Company registrdtlon number: 2319737 Charity registration number: 800904 Somerset Building Preservation Trust (A company Ilmited by guarantee) Annual Report and Financial Statements for the Year Ended 30 June 2024 WESTCOTTS CHARTERED AC¢OIINTANTS & BUSINESS ADVISERS
Somerset Building Praservation Trust Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examinerfs Report ststement of Financial Activrties Balance Sheet 7t08 Notes to the Financial Statements 9t017
Somerset Building Preservation Trust Reference and Administrative Details Chaimian Mr P Stow Trustees Councillor M Lovell Mrs A Manders Mr A Duckworth Mr N Jones Mr P Stow Mr R M Slokes Mr D G H Gordon Councillor A Grimes Dr J Prideaux Mr G Venn Mr J Holyday Mr P Richold Counclllor T Kerfey Mrs J Boyd-Brent Secretary Charlty Registration Number 800904 Company Reglstratlon Number 2319737 The chaiity is incorporated in England and Wales. 10 St Medard Road Wedmore Somerset BS28 4AY Registered Office Independent Examiner Westcotts 7 Castle Street Bridgwater Somerset TA6 3DT Page 1
Somerset Building Preservation Trust Trustees. Report The trustees. who are directors for the purposes of company law. present the annual report together with the financial statements of the charitable company for the year ended 30 June 2024. Objectives and activities Objects and aims The objects of the trust are the preseNation of buildings of archit8Ctural and historic intèrest in Somerset that would otheise be lost through dilapidation and neglect. The trust has continued to deliver public benefit with its involvement in the 9 Fore Street, Chard project. Public benefit The trustees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charity Commisslon for England and Wales. Achievements and perfomian¢e A review of the activities and achievements of the trust in the year is disclosed in the Chairman's statement below. Chainnan's Statement The financial year commenced under the Chaimianship of Russell Lillford ( Co founder of the Trust in 1988) with Patrick Stow as nominated Vice Chairman. The Trust continued to be under the guidance and expertise of the Company Secretary, Jane Boyd Brent. These first few weeks of the financial year were difficult for all parties as by then Russell was in very poor health and subsequently passed away in early August. His funeral was really very well attended and he was a true pillar of the Conservation community, now very sadly missed. The Trust's sole project, No 9 Fore Straet Chard at this time had entered a difficult stage of trying to obtain grant aid to enable first ald repairs and gain an understanding of the buSlding whilst simultan80usly compiling a Viability Appraisal prepared by Carrie Blogg totally funded by the Architectural Heritage Fund with a deadline for submlssion being end February 2024. Considerable amounts of voluntary work were provided by members of the Trust Board and the hjo newest Truste8s Greg Venn and Paul Richold brought vital specialist expertise and knowledge of the building to the fore for this report stage. The Viability Report was effectively expanded by the introduction of Thread Architects to undertake a building analysis which led into the applications for multiple Historic England High Street Heritage Action Zone grant aid which initially required 300/0 match funding. In the event the Trust was able to complete five significant small projects to better understand the building, provide building envelope repairs to make it watertight coupled with Project Management fees nearly 811 of which became fully funded. the total grants baing some £15k for the AHF Reports and £65k for the Building aspects and £3k from Chard Town Council grant for the Business Valuation all which the Trust is immensely grateful to have received. This work was all completed by March 2024 as required. The outcome of the findings as above plus a number of well informed visitor inspections coupSed with further discussions with Historic England through the year established the need to further explore a possible partnership arrangement with the Landmark Trust in respect of use of the whole or part of the building. This discussion continues but has had to be advanced by a further detailed study. Page 2
Somerset Building Preservation Trust Trustees. Report The Architectural Heritage Fund selected No g Fore Street as a suitable project, nationally, to offer the possibility of providing a Project Development Grant to tske a selected option to preliminary design stage RIBA 2. The deadline for this project submission is March 2025. The need to get competitive quotes for an Architect led team of consultants to meet this brief within a total ring fenced budget of £82.5k plus VAT proved to awaken considerable national interest. In early Spring 2024 the Trust appointed Trevor Humphreys as an independent Project Manager to oversee the contract administration for this important phase of funded work, with our Secretary Jane being placed in the position of Project Co-ordinator. Qver 55 expressions of interest where received for the Tender Documents resulting in ten submitted bids all of high quality each firm having visited site first with individual guided tours required. The short list of three candidates were subject to interview by a panel of five people from the client side and we were treated to impressive performances. The finally selected firm Thread Architects has now commenced work and visits with the various sub consultant are being planned. ConGurrently 2023 formed a year for the William Stansell Historic Building Award scheme which required site visits of some 14 entrants. 