SHROPSHIRE HISTORIC CHURCHES TRUST TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 REGISTERED CHARITI NO. 1010690 SHROPSHIRE HISTORIC CHURCHES TRUST YEAR ENDED 31 DECEMBER 2020 CONTENTS Page Trustees, Report 14 Independent Examinels Report Statement ot Flnancial Artivities Balance Sheet Notes to the Accounts 8-12 5HROPSHIRE HISTORIC CHURCHES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Tiusiees submit I￿1r reJor. and hnaqc4715taiemen-.5 lorthe year ertded 310eiember 2020. Structure, Go¥ern*heni aAd M•otement •) Constltution Tne tru51 S LOnStituttd T..uSt 2eed daitd J2 Tr4overnbeF '.991 la5 suasequer.dv amevdedl and 15 a pegislL'reo (n4'1ty No in1fj64n. bl Mtthod ol appoiTrtment 01Tr￿s4ees Ihere %hAlI FM, ? mir'irni.trr (If l(ILr anil A ol"vfftnty five Tru5rees The Arf. 41L*J¢￿5 lor Ihe timp beiri£ ol Lud10*4 <&lop Irc each cx otrj[10 Trusiees0.'Int TrL'SI. The gx.511Y8 Tru%fees live ihoL8ht to thoapwiniment ol IIJsT(&.es Irpm rh05P i)er50ns wF.o ale JlfEèdy voluntepT5foc thp TruSI anc more wi¢tel¥ fr(￿ thtlo¢*l community ￿thin 5hi&pshire wh•tP 5vch person 15 fdt ro xs5es5 Sbrtable sk 115 and Trnm￿e¢8e 10 erh•*i¥ and cornplernpnt=he attri￿1¢$ olexisiitsl'iusieE5. Mana&ttyeni I ho board 1ruSt￿ admiii5'.PlS thef.harity and meets quarterty Investmentsare mdde In cdle£tive SDiiablè ol chèiilles •nc are re￿¢￿e V.. lohD Col¢ ￿￿￿d. Pieb. Davie Crowhurst Mls. Edge I14pix)Inied ?71051?Oj Mr Nrtel Fryer Ivice-ChèirrnaTh& . reasureil Ven Fiono Gibson IApp? nlcd 2110512)1 MI DAv.d hardharry 14ppoinrel 271051201 Mr R)Eer Pluehes Mrs An8ela Huihps Mr. harveY.ame% qt A Istair Ma8ow•n IResi8ned 2JIOSI201 qevd Kolyin PrrCP s Radforc IArs Gwcn 5.'6away VPn Paul TIGmas Objectives and Artivilie5 Chariiable purposts Tlie Lhdritable purp05ES tyf thechèrirv a￿ ID apply t￿e irKOtDe and cap-tal of ihe ITu5t IDrthe rPse.￿AllO￿. repair renovètiar. mainteiante ImproveTrEnt. Lpkee.p. beautificaiion and reconstrucii¢n of churches in 5hrop51yTV ard of Ironume￿5. fiifiDt5. fpxture5. s".ained gla55. furii:Ufe. omaments. bdls. locks cbimes. go?#5 chaite s.'n wcb. Ehurthesand of chu'thvaid be Dngin8to wny such for th- benefit trf the publi¢. Page I SHROPSHIRE HISTORIC CHURCHES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 {continued} bl A(tryiti￿s of the tharity The w.ain artivilw ott*p Yrust durin& ltteyear have been- The ctsllettitsr o. annual 5ub5fllFtits)s fiortr. lio￿ld￿31 memkers and ￿.eMtser Chur￿5. Tie (a.Iw3ssiw lorand rc¢eioio ¢onatiofis and ie88cies The holdini DI eveftts and ttsuis 10- mtmbeisand Oth￿5 ioinform ihem olthe hi51oryand arch tecture ol many of the churche5 in )hrop*ire To oriaDisetbe 3nDLal Ride-StTideday in 5epteniberto raise mones.from wnsor5 In SUJPOri of the Irust's