SHROPSIIIRE HISTORtC CHURCHES TRUST TRUSTF.ES> ANNUAI. RF,PORT APa) ACCOUNTS YEAR Ef4DED 31 DECEMBER 2021 Registered Charity LNO. If1106911 SHROPSIIIRE lllSTORIC CHURC.HF,S TRUST YEAR £ND£D 31 DEC"L'MBER 2021 CONY, ENTS TnTslees' Report Independent EKaminer'8 Report Statement of Financial Activities Balatkce Sheet Note5 to the AcCoU￿ts 8-12 SHROPSHtRK HI,8TORIC CHURCHES TRUSI, TRUSTEFS, RLPORT FOR THE YEAR EI NDKD 31 DECKMIIKR 2021 The Thistees subtDit Iheit annu81 report and financial stdtrni¢nts foi. the year ended 31 D¢¢embcr 202J. Struet Government 2 Mana em (a) c.0￿s11t￿tloll The is constituted by TnL8t DeeA dated 12 Noven?ber 1991 (as subsequently amended) and is a registered ¢harity No. 1010690. (b} Method of appolntmeDt of Trustees Tliere 4hall be a minimuin of four and 8 maxitnum of twenty five Trustccs. The Archdcacons foj. the tinie being of Ludlow alld Salop respcctively are ea¢h ex officio Ti'usle¢s of the Tiiist. Power of appointing new tmstees is Y￿ted in the Trustees for the timc being (excluding any r¢tiFing Tivstee.4). Thg txisting Tn]stC¢8 give Iboughi to the appointmvit of n¢w Trustee8 from th(xs¢ peLEons who arc aliEady volunteets for the Tiust and moir widely from the local Coihmunity withih 8hropshii'e whei'c aiiy such pei'son is felt to possess sultable skills And knowledge to enhance and complement the atlTibutes of existing TI￿st￿8. {c) Lllanagement Th¢ boai'd of Trustees administers th¢ Charity and meets quarterly. Investments are made in collective funds suitable foi. cliariliG8 and ￿'e i'eviewed al ca¢b llieeling of the Tn￿tees. The investments support the Tiiigt's reserves &ttd al'e held fur long teim capffttal 2ppieciation and for incredSiEtg inLomc oyer tim¢. The address of the Charity is Parkfields, Ponlesbury Hill. Pontesbury, Shr¢wsbury. SY5 OYH The Trustees r(yr the yeai. under review. and subscqucntly, were.'_ Mi. Stephen Willwood (Chaiimwi) (Appointed 0710412022) Revd. Canon Dr. Williain Price {cl￿1Mlan) (Resigned as Chaiman 0710412022) fr. Iohll Colc Revd. Preb. David Crowhui31 MIE. C8rolElle Dudley s. Anne Edgc Mr. Nocl Fryer {Vi¢e-Chairman & TreagureL) {Dcceased 1510712t122) Ven. Fiona Gibson Mi.. David Hardham Mr. Roger l-Iughes Mr.g. Attgcla 14Lighes MT. H￿VeY Janies (Appointed acting Treasurer 2910712022) Mr. jonath￿ Moor (Appointed 2010112022) Revd. l<¢lvio Piice {Resigfj¢d 2010112022) MIB. Diane Radford (ResEgiied 0710412022) Mi's. Gwell Siduway Ven. Paul Thomas Thc vacant post of Vice-chairnian is planned lo be filled in Octob¢r 2022. Ob'eelives and Attiyities (a) Charitable purposes The ehai'itable puryo$e8 of th¢ Charity are to apply thc income attd capital of the Tnjst for the PTeservation, i"epair, renovalioii, Inainten4ncc, improveine£it, upk¢q)> brdutifieation reconstruction of chul'Ch￿ in Shmpshire aud of moriuments, fittings, lixtures, stained glass, fumÉture. oi'namcnis, bclls, clocks and himcs, goods and Chattels in .8uch chiirclies 8nd of the cl)urchyai'd beloiigio8 to ally sucb foi. th¢ bejiefit of the public. SHROPSHIRE HtSTORIC CHURCHES TRUST TRU TEES? REPORT FOR THfi, YRAR FiiNDEI D 31 DECELKBER 2021 colltinue (b) Activitie$ of tlie C114rity The main activtties of Ihc Trust duting th¢ y¢ar have been:. The colle¢tion of annual subsciiplions fivin Kndividual memb￿'S and mcinbey ¢huirbes. The canvassing foi. and irLeipt of donatlOAS kiid legacies. Thc holdinLI o'fone tour foi. ¥nembers and othei's to infol'm thetn of the histoiy and 8rchitecthre oftwo ehiirches in Shropshire. To organise tl)e annual Ride & Sts'ide day in Septembei. to raise money from sponsors in support of the Tiust's work and to beiiefit the partlClP8nts' noininatcd churches. To orgallise the G8rdeThs Open Scheme