450 miles covered in three days followed by the Judges assessment and a final Awards Ceremony at the Somerset Rural Life Museum for the invited guests in September 2023. This highly prestigious scheme is sponsored entirely by the family trust in connection with Stansells of Taunton and this is a very significant contribution from Tauntfield Ltd which is much appreciated. A special occasional category of award was created in honour of the late chaimian being The Russell Lillford Award for Outstanding Historical Research which was award to the Tonedale, Wellington Project Team. The AGM in October 2023 held in the Guildhall In Chard was well attended and at that meeting Patrick Stow was elected as Chalrman of the Trust. The increase in workload for our Secretary who also has the task of running actlvities for the subscribing members arranged a tour of Weycroft Hall, Near Axmlnster in hlay 2024 which was very well attended and enjoyed by some 40 people. Other activities have included guided visits around 9 Fore Street to other professionals and conseNation experts including SPAB and SAHNS. The additional aspect of the No 9 Project Co-ordinator role showed how stretched the day a week Secretary role had become and in parallel to all the above discussions and applications were made to Historic England for a Building Capacity Grant which eventually culminated in a grant of £25k for the year ending March 2025. A substantial amount of this grant will actually be swallowed up in the match funding required to service the AHF Project Development Grant. Also Taunffield Ltd fallow year grant of £3k The family of the late RLJssell Lillford have been most supportive of the Trust and after probate was granted the Trust reGeived a legacy payment of £10k for lch the Trust is immensely grateful. In addition to all the activities listed above, the Trust has been contacted on numerous occasions for advice and guidance to other similar bodies extending to an invitation to partake in another interesting but difficult project. Currently the SBPT is in discussion with Somerset Council in this respect and it is likely that other building prajects will surface for our attention. The changes and expansion of workload has not only created additional dernands on staff and volunteers but also highlighted the need to review our adviser base and in this respect wa have changed fimi of Accountants to Westcotts now as the previous fimi Chalmbers HB had wished to wilhdraw due to retirerrent. Furthermore, there is now a need to investigate the Gurrent model of the Trust and establish how best a refocussed approach to property conservation and possible ownership issue might be run on a rnor8 commercial basis. This exploration is ongoing. Page 3
Somerset Building Preservation Trust Trustees. Report In summary the Trust is vibrant, progressive Ouard looking and dynamic which has been reflected in the astonishing amount of support received from exlemal sources and it is imperative that this momentum be continued even in the face of adversty. financial hardships and challenges. The Trust has proved with its impressive track record to date that these objectives can be met. it is just a question of will and when. Financial review The results for the year and the charivs financial position at the end of the year are shown in the attached financial statements. Policy on reserves The trustees seek to maintain reserves at a level that will enable the operational activities of the Trust to continue for the foreseeable future. Structure, governance and management Nature of govemlng document The organisation is a charitsble company limited by guarantee. incorporated on 21 November 1988. The company is governed by the Memorandum and Articles of Association which established the objects and powers of the charitable company. The trust is registered as a Charity with the Charity Commission. The trustees, who are elected under the temis of the Articles of Association. determine the gene1 policy of the Company and all major management matters. Recrultment and appolntment of trustees The Board of Trustees keeps the skill requirement for the Trustee Body under review 2nd the induction process for any newly appointed trustee comprises an initial meeting with the Chair and Board of Trustees. New trustees are given the relevant documentation conceming the Trust to enable them to fulfil their role as a trustee. Small companies provision statement This report has been prepared in aG¢Ordan with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 15 October 2024 and signed on its behalf by.. Mrs J Boyd-Brent Company secretary Page 4
Somerset Buildlng Preservation Trust Independent Examiner's Report to the trustees of Somerset Building PrpsprvAtinn Trii.st ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responslbilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies AGt 2006 {'the 2006 Act,). Having satisfied myself that the ac(x)unts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Aci.). 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 matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Somerset Building Preservation Trust as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the ststement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts In accordance with the Financial Raportlng Stsndard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems 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 acGounts to be reached. Tara Bell CTA ATT (fellow) 7 Castle Street Bridgwater Somerset TA6 3DT 15 October 2024 Page 5
