Risk management

The council of Management have assessed the major risks of which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate the exposure to the risks.

Statement of trustees' responsibilities

The trustees, who are also the directors of Tyne and Wear Building Preservation Trust Limited for the purpose of company law, are responsible for preparing the Trustees' 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the companies act 2006.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..............................Shona Alexander 20 Dec 2024 09:11:45 GMT (UTC +0)

S Alexander

Trustee

Date: ............................................. 20/12/2024

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

Opinion

We have audited the financial statements of Tyne and Wear Building Preservation Trust Limited (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: -

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Companies Act 2006, Charities Act 2011 et seq., and Charity Commission regulation.

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

• making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we: -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Detlev Anderson 20 Dec 2024 11:59:32 GMT (UTC +0)

Detlev Anderson FCA (Senior Statutory Auditor) For and on behalf of Kinnair Associates Limited Chartered Accountants Statutory Auditor

20/12/2024 .........................

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and
legacies
3
9,461
268,566
Charitable activities
4
119,479
-
Investments
5
32,023
-
Other income
6
55,175
-
Total income
216,138
268,566
Expenditure on:
Charitable activities
7
264,971
321,640
Net gains/(losses) on
investments
13
40,903
-
Net (outgoing)/incoming
resources before
transfers
(7,930)
(53,074)
Gross transfers
between funds
(32,552)
32,552
Net movement in funds
(40,482)
(20,522)
Fund balances at 1 April
2023
2,222,082
100,743
Fund balances at 31
March 2024
2,181,600
80,221		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
278,027
1,872
606,632
119,479
132,602
-
32,023
28,192
-
55,175
325
-
484,704
162,991
606,632
586,611
169,417
675,173
40,903
98,995
-
(61,004)
92,569
(68,541)
-
(13,017)
13,017
(61,004)
79,552
(55,524)
2,322,825
2,142,530
156,267
2,261,821
2,222,082
100,743		 Total
2023
£
608,504
132,602
28,192
325
Donations and
legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Net gains/(losses) on
investments
13
Net (outgoing)/incoming
resources before
transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1 April
2023
Fund balances at 31
March 2024
769,623
844,590
98,995
24,028
-
24,028
2,298,797
2,322,825

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 1,247 2,343
Heritage assets 16 1,307,000 1,307,000
Investments 17 854,960 809,104
2,163,207 2,118,447
Current assets
Debtors 18 124,242 194,262
Investments 19 120,000 120,000
Cash at bank and in hand 89,089 95,034
333,331 409,296
Creditors: amounts falling due within
one year 21 (154,717) (104,918)
Net current assets 178,614 304,378
Total assets less current liabilities 2,341,821 2,422,825
Creditors: amounts falling due after
more than one year 22 (80,000) (100,000)
Net assets 2,261,821 2,322,825
Income funds
Restricted funds 24 80,221 100,743
Unrestricted funds
Designated funds 25 2,197,960 2,202,104
General unrestricted funds (16,360) 19,978
2,181,600 2,222,082
2,261,821 2,322,825

The financial statements were approved by the Trustees on .........................20/12/2024

..............................Shona Alexander 20 Dec 2024 09:11:45 GMT (UTC +0) S Alexander Trustee

Company registration number 01444058

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
29
Investing activities
Impairment of heritage assets
108,030
Purchase of heritage assets
(108,030)
Purchase of investments
(4,953)
Investment income received
32,023
Net cash generated from/(used in)
investing activities
Financing activities
(Repayment of) / New loans drawn
(20,000)
Net cash (used in)/generated from
financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
£
(13,015)
203,898
-
(407,664)
-
28,192
27,070
(379,472)
120,000
(20,000)
120,000
(5,945)
(55,574)
95,034
150,608
89,089
95,034

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Tyne and Wear Building Preservation Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS. Each of the Trustees are liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The principal place of business is: John Marley Lodge, John Marley Centre, Muscott Grove, Newcastle Upon Tyne, NE15 6TT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations

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

Legacies

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Grants

Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Income deferred and released to incoming resources in the future period for which it has been received.

Investment income

Investment income is recognised on a receivable basis.