throughout the Suinm￿. wh¢r¢by a llllmber of Wdrdens opened to the pubic ard the proceeds Shar￿ betwe¢n the Tiust and local parishes. Mor¢ details of the activities undutaken during the y¢ar are includ¢d in the Annual Rcview for 2021 which is published scparntely and d&8tributed to meJ))beLJ. Flnoncial Revlew Achlevement Performaacc ¥Md Future Plajis Th# tnjst started to rc¢over from the effects of the Covid- 19 pandemic lll the spring of 2021. The T￿￿teeS fftet on 27 May 2021 Mr. & Mrs. Iluglies, garden for the Annual General Meeting of the Tnjstees and, afterward& for their quarterly TIu8tees' meeting. Sub,8¢quent meetings w￿¢ held in perbon following tbe pattei'n sct prc- covid. The Annual Gencral Mettting for members, aii?nged for the Autumn of 2021, had to bc w)8lponed until 2022, du¢ to the rcsur£ence of Cov£d-19 iof¢ctions. The Trust generated net iJcome of £63.605 froEn its activities And in addition there was a gain of £82,544 itt the aiket value of ils inveslments. legaei&8 totaling £30,374 were I'eceived diiiing the year. one of £7.124 froin the &qtate of JeRn M3ry Hart and the balattce from the estates of David and Ruth T&ylor. Thc Millichop¢ Fouttdation mainlain#d their support ror the Tivst wfith their annual donatioll of £5,00(1. Our events wcrc rcstricted to a tour of Berrington and Cound Churche$ on 31 July 2021. A full pi'ogranime of cv¢nts 1$ ill PADgress for 2022. The Tiust subscriptions iiicrcased by £2000 with & number of new members and some members returning after a lapse diie to tlie p8t￿emie. Ride 2nd Stride made a ￿11 re¢overy aud its income eX￿¢ded th&t achieved ill 2019. Garden8 Opcn had a suc¢essful yeor with 19 events. Ln addition, a numb¢r of gai'dens opcn¢d for private visits which also b¢ncfitled th¢ Tn￿￿ Our investment ittcom¢ held up well with only a small fall of1&ss th￿] 2°A compared to last ye4r. The capital appreeiati()n of our portfolio of invcstinents has been considerable this year alld our thanks are due to our inv¢stm¢nl wana8er8 foi. this stellai. perfonnance. Oui. costs of raising funds remain low due to the hiEh level of conti'ibutions madc by ou¥ many volunteers to whom we give oui. heartfelt thartks. Gixnis paid in 2021 amounted to £29.715 (2020 £79,981). RepauE and nuiut¢narÉce a¢tivity by p8r&shes has been i'educed du¢ to the pandemic. It should be noted that thai our camtnitmeots tn respect of g￿nts not paid oll 31 Decen]Iier 2021 has risen to £IOD,000 ¢oMI?aL¢d WAth £104,830 last ycar. The'frust anticÈpat&q higber 8pending on grants in 2022 and beyond, SHROPSHIRE Ht.STORtC CHLfRCHES TRUST TRUSTEES, REPORT FOR THE YEAR II NDfi D 31 D£1 CEMBEI R 2021 ¢otttinued Reseive$ Poli The Trustees Etavc adopied a pollcy of itducing th¢ level of resetves by aiDuud £70.000 anllually over the next few yeatE. &llowing additional funds to beC￿t￿¢ available lo prov&de g¥aRts. This policy is regul81.ly I'cviewed for tts appropriateoes5, taking into aecount ¢llnYnt illvestnent ￿￿'ket conditions at aiiy givcn ttme. The pollcy secks to ensure that reseivcs ait always 8u(fieient lo pmduce tt Icvcl of tncomc that en8blts iiic Tliist to satisfy its charitable puiposes. The policy is inlended to overcome the effeets of pei'todic, often short trrtn, major fluctU8tions in market prices. The results a¢hieved by oui. investments and the demand for grants in 2021 hxvc meant that Ibe Ti'ustees have beell unable to follow this policy through, but it does iymain policy. The Tiwt aims to.8et asid¢ £150,000 a% fre¢ i'&%eives. This is to ¢over an average year of exp¢nditure including 'ants. Free 1'¢6CIV¢5 at the end of th¢ fu]an¢ial year sto(d al £780,445 (2020 £634,296}. Pllblic Benefit The Trnst benefEls inany Churches