Somerset Building Preservation Trust Statement of Financial Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and grants Investment income Other inGome 19,025 1.871 2.486 79.296 98.321 1.871 2,486 800 2,480 2,060 Total income 23,382 79,296 102,678 5,340 Expenditure on: Raising funds Charitable activities {23,238) {10.240) {23,238) (77,836) {17,972) 6,949) (67.596) Total expenditure Gainsl{losses) on investment assets {33.478) {67,596) (101,074) (24.921) 991 991 (1.728) Net {expenditure)lincome Net movement in funds (9,105) 11,700 2,595 (21,309) (9,105) 11,700 2,595 {21.309) Reconciliation of funds Totsl fvnds brought forward 84,683 3,075 67,758 89,067 Total funds carried fonNard 14 55,578 14,775 70,353 67,758 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14. The notes on pages 9 to 17 fomi an integral part of these financial statements. Page 6
Somerset Building Preservation Trust (Registration number: 2319737) Balance Sheet as at 30 June 2024 2024 2023 Note Fixed assets Intangible assets Investments 10 16.306 16,343 32,649 17,015 30.352 47.367 Current assets Debtors Cash at bank and in hand 12 222 39.539 322 23.557 39.761 23.879 Creditors: Amounts falling due within one year Net current assets 13 (2.057) (3.488) 37.704 20,391 Net assets 70.353 67,758 Funds of the charity: Restricted income funds Restrtcted funds 14.775 3,075 Unrestricted income funds Unrestricted Funds 55.578 64,683 Total funds 14 70.353 67.758 For the financial year ending 30 June 2024 tha charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the Gharity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance vAth the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
Somerset Building Preservation Trust (Registration number: 2319737) Balance Sheet as at 30 June 2024 The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on 15 October 2024 and signed on their behalf by: Mrs A Manders Trustee Mr P Slow Chairman and trustee The notes on pages 9 to 17 form an integral part of these financial ststements. Page 8
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is: 10 St Medard Road Wedmore Somerset BS28 4AY These financial slatements were authorised for issue by the trustees on 15 October 2024. 2 Accounting policies Statement ol compliance The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice {applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued In October 2019) - (Charities SORP {FRS 102)), the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlon Somerset Building Preservation Trust meets the definttion of a public benefit entity under FRS 102. Assets and liabilities are initially recconised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the chaiivs ability to continue as a going concem nor any signifiGant areas of uncertainty that affect the Garrying value of assets held by the charity. Page 9
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Income and endowments All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. It is probable that the economic benefits associated with the transaction will f]ow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: InGome from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. LegaGy income is recognised when receipt is probable and entitlement is established. Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are reGognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Incorne from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it lo be spent on a particular purpose and returned rf unspent, in which case it may be regarded as restricted. Investment income Dividends are recognised once the dividend has been declared and notification has been recesved of the dividend due. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities. and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a chartty in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs relating to the governance of the charty apporlioned to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the Gharity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Intangible assets Intsngible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from Gontractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Page 10
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Amortlsation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows.. Asset class Leases Amortisation method and rate amortised over the length of the lease Pensions and other post retirement obligations Contributions to defined contribution plans are recognised as an expense in the period in which the related serviGe is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render Ihe related servi, the liability is measured on a dIOUnted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Flnancial instruments Classification Financial assets and financial liabilitles are recognlsed when the charity becomes a paty to the contractual provislons of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 3 Income from donations and legacies Unrestricted funds General Restricted funds Total 2024 Donations and legacies. Donations and grants Legacies 9,025 10,000 79.296 88.321 10.000 19,025 79,296 98,321 Unrestricted funds General Total 2023 Donations and legacies,. Donations and grants 800 800 800 Page 11