Charitable activities

Incoming resources from charitable activities includes income received under contract for those properties of the Trust which are normally let. The income includes both rent and the recharge of service charges incurred for the running of the let property.

Rent received is recognised in the SOFA when the charity is legally entitled to the income is considered appropriate to be classified as incoming resources from charitable activities rather than investment income.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs have been allocated to activity costs categorised on a basis consistent with the time spent by the employees on each activity and on those activities necessary to properly govern the charity. Governance costs are included within support costs and are those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The trustees do not have a set de-minimis below which expenditure of capital nature are not capitalised. All such expenditure is reviewed and capitalised where necessary.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment 15% straight line

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Fixed assets - Preservation Schemes - Restricted Funds

The trust, a company limited by guarantee, having as its primary charitable purpose the preservation of historical buildings (including artefacts and land) holds such assets and incurs necessary expenditure on them, often financed by grants that can only be used for such expenditure.

The Trustees consider that the following policies are required to satisfy their obligations under Company and Charitable Law.

1.7 Heritage assets

The charity holds heritage assets, which are tangible fixed assets of historical, artistic, scientific, technological, geophysical or environmental importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.

Properties purchased using grants are shown as unrestricted assets and their NBV designated, as the conditions of the grant were satisfied upon the purchase of the property.

Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost of value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees' stewardship of the assets.

The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.

Impairment of fixed assets and heritage assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

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

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Fnance 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 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

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

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

Heritage Asset Valuations. The assets valuations are considered annually in accordance with the requirements under FRS102 and any change in the value of the assets are reflected within the financial statements.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations
9,461
-
Grants
-
268,566
9,461
268,566		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
9,461
1,872
-
268,566
-
606,632
278,027
1,872
606,632		 Total
2023
£
1,872
606,632
608,504

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Unrestricted
Unrestricted
funds
funds
General General
2024 2023
£ £
Income from charitable activities 119,479 132,602
Income from charitable activities
Miscellaneous Income 15,841 10,550
Old Low Light 13,293 12,216
Buttress House 61,103 83,895
High Street West 21,103 18,026
Blackfell Hauler House - 5,000
St Hilda's 3,750 2,917
High Street West - Tyre Shop 4,387 -
119,479 132,602

5 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 32,023 28,192

6 Other income

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Other income 55,175 325
Other income is an insurance claim for damage incurred.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Charitable activities

Charitable
Expenditure
General
Charitable
Expenditure
Restricted
2024
2024
£
£
Rental Properties
Running Costs
116,220
-
HDT Base
-
15,374
Scheduled Monuments
-
27,774
St Hilda's
-
-
Feasibility Studies
-
68,687
High Street West
-
7,885
High Street West - Tyre
Shop
-
88,719
Cattle Market
-
46,455
Gateshead Riverside
-
66,746
116,220
321,640
Share of support costs
(see note 8)
114,589
-
Share of governance
costs (see note 8)
34,162
-
264,971
321,640
Analysis by fund
Unrestricted funds
264,971
-
Restricted funds
-
321,640
264,971
321,640		 Total
2024
Charitable
Expenditure
General
Charitable
Expenditure
Restricted
2023
2023
£
£
£
116,220
53,247
-
15,374
-
47,500
27,774
-
17,943
-
-
19,540
68,687
-
65,361
7,885
-
33,525
88,719
-
361,315
46,455
-
129,989
66,746
222
-
437,860
53,469
675,173
114,589
78,937
-
34,162
37,011
-
586,611
169,417
675,173
264,971
169,417
-
321,640
-
675,173
586,611
169,417
675,173		 Total
2023
£
53,247
47,500
17,943
19,540
65,361
33,525
361,315
129,989
222
728,642
78,937
37,011
844,590
169,417
675,173
844,590

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs

Staff costs
Depreciation
Lease of copier
Communication and IT
Finance costs
Rates and water
Insurance
Other office costs
Other motor/travel costs
Repairs and
maintenance
Audit fees
Accountancy
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
96,117
-
986
110
799
89
1,464
163
261
29
981
-
2,246
250
5,687
632
3,859
-
2,189
243
-
4,890
-
17,210
-
10,546
114,589
34,162
114,589
34,162		 2024
£
96,117
1,096
888
1,627
290
981
2,496
6,319
3,859
2,432
4,890
17,210
10,546
148,751
148,751		 Support
costs
Governance
costs
£
£
56,095
-
1,001
111
968
108
1,240
138
272
30
1,096
-
1,664
185
10,303
1,144
4,210
-
2,088
232
-
4,500
-
21,466
-
9,097
78,937
37,011
78,937
37,011		 2023
£
56,095
1,112
1,076
1,378
302
1,096
1,849
11,447
4,210
2,320
4,500
21,466
9,097
115,948
115,948