work and io JeneFpi ihe Darti(IpanTS' nomiialL￿ chulllL To orEanisetbe Gèrdens Open Ihrou8h¢v¢ tht 5vrr.mer w*ereb¥ around 80ga-d*ns were c)poneo to the pJbliC lor theDenrf4t ewa,'lyof tr.e Tru51 and l(Kal parishes. More ¢ptails ol the activif125 undenaken duriffl8 rie year wll be Lniludtd In:heAnnual RL*iPw f()T 2020 Financial Review, Adwe¥emEnt% Perfurm4Trre 4nd FuWie Pl￿5 The Trust hès been m4".erlè'lw allected..Th 2020 ￿th Covid.19 partdemi(. ID iapr.ellat on Dr re%ir.ction of rnany ol its activiiiesa•¢ wlich ha5 re5uiied thè meeTin8sof Yh? Tru51eÈ5 h4viné 10 be cand.Jcterf by emall The net dèicii ol the Trust for ?0?) was f8.86012019'. suf91 JS É39.2DII Tc bt Ihpcked Tolal 8r05s Income was substaniially'ower this y•ii. In lirle rneisureis a iesuir of the feduction of a£tiviiies 8usèd by ibe pandemic. Wiln rE8a.'d lo O¢liwilie5 which ?reBrouDed under heaLlng"Olher TraJinR acrivilie5- ￿bsCriptiO1Th Incorne Ard rh• 3pend3nt C.IFr recovery was somevkat lower tbai PO19. Rth*Strideand the Gardcns Opep. $C￿.£￿t,s pesLlls wcio substJnitally altecied byLowd. IhaiksJrc dJt io'the many, MJDV volunie*r% whr. mbke thpse events and re5ullS POSSitle. partiCuLifly ai a i 411 chariiie% have been unéef very seveie .nve5trTieiit Incone wa5 alm?51 Identical t? 2019 ￿ £J7.562 and our Investment ¥alue5 shgwed a sieody the 5".TL'iigtTr lo ¢aniinbe outobi¢cip¥¢sgcinilorwa'd. Our cost5 of faisini lutKdswe.rt raihN than 2019. C-iven t￿t Jifficulties thal we have laced tieiesuiislry 2020 look relJ&knvth ytislactory overall. .ran'.5 in 2020awownied t- f76.?iOI2019.. f l?3,45Jl vÈty since#￿ ihèrtks to ali our ¥oluitoors. who are in laruepart oswnsible toi ityc Irust'5 Success Page 2 SHROPSHIRE HISTORIC CHURCHES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl Reserve5 Pdiry Ttrie fruslees have adoptei a alredLiin8the level ol resei*e5 ￿.Y aiDund 17u.a4) ainualw Jber tho noxl few veirs. allowing add.tional lund5 to bEcO￿t avèilotk'.o piovid- 8-aAis Tris Qolicy 15 foBUkaily rfyiewed fDr Ifs dPI'-.Pfi8tenèss.:dulèi on Is less rhah IOD. ah4 Ihe ¢iaais otreied encou'èee These comiruDiues lo omtjhfk on Idf8L%f Pioie£'.s. Mony 8rènig èfe desis1ed Ic *ake Chtsicbes and chapels moic wèlcornin% and coni ortable 111 sYllinR Illè ..Ivs15 obieiliv¥s. Ihe TtJsiees ￿•vE 8iven due'eiapd to the thè¢ilv Commission fuidance Dn Trustees. Respw55blltles WITb anplira&lr 13v* 4rd Jrlicd Kintsorn kcwrytiD8St•ndords Iufyitsy KiTh8domGcnerèlly Accepted rhArrt¥ IAW i*oi.Ir(*S th• ifiJ8t**% D"PPar• li￿￿ntiAl liAi•￿￿Thr* frwèA¢h wir thai 2ivé • true and selec". suirabL• accouni ng p￿Irl￿5 ano then apply rhem ccn5isien".ty' tsbtyrv• rreihtst% p"Intiplp< Ih(* chaT1ti*% 504P 2019., ake l￿dEeMentS and est rnètes that are