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 4 Investment Income Unrestrlcted funds General Total 2024 Interest receivable and similar income" Interest reGeivable on bank deposits Other investment income 414 1,457 1.871 414 1.457 1.871 Unrestricted funds General Total 2023 Interest receivable and similar income: Interest receivable on bank deposits Other Investment income 666 1,814 2,480 666 1,814 2,480 5 Other income Unrestricted funds General Total 2024 Members, fees Rental income 1,361 1.125 1,361 1,125 2,486 2,486 Unrestricted funds General Total 2023 Members. fees Rental income 1.485 575 1.485 575 2.060 2.060 Page 12
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 6 Expendlture on charitable actlvitles Unrestricted funds General Restricted funds Total 2024 Fore Street expenditure and amortisation Independent examination and pa011 fS Promotional expenses 6.990 1.341 1.909 67.596 74,586 1,341 1,909 10,240 67,596 77.836 Unrestricted funds General Total 2023 Fore Street expenditure and amortisation Indep8ndent examination and pa011 fees 5.466 1.483 1,483 6,949 6,949 7 Trustees remuneratlon and expenses No trustees. nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefrts from the charity during the year. 8 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 18.116 567 12,626 1,130 18,683 13,756 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 No 2023 No Administrative staff 1 (2023 - 1) of the above employees participated in the Defined Contribution Pension Schemes. Page 13
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 9 Taxatlon The charity is a registered charity and is therefore exempt from tsxation. 10 Intangible fixed assets 9 Fore Street lease Total Cost At 1 July 2023 17.724 17.724 At 30 June 2024 17,724 17.724 Amortisation At 1 July 2023 Charge for the yaar At 30 June 2024 709 709 709 709 1,418 1,418 Net book value At 30 June 2024 16,306 16,306 At 30 June 2023 17,015 17.015 11 Fixed asset Investments 2024 2023 Other investments 16,343 30,352 Page 14
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Other investments Listed Investments Total Cost or Valuation At 1 July 2023 Revaluation Disposals 30,352 991 (15.000 16.343 30,352 991 (15.000) At 30 June 2024 16.343 Net book value At 30 June 2024 16.343 16,343 At 30 June 2023 30,352 30,352 All investments shown above are held at valuatlon 12 Debtors 2024 2023 Prepayments 222 322 13 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals 1,150 2,338 2.057 2.057 3.488 Page 15
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 14 Funds Balance at I July 2023 Incoming resources Resources Balance at expended 30 June 2024 Unrestricted funds General General Funds 64.683 23,382 (32,487) 55.578 Restricted funds Bishop's Barn. Wells 9 Fore Street, Chard 3,075 3.075 11.700 79,296 (67,596 (67.596) 3.075 79,296 14,775 Total funds 67.758 102.678 100,083 70,353 Balance at 1 July 2022 Incoming resources Resources Balance at expended 30 June 2023 Unrestrlcted funds General General Funds 85.992 5.340 (26,649) 64,683 Restricted funds Bishop's Bam, Wells 3.075 3.075 Total funds 89,067 5,340 26,649 87,758 The specific purposes for which the funds are to be applied are as follows: The Bishop's Bam. Wells project has been completed leaving a balance in the restricted fund. During the year a number of grants were received for the projeGt al 9 Fore Street, Chard for works including asbestos removal, roof repairs and other works. This also included grants for viabiltty appraisals and project management. At the end of the year a grant was received for the staff costs of running the 9 Fore Street project to be spent during the next financial year. Page 16
Somerset Building Preservation Trust Notes to the Financial Statements for the Year Ended 30 June 2024 15 Analysis of net assets between funds Unrestricted funds General Total funds at 30 June 2024 Restricted funds Intangible fixed assets Fixed asset investments Current assets Current liabilities 16,306 16,343 24.986 (2,057) 16,306 16.343 39,761 (2.057 14.775 Total net assets 55.578 14.775 70.353 Unrestricted funds General Total funds at 30 June 2023 Restricted funds Intangible fixed assets Fixed asset investrnents Current assets Current liabilities 17,015 30,352 20.804 (3.488 64.683 17,015 30,352 23,879 {3,488) 67,758 3,075 Total net assets 3.075 Page 17
Somerset Buildlng Preservation Trust Detsiled Statement of Financial Activities for the Year Ended 30 June 2024 Total 2024 Total 2023 Donatlons and grants Legacies and bequests Grants Donations 10,000 79,296 9,025 98.321 800 Investment income Interest on cash deposits Income from other investments 414 1.457 1,871 666 1,814 2.480 other Income Rent other income 1,125 1 ,361 2,486 575 1.485 2,060 Ralsing funds Administrative stsff salaries Pension costs Travelling expenses Insurance Printing, stationery and office costs Subscriptions Visits and AGM expenses 118,116) (567) (12,626) {1,130) (153) (802) (2,036) (100) 1,125) 17.972) {871) (2,513) (100) 11,071 {23,238 Charitable activities Governance Costs- Independent Examination fees 9 Fore Street expenditure - restriGted 9 Fore Street expenditure Promotional expenses Amortisation on 9 Fore Street lease (1,341) {67,596) (6,281) {1,909) 709 (1,483) (4.757) 709) 6,949 (77.836) This paga does not form part of the statutory financial statements. Page 18