The charity allocates costs direct to activities as far as possible, then identifies the remaining costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the key charitable activities undertaken in the year. The basis for apportionment and the analysis of support and governance costs is set out as follows:

Direct to governance: Accountancy fees, Audit, Legal and Trustee liability insurance. 10% of costs allocated as governance: Telephone, Finance costs, Depreciation, Lease costs, and other office costs. Direct to charitable activities: Salaries and pensions and all other support costs.

9 Net movement in funds 2024 2023
£ £
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements 4,890 4,500
Depreciation of owned tangible fixed assets 1,096 1,112
Operating lease charges 888 1,076

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10 Auditor's remuneration

Fees payable to the charity's auditor and associates: 2024 2023
£ £
Audit of the charity's annual accounts 4,890 4,500

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Staff employed by the Trust
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
4
2024
£
145,500
15,546
9,664
170,710		 2023
Number
3
2023
£
101,534
5,777
7,107
114,418

The total employee benefits of key management personnel of the charity were £80,950 (2022 - £77,773).

There were no employees whose annual remuneration was more than £60,000.

13 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Revaluation of investments 40,903 98,995

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Tangible fixed assets
Furniture and equipment
£
Cost
At 1 April 2023 26,777
At 31 March 2024 26,777
Depreciation and impairment
At 1 April 2023 24,434
Depreciation charged in the year 1,096
At 31 March 2024 25,530
Carrying amount
At 31 March 2024 1,247
At 31 March 2023 2,343

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Heritage assets

£

Cost 3,042,645 Purchases 108,030 Depreciation (1,735,645) Impairments (108,030) Net book value 1,307,000

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Heritage assets

(Continued)

The properties that are considered to be heritage assts as follows:

Buttress House is offices, associated with the former Brenkley Colliery at Seaton Burn, North Tyneside. The property is fully let.

The Old Low Light is a Grade II listed Building situated within the Clifford's Fort Scheduled Ancient Monument on the North Shields Fish Quay. The building was originally used to house a navigation light and in later years was used as an alms houses and then as a fish processing plant. The property is fully let.

Dunston Staiths are a scheduled Ancient Monument and Grade II listed building. They were constructed in the late 19th Century and were used to load coal onto seagoing colliers on the river Tyne at Dunston, Gateshead. They are included in the financial statements at £Nil value, as the only current income is a nominal sum for the Dunston Staiths substation.

Whinfield Coke Ovens at Rowlands Gill, Gateshead and the Bottle Kilns at Corbridge are both Scheduled Ancient Monuments. Both these properties are included at cost; a valuation has not been attempted as significant costs would be incurred in obtaining a valuation which would be considered to be onerous when compared to the additional benefit achieved.

St Hilda's Pit Head is a Grade II listed building in South Shields. The restoration of St Hilda's Pit Head was funded and undertaken with the full understanding that there was a large conservation deficit. The property is let.

In October 2016 Lambert Smith Hampton, who are regulated by RICS, valued Blackfell Hauler House, Alderman Fenwick's House, Old Low Lights and Buttress House based on an open market basis.

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Heritage assets

(Continued)

On 6th February 2018, the buildings at 170-175 High Street West, Sunderland, were transferred to the trust from The Council of Sunderland for the nominal amount of £1. 170-175 High St West Sunderland are a terrace of three traditional houses that were converted on the ground floor for commercial use soon after they were built. Given the condition of the properties on transfer, the work initially incurred was being expensed until the structure was made stable. Subsequently in the 2020/21 year, works commenced with the view of bringing the properties back into use. The restoration of High Street West was funded and undertaken with the full understanding that there was a large conservation deficit.