ieascr.able and piLdeni. and Drepare the Iinan(ial staiements on ibe{￿nE ba￿5. unle55 It IS Inappropflate ta assume that Ebe chariiy will (onlintse.D operation. and comply with.he rcquiiefflen15 of AccO￿nI1111 StanGaid Pagc I SHROPSHIRE HISTORIC CHURCHES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl t any tim&tbÈfin3n*ial )OS'.".ionof tte Charity and enbtle iheffl toen5ure ibai the financ al sta-.emèrnt> c)moly Vdilh the !Qll Chariiies Ait Trey are also re5p0fj5.ble tor 5atreyJiardinK The a55eis Ot thelhaThiY and hpnLe lar IdkinR ftascnh?lo ta'e i*e Jrevoni..on and aote(tiOP Otfraud or Or￿er rregulaiil QS Thi5 1¥ty)ri was épp.'oved by ihe Ir¥siees op. 2J Oci¢ber 2021 and $18Ded tsytheCiJim￿n on their beTr41f. Ind•p•nd•nr FxarnlTh•r nkers C.IF BdThk LW. Bp House Shrewsburv We51 Maiiini Lloy45 Aank plc Shrew5bury pn t￿) BXL ILT Page 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHROPSHIRE HISTORIC CHURCHES TRUST FOR THE YEAR ENDED 31 DECEMBER 2020 I repoi tD Thp iiarity *rL.StFescn My i￿11$0￿ of the aCC(￿niS for the vear eioed 31 December 2020 whith èrÈ >Èt our pages 6 1?. Re5POnslbilities and ba5isoI report As-he chafi'.v S tiusttes re5PLnsib￿f￿r the pre?arariJn of rh@ aCCOunu in ac¢oidancc wllTri the requiiemen-.s ol iheCh8riiip5 Acr ?01 I I't.* An'l I report In rt5PnCt D- my Èxèrfi*èlian C>f thpcfiafLV5 aicouDt5 carrie¢ out under sectioi 145 01 the Ac= and in c3r.'ying oJt my ex¥minJiioTh I have folly¥￿￿ all the ap￿1(Au,¢ lirecTiOfS gwen jhaflty Lornm1551Dn under s¢cti)n 1451>llbl #l ihekl. BJsi5 Qf Independent Examinerfs Report ÈX&mifaiioTr [d'.¢ied Oul ac(o*danc*with the8enet41 Ditt￿l•n$ BiveD. b¥theCharitv Commission. .iOn IDrludp5 I reviewol tie accoy*tin8 i￿OrdS ktpl b¥ ihe ciariiv comparison ol Ihc PTC5cnlcd WI..￿ ihoso icr.wd%. 11 iilsn rncludè4 C()rsideiaii¢* ot)fiy ￿ni)Sual I:tms ac dis¢l05￿re5 In thff* 4c¢¢vris. antt sevkin¥eA Jlanaliof5 1.cm Vtyi a4 Twsrees concern n8 SV¥h mè¥'.Lys Ihe pr?£ediires JiidLirtaethcr5 8alaii.tr oi bafjk5 3.500 4?.440 45.940 4.501 Q8,5?9 53P30 Current IiabSlities'. 1,650 950 Total A55ets unrestTlCted and Total Funds 634296 634 296 643.156 Signed by two TruS'.ees on Lehall-l +11 Ihe Tiys:ees. Date. .2011 PaRe 7 SPIROPSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Note l of Pr atiOD BJy5 01 A£countin& Theit 2CCOunis ha¥e beer. prepared ar. tie basisofh15tonc rost le#copt that In¥cs¢mtD15 are shown hl Mèiketvaluel io accoioance with. Cthaiity AicuuiiliDI and Financial - S'.a¢wvvni nFRvrANnrnendpd prac1￿e[sOft?I u)aaied and wilh JlccDUnEiI'g Standard FR$ 102-. with fhdill'p%￿t ?ni i Chan8es to pvevious o<¢oynts No hhVI' b￿rn rn accDUnisoFw￿0Ij$Vears. Pdi Note 2 Accoun11￿ti Tbe charity CDfs¢ltJt•s a PU)Ir •ntity p4.le1lne￿ by 