The trustees presents its report and financial statements for the year ended 31 December 2020.
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 governing document, a deed of trust and Memorandum and Articles, 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)".
The principal activity of the company in the period under review was that of a building preservation trust with charitable status.
The object for which the Trust is established is to preserve for the benefit of the people of Great Britain and Northern Ireland and of the nation at large whatever of the historical, architectural and constructional heritage may exist in and around Great Britain and Northern Ireland aforesaid in the form of buildings (including as defined in section 336(1) of the Town and Country Planning Act 1990) of particular beauty or historical, architectural or constructional interest.
The trustees has paid due regard to guidance issued by the Charity Commission (including that on public benefit) in deciding what activities the charity should undertake .
Charitable activities
2020 opened with great success for the SAVE Trust. As planned, in January the Trust sold Castle House, the grade II * listed building in the centre of Bridgwater, Somerset. The lease of Castle House was sold to a local contractor with a view to building out the planning permission and listed building consent for conversion to three flats, as previously secured by the Trust. This followed completion of works to the structure and external envelope - roofs, walls and floors.
This was an outstanding success for the Trust after 15 years of slow and careful repair and conservation of the building, made possible thanks to grants from Historic England and EDF.
In March the Trust commissioned a blue enamel plaque commemorating the parties involved in saving the building and this was later fixed to the outside of the building on full public display.
During 2020 repair and conversion work was carried out on Castle House and the three flats were sympathetically completed and fitted out, ready for sale and occupancy.
The charity does not expect to run a large reserve. Retained funds are considered sufficient to cover all anticipated costs associated with the retention of the freehold of Castle House until the date that the lease is converted to freehold according to the terms of sale.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee , an incorporated trust, governed by Memorandum and Articles dated 18th August 2000.
The members of 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:
The trustees are elected by the board of trustees. Trustees serve for three years after which they may put themselves forward for re-election. New trustees may be sought by open advertisement or through prior involvement with the charity and the Board of Trustees.
None of the members of the trustees has any beneficial interest in the company. All of the members of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' r eport was approved by the Trustees.
I report to the trustees on my examination of the financial statements of The SAVE Trust (the charity) for the year ended 31 December 2020.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mark Johnstone FCA
Loan write off
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The SAVE Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 70 Cowcross Street, London, EC1M 6EJ, United Kingdom.
The financial statements have been prepared in accordance with the charity's governing document, the deed of trust and Memorandum and Articles, 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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees has 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.
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.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
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 net income/(expenditure) for the year.
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 (if any ) .
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.
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, 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 p aymen ts 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The charity is exempt from corporation tax on its charitable acivities
VAT
The charity was registered for VAT in connection with it's development of Castle House. All VAT which is not recoverable by the charity is included in the relevant costs in the Statement of Financial Activities . The charity de-registered from VAT on 31 March 2020.
In the application of the charity’s accounting policies, the trustees is 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.
The gain on sale of tangible fixed assets represents the sale of the leasehold of Castle House the freehold of which is still held by The SAVE Trust.
Charitable activities
Charitable activities
Building costs
Insurance
Professional fees
The average monthly number of employees during the year was:
Loan write off
The loan write off represent the balance outstanding to SAVE Britain's Heritage after the sale of the Castle House leasehold. As agreed by the trustees of SAVE Britain's Heritage the balance of the loan was to be written off in the year with The SAVE Trust no longer liable to make any further repayment.
Purpose of restricted fund:
Castle House - funds are to go towards the restoration of Castle House, a grade II listed building in Bridgewater, Somerset.
The charity has two charities to which it is connected by virtue of a unity of administration as well as related objects. These charities are SAVE Britain's Heritage (charity number 269129) and SAVE Europe's Heritage (charity number 1042202). Marcus Binney is a trustee of SAVE Europe's Heritage. Marcus Binney is Executive President of SAVE Britain's Heritage. The loan from SAVE Britain's Heritage is detailed in the accounts .