and chapels. boih large attd smau, with its gi7nt aid. It helps ease the bw'de of fundraising by those who are r￿ponSIbl¢ for the busldings and contents of ITlany finc chui'ches aiid chapels, the niajority of which are listed, which iEquire iepair and maintenance. The financial cost of this can b¢ heavily on ¢omu]EEnilies of whatsvei'.4ize. It should al80 be i'emeinbeitd that Shropshire is England's largest inland county with 8 Coillparat￿Ytly small population and with niaiiy chw'ch buildings in isolated aiEas wh¢i'c thc lotal popiilatiotj is Icss than l 00, and the grniits offei'ed ¢ncour8ge these Communities to cmbai'k on larger projects. Many grants ate designed to make e&urches and Chapels moLf wclcomitig and coffifortable foi" both congr¢galiot)s and visitors. In setttng the Tiust objectives, the Tiwte¢s have given due irgard io the Char2ty Commission guidanc£ on publil benefit. Trustees, Res ollsibilltles The Tiu¥tees are Tc.%ponsible for pitP2rittg the TTUStees' report and the financial stateinents iu accordance wÉth applicable law and United Kingdom Accowiting Standards (United KtngdoJn Gellei'ally Accepted Awounting PIHLtiLe). Charity luw i'equires the Trustees to pitP8ie finallctal statements for each finall¢Aal year that give a true and fair view of th¢ stale of the charity's aff&irs and ofthe in¢oining resources and application of resources foi. that period. In prep81ing these financial stateillents, the Trustees aTC r¢qui£'ed to.. select suttable accounting policies and then apply them ¢onsistcntly' obseive the ni¢thods and principles withill the ChaTities SORP 2019. Inake judgeiii¢nts and ¢stimat&8 that are reasonable and pNdent' 2nd prepar¢ the lillanLial st&temenls on the goillg concern ba818, unless it is inappropriate to a&8iime that the ch21.ity will continue in operAtion and comply with thc i'equirements of Accounting Standanl FRS102. SHROPSHIRE ItISTORtC CHL'RCIIES TRITST TRUSTEES? REPORT FOR TIIK YEAR EI NDII D 31 DECEMBER 2021 contiiiued Th¢ Twstees are responsible for keeping propci. accounting records which dis¢lose with reasonable accuracy at atsy time the financial position of the Chai'ity and enable them to cnsiirc that the financial statements comply with the 2011 Charities Act. They are al80 responsible for safeguarding the assets of the Choriry and hence foi- (akitig reasonable for the prevention and detection of fraud or other inzgularitie8. This irport was approved by the trustees on behalf. Il 2022 2nd signcd by the chairman on thell. Stephen Winwood Chaiimian Inde endent Examiner WR P&i'tner.% Belmont T4ousc Shirwsbury J3usine&s Patk SbLEW8bi Shi¥)p8hii'e SY2 6LG onkers CAF Bank Ltd. 25 Kings Hill Avenue Kings Hill Wesi Malling Icent ME19 4JQ Lloyds Bank pl¢ Pride Hill Shrewsbury P.0. Box 1000 BXI ILT INDF.PENDENT EXAMINLRSS RKPORT TO THE TRUSTF.LS OF SHROIPSIIIRE EI1,8TORIC CIIURIICES TRUST FOR I'HL YLIAR [1￿,DI;D 31 Dl.ClI MBEI R 2021 I report to the charity trustees on my examination of thc accounts for the ycar ellded 31 D¢cembeJ' 202 I which are set out on pagcs 6-12. Rtsponslbllllles alld basÉs of report As the ch41'ity's trustLes you arc responsible for the preparation of the accounts itt ￿¢01'd￿llee with the rcqiiirelllELits of tli¢ Charities Aci 2011 ('the Act,). I ￿port in i'espect of my exatnination of the charity's accounts Carried out undei. section 145 of the Act and in i'ying out my examination I have followed all the applicable Dii'e¢tions given by the Charity CoEnmission Ider sectioii 145{5}(b) of ttEe Act. Basis of Indepeudent Exanilnei s Reptsi't My examination was cttii'ied out in accordance with the general Dii'ection8 given by the Charity Commission. Ali examinatioji includes a revi¢w