145 in2 Ihe hnanciai 5tatcmenis have been prepiieo in •ccordanctr wil*'.The ¥ina*¢i•l Rtoofuni sunda-d aPPli¢able In IJK and Rlbpublic ol Ireland I￿￿5 L021 luoda'.eellet%i¥e i January 20I91 ICh411litt SORP IFRS 10211 and the Charities ACT ?011 Reconcilia'.iun wch Diowousl¥Generally 11(ce0todAcrouniini PractiCQ- In ple￿lin8 these a¢eountS SORP FRS 102 thtriosiaternor,iol Tomparaidyeiicms was icqJircd. No-csiaivmerts we'¢ reftuiréd. %￿0&￿111￿1n of iniDmt This 15 in('thled In the SiJterneni of finiDCial Ariivillp%14DfAI The Chaiily becomestrii led lo the Income.. Illy Iru5teVs afe Virliidlty cvilAin Ihvywill reiei*e incuffle.. l*e nanetarywalve c3n be mtasJred with svf4cieni ieli•bilily -aA reclains on subsc*iption$ antt doTra¥ons. Ip.compftom. tax retlaimsi￿l￿￿ in iheSO=A based a?:he cldim respxt of the iayvearevded 5 Apri. fa,'Iini irt itte accouniin8 ve•r 10 31 IrvestmeN. inctsme This IS Included In theaccountswien ￿teNtrd. This Includes Jny 8ain or1055 On Ihe Sale ol InVtSimp.nis ènd any 8•n or loss rc5uliing fro￿ the re¥aluaiion Df Inveslmenis to ￿,aIkct valLe at rhe e.Id ol rbe Year. Éxpcnthtuieand liabilities Liabi Ji esare tec￿niSed as 5001 as there IS a le8èl or ¢onstructlve oblitatson COrnrnplljll£ tie Chafity io pay oai ie5QUlte5 Gianis D￿vab r7Eants are3pp￿aVed by Tiu&fvp5 In pri7ri￿￿ siibjprf TO the gfantee PCCobtainine-.he nece%saryttsnsents from The ap?ropriarc diO(esan aJthorilies. Grants3re3ppfcved lor Faymeniio gtani* P=Cswhon rKeive an Archilect's ceriificaie or cihe-. e¥ideii-e te show Ihat rhe PCC F35 in.-iJrred expgnd".Iire C￿ their wO￿t in exce55 01 the valuè of Paee8 SHROPSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2020 yip%i..f Showr In P401es 4.1 ano14.2 In PTOPOrtiofi to dir•0 rvst4 In{.Irred A%52ts IrV￿rMentS1n callecrivetund5 are valued a¢ market Vdlue al ttte veèr end 8olances at bank B•Trk bèl•h¢es afeshory re*m h￿bIl IIquHI Invesimen'.¥ lie hold 31 faifvalyt Theseit)rlJdL' cash OTI and cash equivalents With a matuti'.y yl e55 oThe veal nebtor5 Lkjiors a￿* civditorswitTr.i¢ siaied irtieie5t THie •Dd rece-vable oi PaVBèle %virhin one Year are'ecorded OT IiansaLiiGn prirp. Any lossesar S￿&frOM impai.'mtrri Jrc ieioinL5ed in expenditure. Note 3 Analyus ol Sncom¢ 2020 1019 DonationsaDd le8ail¥ 7.079 I,oJo 5,9d5 5,945 Charltable Artivitits 2.9C8 2,906 I,ioJ Other tradln8 Jctmtbt 11.935 1.740 11.244 2.500 2.741 30.160 14.270 Income tax QD sub5cfipliOnS 26,083 4.972 Incnmt tax recthtiab e Oh donavcns Gardcns Opcn s¢￿￿e 61,D78 In¥e5tmeni& Collpctive lunds aank deposits 17.552 io 17.562 17.825 61 Pale 9 SHROPSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2020 4 An4lysis of e¥pethdilure relalingto". zoio 1019 Haisin8 Funds 3.SB5 1.360 4,945 G3f¢ensOpen 1,924 13,142 Chariiablt Artiv*ie5 1?6,759 L,B82 128 641 E￿en[S 874 Support tosts have been apwtif**Ed b*twtrn rh* dilfereTrtitemsol artNity5ho¥¥n trn 4.1 and 4.2 above. based on Ihe imal direct rosts Iniurred. pptyi Costs 1020 Direct C051s 2020 S￿pp¢)rt Costs 2019 Oliert 9St5 201 4.J.I 3.166 379 10.681 483 •XDense5 Gdrdtti)s O￿n Scheff* 4? 