A conservation deficit is a situation which applies to historic buildings where the cost of converting them to a new use is greater than the value they would have on completion of the works. The conservation deficit is the amount that there is the difference. It needs to be covered by some form of injection of funding in order for the development to be viable.

All these Heritage Assets, with the exception of Dunston Staiths have been the subject of Preservation Schemes and are either generating rental income or recovery of costs. Where possible, access to the buildings for the public is made available.

In October 2022 Lambert Smith Hampton, who are regulated by RCIS, valued High Street West Sunderland, Old Low Lights, Buttress House and 1 Cattle Market based on an open market basis.

In October 2023 Lambert Smith Hampton, who are regulated by RCIS, valued Buttress House based on an open market basis.

Summary of Transactions

Summary of Transactions
2024 2023 2022 2021
Purchases & Additions
Buildings 108,030 407,664 186,970 625,354
Revaluations - 170,000 (31,970) -
Charge for Impairment
Buildings 108,030 407,664 (10,000) 465,847
Disposals
Buildings - - - (969,507)

There were no movements in 2020

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Valuation changes
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Investments at fair value comprise:
Cash
UK bonds
Non UK bonds
Non UK fixed interest
UK equities
Non UK equities
Alternative investments		 Listed
investments
£
809,104
4,953
40,903
854,960
854,960
809,104
2024
2023
£
£
23,680
-
131,193
-
33,224
-
86,588
-
255,793
-
360,316
-
84,166
929,104
974,960
929,104		 Listed
investments
£
809,104
4,953
40,903
854,960
854,960
809,104
2024
2023
£
£
23,680
-
131,193
-
33,224
-
86,588
-
255,793
-
360,316
-
84,166
929,104
974,960
929,104
854,960
854,960
809,104
2023
£
-
-
-
-
-
-
929,104
929,104

The listed investment portfolio is held by Rathbones Investment Management.

The Trustees hold £120,000 of the fixed asset investment as a current asset (Note 19).

18 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
64,908
9,272
50,062
124,242		 2023
£
13,909
22,114
158,239
194,262

Trade debtors includes a provision of £22,672 (2023: £10,180).

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Current asset investments

Current asset investments
2024 2023
£ £
Unlisted investments 120,000 120,000

The Trustees hold £120,000 of the fixed asset investment as a current asset on the basis that as projects are undertaken, with funding received in arrears, there may be occasions where the working capital requires temporary support until the funding is subsequently received and banked. The current asset investments are used to offset any drawdown of funds from the Rathbone Portfolio and other loans from funders.

20 Loans and overdrafts

Loans and overdrafts
Loans
Payable within one year
Payable after one year		 2024
£
100,000
20,000
80,000		 2023
£
120,000
20,000
100,000

The loan provided by the Heritage Lottery has a value of £100,000 (2023: £120,000), at an interest rate of 0%. The loan period is 5 years with the final repayment being made on 1 June 2027.

21 Creditors: amounts falling due within one year

Notes
Bank loans
20
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Heritage Lottery Loan
20		 2024
£
20,000
4,618
21,425
19,326
89,348
154,717
2024
£
80,000		 2023
£
20,000
2,531
21,405
19,400
41,582
104,918
2023
£
100,000

22 Creditors: amounts falling due after more than one year

23 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £9,664 (2023 - £7,107).

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TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2022
r
£
St Hilda (Stage 2)
30,000
Cattle market
19,540
HDT Base
-
Scheduled Monuments
44,454
Feasibility Studies
35,919
High Street West
5,726
High Street West - Tyre Shop
20,628
Gateshead Riverside
-
156,267		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
-
-
(19,540)
91,868
(129,989)
25,000
(47,500)
9,333
(17,943)
77,286
(65,361)
33,603
(33,525)
369,542
(361,315)
606,632
(675,173)		 Transfers
Balance at
1 April 2023
r
£
£
-
30,000
-
(6,050)
32,071
2,900
(19,054)
27,309
-
17,651
-
20,706
-
8,227
-
-
13,017
100,743		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
-
30,256
(46,455)
20,370
(15,374)
-
(27,774)
86,566
(68,687)
-
(7,885)
27,833
(88,719)
103,541
(66,746)
268,566
(321,640)		 Transfers
Balance at
31 March 2024
£
£
(30,000)
-
22,249
-
-
7,896
465
-
-
35,530
(12,821)
-
52,659
-
-
36,795
32,552
80,221		 Transfers
Balance at
31 March 2024
£
£
(30,000)
-
22,249
-
-
7,896
465
-
-
35,530
(12,821)
-
52,659
-
-
36,795
32,552
80,221
80,221

For restricted funds where expenditure exceeded income, an unrestricted to restricted fund transfer has been made to return the fund to £nil.