of tlle accountÈng rccoi'ds kept by the th￿'Ity and a comparison of tiie accounts pr&sented with those records. Xt also Encludes L021sideration of ally unusnal item8 or disclosures in the a¢couut8 aTrd Seelullg explanations fttim you as Truste¢s COILcei'i)illg stEch mittcis. The pmceduies widwtaken do ttot piDvide all the evidence that would be rtqull'￿ in an audit ATrd consequently no opiyjion is given as to whether dic accounts pi'escnt a'liue and fair view" alld the report is limited lo tliose matters set out in the ststemcnt below. Independent FAaminer's Statement I have Lompleled my ex4unination. I confllm that no material matte1¥ have come to my attention in conoection with the examÉniition givittg me cause to believe th&t in any material respccl.. aocounting records wa'e llot kept in r¥spwt of the charity as requir¢d by section 130 of th¢ A¢t' or 2. the aLeounts do not accord with thosc rccoi'ds,. or 3. the accounLs do not comply with the applicablc Itquirements con¢¢ming Ihc foi'm aod content of arxounts set out in th¢ Chai'ilie.g {Aecounts and Reports) Regulations 2008 #nd oLheL' than ally i'eqiiirement that the accounls gkve a '(rue and fair view, whicll 18 not & mattel. considercd as part of an indcpendcnt examination. I have iio concerns and have come across no other inatters in wniie¢lion with the examination lo whicb 2ttention Should b¢ drawn in this report in onler to enable a piknpci. understanding of th¢ accoullts to be re￿h¢ T Lunt BA FCCA MIRPM WR Partners Belniont House sh￿WSbury Businw Paj'k ShiEwsbury SY2 6LG Date: 19.10.22 S'HROPSHIRE HtSTOIUC CHURCHES. TRUST STATEI MF.NT or Fl NCIAL AC'TIVII'IKS YEAR DED 31 DECEMBER 2021 Note Unyestrieted And Tot&1 Funds Unrestrl¢ted and Total Funds 2021 2020 Income fyotn: Donatiolls and Legacies 35,399 8,079 Charitable activities 217 1,203 Other Trading 4eliviti&8 60,379 30.160 Lnv¢stm¢nts 17,273 17.562 Total 113,268 57,004 Expenditure on.. Raising fimds 16.017 4,945 ChatitabRe &ctiviti¢s 33,646 80,855 Historical Gift Aid debtoi. write ofr 4.50L Total 49,663 90,301 Net incomel (expenditsre) 63,605 (33,297) LA)S8 on disposal of investment assets (6,251) Net gaill on investments 82,544 30,688 Movement in tsnds 146,149 (8,860) Total thnds b1￿ught forw9rd 6J4.296 643,156 Total funds carzied forward 780,445 634296 SHROPSHJRE FI¥,ST RIC CHURC'HII S TR BALANCE SHEET AS AT 31 DECEMBER 2021 Note Unrejti'icted nd Totkl riunds Unresh'leted and Total nd 2021 2020 FÈxed A$set5 Inv¢st]nents 672,550 590,006 Tot41 Fixed Asset4 672,550 590,006 Cuiyent A&ietS Debtors Balances at bank5 6,722 105,103 3.500 42,440 111,825 45,940 Cui'renl Llabllitles 3.930 1.650 Total As5el8 ur￿$11.1Cted and Totsl Funds 780 445 634 296 Signed by two Ti'ustets on behalf of 011 the Twstees. 2022 SHROPSHJRF, HI RIC CIIURCHF.S'I'RLTST NOTES TO THk ACLOUNTS YEAR Nl)ED 31 DECEMBER 2021 Tr*Ote l Basis of Pi'e ar&tion B251$ of accounting These dccounls have bcen prepated on thc basis ofhistoiic cost (except that inv&stmellls are shown at Market V8lue) in accordance with.. Charity Aecouiiting and Finsncial Reporting- Statement of Recommemded PrACtice (SORP) updated 2019. and with Accuunting Standard FRSIO2'. and willi the Cliari£i&g Act 2011. Chaiigeg to pi'evious accounts No clianges have been madc to accounts of piyvious y¢&rs. Note 2 Accountin Pollclo8 The charity consti￿teS a public benefit entity as defined by FRS 102. The f￿anCiaL st&tmettts have been prepared accord3llce with the Fitwicial Repoiting Standard applicable in the UK and R¢public of Ti'eland (FRS 102) (effective l January 2019)- (Charities SORP (TrRS 102)) and the Charities Act 2011. Rectsi)eiliation with pitvioiis Gen￿711Y Acc¢pÈed Accouiitiiig