20 50 12S 4.3.2 Granrsto PCCS 3.131 76.2IC 814 77.124 123.450 LA82 12S,332 3,731 Suppoii co515 Snclude £7S6 p*d to thq Independent examifteistorthtiff ex•nMnation oliht IDZO attoynts IZOIg.' £6901 Grants pald to PCCS 1020 No. L7 2010 1019 2019 Fwnm unt?stri¢ted 4und5 76. ?SV rtte dvera8e K*ant awardod ID 2020wès £3.31512019 fS.6111 rhehlg￿,esl Paid In 20?0 was EJV.UW 1?015 ilO.COOI whil51..￿e lo*esi Era?t paic In 2020 *as £6￿12c19- £7501. ie niaximuffl 6ront ndividual PC(-.5f()ra projeci IS uSLally £IO.JW but the Trustees eAer:.se t.le r #15c'cIioii in cases DI exceptiooal hèrd5hip tc péy mote T*e I 51 o,. grants 3W3rded ro parishesin 2020 15 shown in the Annual Rthie¥vfot 2020 which is prepared aTrd=jrculaied io mÈwbe¢s. SHROPSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS Itontinued) FOR THE YEAR ENDED 31 DECEMBER 2020 Grattts Pèid in ypor (£1 Jltton Round Lla5:huTch 8e(hbury i.wo s,fy)o 10.000 14.150 Sh4wDury Shrvw%buryAII Shrnts 5hrfft¥5buryHolYCros5 (Abtoyl Shre.wstrxKy Un tarièn Tar8 Wh1￿h￿r."￿ M•ib.tyJisis Whiiti*8lon reford DBF Hvpp +iope Insterl¢v Noiton Ill ￿lIeS 2.500 4.CQO 1.500 4.OC¥) £76 Z50 Invosiments Marklivalue 1020 2019 Boknnct Ot i JIn￿rY 2020 591.076 497.902 DIspo￿l du'in¥ yvar In.689 Halènce al 31 DtteTh**r 2020 S>).fyJ6 591.076 Investrnent%at 31 December 2030 comprise. ('8F Ifves'.ment Fund 536.552 53.454 SO2.02Y 57.288 31.759 & C*ChaTitbDd $90 S91076 In¥pstryem5 ale madein iolleciive fUnd$for￿n& iwm.-.apiial èpprtlialion for their Inire&5in¥ Debror5 iozo 2019 L.￿0 2,iOO 4,SOI SHROPSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 DeF¥)Sit aiiuunts Ctsrrent accounts 23.SSI 2A.978 48.5ZY 36.A79 42,4dO Curwenl ￿a￿litieS 2010 2019 Arcrued cxoen5es 1.650 950 MovernETrr ljb Funds IN the ￿ar Vnie5Wiiled and GÈnèrbl Funds 2010 and GenerJl Funds 2Q19 B?lèn(e a: i Januèrv Nei lexwndiTI.iel4nrDmp 643,1£6 IX.8601 60'4,949 39.?07 Balanr.eat 3.. r)ecernber 2018 io. Statement ol Net Ass¢ts by Futhds 2020 2019 rixerf Asw.s et Cuiienl A55Ets s￿.￿06 591.015 634.296 643,156 Commitmenis CorDinitmentS In rpsP•rt of Rraois rwJi paid at 31 Oetember ￿)Da￿OJrted to LL04.830 1?019 f97.1151 12. TruSl•*S' rernuTreraii o refflunera'.￿ft wa5 paid or )8yable. d.re(ilyor Iiidiiittly. oul of the funds of the L'iJtiryfor".he ¥eai 2D2a 12019 NILI tr an¥ TTi151CQ or to ary per￿n% kntyvn io be ionnecied to or witi an¥ ol the Page 12