Restricted to unrestricted fund transfer for St Hilda and High Street West represent the conclusion of the projects and the Trust recognising its project management fee, transferring all surplus restricted funds to close down the project in accordance with the donors' agreement.

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 33/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2022
£
Investments
880,109
Buttress House
500,000
Cattle Market
250,000
Old Low Light Development Fund
140,000
High Street West
100,000
St Hilda's
95,000
Blackfell Hauler House
50,000
Property Acquisition Fund
-
Dunston Staiths Maintenance Fund
30,000
Scheduled Monuments Maintenance Fund and other
8,000
2,053,109		 Transfers Revaluations,
gains and
losses
Balance at
1 April 2023
£
£
£
-
(71,005)
809,104
-
170,000
670,000
-
-
250,000
-
-
140,000
-
-
100,000
-
-
95,000
-
-
50,000
50,000
-
50,000
-
-
30,000
-
-
8,000
50,000
98,995
2,202,104		 Movement in funds
Incoming
resources
Transfers Revaluations,
gains and
losses
31
£
£
£
4,953
-
40,903
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(50,000)
-
-
-
-
-
-
-
4,953
(50,000)
40,903		 Balance at
March 2024
£
854,960
670,000
250,000
140,000
100,000
95,000
50,000
-
30,000
8,000
2,197,960

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 34/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Designated funds

(Continued)

The movement on the general unrestricted funds can be seen in detail on the face of the SoFA and summarised as follows, after removing movements relating to designated funds. The opening balance brought forward £19,978, with income added of £211,185, expenditure incurred of £264,971 and net transfers to unrestricted funds (before those relating to designated and restricted funds) of £17,448, gives rise to closing general unrestricted funds of (£16,360).

The specific purpose for which the funds are to be applied are as follows:

Revaluation reserve - The amount of uplift in the value of Blackfell Hauler to its net book value of £50,000.

Old Low Light Development Fund - The trustees have provided a designation to reflect the value of the Old Low Light Property which is subject to a contingent grant repayment (as detailed in note 28) period to the year 2025. After this contingent period has elapsed the trustees intend to release the designation.

Buttress House, High Street West and St Hilda's - Funds have been designated in respect of the net book value of the Heritage Assets on the basis that these assets are not readily expendable and therefore are excluded from free reserves.

St Hilda's - The trustees have provided a designation to reflect the value of the St Hilda's Pit Head which is subject to a contingent grant repayment period (as detailed in Note 28). After this contingent period has elapsed the trustees intend to release the designation.

Scheduled Monuments includng Dunston Staiths - The fund concerns the maintenance of Corbridge Bottle Kilns, Whinfield Coke Ovens and Blackfell Hauler House. The trustees have designated £6,000 to reflect this designation. Dunston Staiths annual maintenance fund is £30,000

Feasibility Studies - These include Options Appraisals and Project Development on buildings in which we do not have a legal interest. The Trust is researching the capability of these buildings becoming a viable project.

High Street West - The trustees have provided a designation to reflect the value of 170-175 High Street West, Sunderland which is subject to a contingent grant repayment period (as detailed in Note 28). After this contingent period has elapsed the trustees intend to release the designation.

HDT Base - The Trust is one of seven pilot heritage development trusts in England and is receiving a grant, over a three year period, through the Architectural Heritage Fund to expand its activities and become a more sustainable organisation.

Property Acquisition Fund - The trustees have designated £50,000 in regards to potential acquisition of new properties by the charity.