Pra¢tice- ii) preparing thage account4 the Ttwsiees li#v¢ collsidei'ed whethei in applying thc accounting policics required by the Ch81'ilies SORP FRS 102 thc r¢statem￿t of comparative items was requii'ed. No restatemetlts weir L'equii'cd. Jncome RccognxtlDll of income This is included in the Staleinenl of FitwAcial A¢tivities (SOFA) when.. TILe Charity beLomes entitled lo the income; the trustees are vkrtually Lertaill thcy will re¢eive tbc income, the monelaiy value can b¢ measured with suffi¢iei)t Irliability. Tax te£lallns on subsci'iptions and donations Income from tax reclaims included in the SOFA based on the clatm in respcct of die tax year ¢Adcd 5 Aptil fallillg ill the a￿OuntIng yeai. to 31 Decembei.. Investrncnt income This 18 included in the accounts when receivd. Investment gains and losses This includes any gain oi. loss on the sale of investments and any gain or loss resultillg from the revaluation of investments to market v&luc al the end of th¢ year. Kxpendlture liablliti Liability r payablc to the independent examinei's for their examiTh8tiott of the 2021 accouttts (2020 £756) -10- S14ROPSHJRE HIS'IDRIC CHURCIIES TRU,gT Tr4'0TES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 contlnued CFrAnts to PCCS 2021 2021 2020 2020 From unres(ricted fvnds 29.715 17 76,250 The average gi'ant awgided in 2021 was £4.245 (2020., £3,315). I'h¢ highest grant paid in 2021 was £9,000 (2020.. £10.000) whilst the lowest gratLt paid in 2021 wa8 £1.000 (2020 £690). Since 2021 the Maxi￿Utll grant payable to individual PCCS ftsr a pi'oject IS Usudlly £20.000 but the Tiustees exercise their dI￿retIon ill ca￿$ of exceptional hardship to pay moiE. Thc list of gi'ants awarded to parishes in 2021 t8 shown in the A[￿U&L Review for 2021 which ILas bcen pi'epayed and circulated to Incmb¢rs. Grants pald year (£) Bitterley 9,000 Clunbuiy 5,750 Diddlebuiy I,.f40 Habbeiqey 1,000 Onibuiy 6,000 S]ll'ewsbwy Abbey 3,425 Tilstock Investments Market Valu 202K Market Value 202 Balahcc at l January 2021 590,006 591,076 Disposal during the year IucTe25c in Ill￿ket value during year (31,759) 30,689 82.544 Bal8ncc at 31 December 2021 672.550 590,006 bivesknents at 31 December 2021 comprise ct3F Inve5tnirnt Fuiid Black Rock Chai'ishai'e 613,308 59,242 536,552 53,454 672,550 590,IM)6 Investments made in collective funds foi. long terfft capital appi'¢ciation ￿ld for their increasing in¢ome. Debtors 2021 2020 Ride & Strid¢ Legaey Gift Aid reclaimable 1.222 1,000 2,500 5,500 6.722 3,500 SHROPSHIRE HISTORIC C.HURCHFS TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021 CO￿tinUed BAlaii¢e& at Banks 2021 2020 Deposit accounts CuiY¢nt accounts 1,561 103,542 3,561 38,879 IQS,103 42,440 Current L12blllties 1021 2020 Acctv¢d wonses 3,930 1.650 Unrestlcted nd TotAI Fund5 Unrestricted aiid Total Funds Movement of Fund5 lor th¢ Y￿r 2021 2020 Bulati￿ al I Sanu8ry N¢t income/{expenditwe) 134.296 146.149 643,156 (8,860) Balance at 31 December 2021 280,445 634,296 io. Statement of YJ et AJs¢ts by Funds 2021 2020 Fixed As5cts Net Curyent A88ets 672,-550 107,895 59n,006 44,290 780,445 634.296 ii. Commitments Commitments in Jrspect of grants not paid at 31 December 2021 amounted to £160,000 (2020 £104,830). 12. Trustees, remunerAtlon & Expense No remunerntion was paid or payable, dire¢dy oi. indirectly? Out of the futtds of the Charity for the year 2021 (2020.. NIL) to 8ny Truste¢ or to ally per80n or pu'sons known to be conlle¢t¢d t(> or with any of theni. Duriiig the year ended 31 Decemb￿. 2021 expcnscs totalltllg £571 wej'e rcimbuis¢d or paid directly to five tiii%tees {2021- £240). This amouiit related to the reimburs¢m¢nl of the costs of postag¢, stationery and publicity in8teri81, -12-