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 35/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

26 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund balances at 31 March 2024 are represented
by:
Tangible assets
1,247
-
-
Heritage assets
-
1,307,000
-
Investments
-
854,960
-
Current assets/(liabilities)
62,393
36,000
80,221
Long term liabilities
(80,000)
-
-
(16,360)
2,197,960
80,221		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2024
2023
2023
2023
£
£
£
£
1,247
2,343
-
-
1,307,000
-
1,307,000
-
854,960
-
809,104
-
178,614
117,635
86,000
100,743
(80,000)
(100,000)
-
-
2,261,821
19,978
2,202,104
100,743		 Total
2023
£
2,343
1,307,000
809,104
304,378
(100,000)
2,322,825

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 36/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

27 Financial commitments, guarantees and contingent liabilities

The Old Low Light restricted income received during its restorations, created by receipts of monies from North Tyneside Council totalling £297,742, was spent as part of the refurbishment on the Old Low Light property. The restricted income was given with a twelve year clawback clause. The clawback is subject to a clause which is only enacted if the property is disposed of at greater than the Conservation Deficit Scheme value (detailed on the grant claim form) and would require repayment of a portion of £297,742, up to the full amount dependent upon sale price at disposal. The trustees have considered this and whilst they do not intend to dispose of the property, once this twelve year period has elapsed in 2025, or if the property was disposed at a lower value, the contingent liability would cease.

A grant was received from Historic England for works at the Bottle Kilns in which, as part of the grant, the Trust agreed to enter into a 10 year maintenance agreement. The maintenance works involved in the agreement are in line with the charitable activities of the Trust. However, should works not be completed and reported to the grant provider within the time scales included within the agreement, then the grant may be repayable by the grant provider.

Of the High Street West Restricted income received during its restorations, an amount of £350,000 of the monies received is repayable within three years of the final payment being received (expected in November 2021) should the property be disposed. The clawback is subject to a clause which is only enacted if the property is disposed of at greater than the Conservation Deficit Scheme value (detailed on the grant claim form) and would require repayment of a proportion of £350,000, up to the full amount dependent upon sale price at disposal. The trustees have considered this and whilst they do intend to dispose of the property, once this three year period has elapsed in 2024, or if the property was disposed at a lower value, the contingent liability would cease.

The St Hilda's restricted income received during its restorations, created by receipt of funding from The Heritage Lottery, was given a ten year clawback agreed within the funding agreement. The clawback is subject to a clause which is only enacted if the property is disposed of at greater than the Conservation Deficit Scheme value (detailed on the grant claim form) and would require repayment of a proportion of the grant, up to the full amount dependent upon sale at disposal. The trustees have considered this and whilst they do intend to dispose of the property, once this ten year period has elapsed in 2028, or if the property was disposed of at a lower value, the contingent liability would cease. A charge is held over the property at Heritage Lottery.

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 37/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

28 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Azets

Simon Brown, the Honorary Treasurer of the Trust is a partner with Azets. During the year Azets provided accountancy and administrative services for fees of £17,128 (2023: £18,688). At the balance sheet date the amount due to/from Azets was £Nil (2023: £Nil).

Trustees

During the year the Trust paid for Indemnity insurance on behalf of the Trustees of an amount of £922 (2023 - £922).

At balance sheet date the amount due to/from Trustees was £Nil (2023 - £Nil).

VirtualSignature Transaction Ref. NCPK-DR4K-G5QQ 20 Dec 2024 11:59:35 GMT (UTC +0) D 2/2 P 38/38

TYNE AND WEAR BUILDING PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

29 Cash generated from operations 2024 2023
£ £
(Deficit)/surpus for the year (61,004) 24,028
Adjustments for:
Investment income recognised in statement of financial activities (32,023) (28,192)
Fair value gains and losses on investments (40,903) (98,995)
Depreciation and impairment of tangible fixed assets 1,096 1,112
Movements in working capital:
Decrease/(increase) in debtors 70,020 (141,899)
Increase in creditors 49,799 40,180
(Decrease)/increase in deferred income - 407,664
Cash (absorbed by)/generated from operations (13,015) 203,898
30 Analysis of changes in net (debt)/funds
At 1 April 2023 Cash flowsAt 31 March 2024
£ £ £
Cash at bank and in hand 95,034 (5,945) 89,089
Loans falling due within one year (20,000) - (20,000)
Loans falling due after more than one year (100,000) 20,000 (80,000)
(24,966) 14,055 (10,911)