The Parish Church of St. Michael the Archangel Shalfleet, Isle of Wight
Annual Report and Financial Statements of the
Fabric Restoration Charitable Trust. ("The Trust") Charity Registration Number: 1072825
For the year ended 31 December 2020
Bankers:
Lloyds Bank pie 22 St Thomas's Square Newport Isle of Wight PO30 ISQ
Independent Examiner: Clare Gordon 19 Ensign Close Cowes PO31 7UZ
Page I of8
Report of the Trustees 2020 Mr N Oulton, appointed 2016 Chainnan from November 2017 Mr H Blacksell, appointed 2020 Tvfr B H Mead, initia] Trustee Miss C Sutherland, appointed 2006 Mr R Powell, Treasurer, appointed 2016 Mrs Pe Osborne. Secretary, appointed 2013 The Trustees have pleasure in presenting this their nineteenth statutory annual report. This report covers the period l January 2020 to 31 December 2020. Formation and Registration as a Charity: The Trust, commonly known as "Shalfleet Church Restoration Trust", was formed by Deed on 23 November 1998 and as amended by resolutions dated 2810312001, 2610412004, 2410412006, 1410512012. The Trust was regÉstered as a charity (Number.. 1072825) with the Charity Commission for England and Wales on 7 Decetnber 1998. Objects: The objects of the Trust are to advance the Christian religion through the maintenance, repair, restoration, preservation, improvement, beautification and reconsttuction of the fabric of The Parish Church of St. Michael the Archangel, Shalfleet, Isle of Wight, its monuments, fixtures, fittings, furniture, stained glass, ornaments and other ¢hattels and its churchyard including the ands upon which they stand, and which are owned by the church. Banking and Knve8tments'. The Trust banks with Lloyds Bank plc. It also maintains an Investment Fund nm by the CCLA Investment Ltd. The value of this fund at 31 December 2020 was £64,491. Part of the fund was received through a legacy that stipulated that the Capital value of the fund should be maintained, with income available to support the maintenance of the church and surroundings. The way that this fund is used by the Trust 15 clarified in the Financial Policy of the Trust that was ratified in 2018. 'fhis stated that the Capital element of the fund would not be used without the unanimous approval of all the Trustees and that th¢ Capital element is increased each year in accordance with the Retail Price Index. Surplus thnds above the adjusted Capital element are available for use in the maintenance of the church and churchyard. The fund has provided a return in excess of the RPI for all years except 2018, when the Fund returned a net decrease of 0.20&/0. The Tetum above RPI in 2020 was l 00/0. The change in the funds is summarised below. Year End of year valuation £58,506 £64,491 Capital #dditions during the £25,370 nd of YeAr Capital value (Inflated at RPI) £40,378 £40,983 Increase in available cash.. Available cash surplus £18,128 £23.508 £5,380 2019 2020 Registration with Inland Revenue: The Trust has an Inland Revenue certificate stating that the TrusL being established for charitable purposes only, will be entitled to exemption from in¢ome tax under Section 505 Income and Corporation Taxes Act 1988. Page2of 8
Fund Raising: During the aLcounting period the following funds were received:. Friends Group donations Gcneral Donations Planned Givtng and Collection Boxes Events Gift Aid and VAT received in 2020 Cash received from grants in 2020 £ 885 £ 1.113 £ 603 £ 5,639 £30.000 The Gift Aid and VAT re1Ved shown in the table above differs from the figure in the Annual Ao¢ounls as the Trust has moved to the Receipts and Payments method of accountin8, so the VAT and Gift Aid received is reduced by the allowance made in 2019 when we were still using the accruals method of accounting. Maintenance and Restoration 'I'he cost of maintenance carried out in 2020 totalled £47,463. Thts was made up by £1.272 for routine maintenance and £46,191 for thc windows project. 'I'he annual maintenance was lower due to the increase in the amount of grass cutting and other work being carried out by the working parties organised through the Friends of Shalfleet Church. Woth on the main East window is now complete apart from the installation of a protective grill over the three main panels. Work on the east window in the south aisle has been requested and will start iii the next Couple of months. The quotations re1ved to date suggest that the cost of this will be in the region of £23.700. The work will be funded through the outstanding monies due from the grants that we have been promised. These total £30,000. Insurance The Trust is covered as joint insured with the Church and others undcr the Church Combined Policy and other polici¢s issued by the Ecclesiastical Insurance Group. We are cUentlY discussing the cost of insurin8 our lawnmowers with the Village Hall Committee. Accounts: Detailed accounts as required by the Charities Act 1993. section 42(3), have been prepared on the receipts and payments basis. These are attached hereto at pages 5 to 7. Audit: Under the provisions of the Charities Act 1993, Section 43 allows the appointhient of an tndependent Examiner. This role was carried out by Clarc Gordon for ihe 2020 accounts. Retirement and Election of Trustees: The Trust Deed provide5 for the Trustees to be appointed each and every year at the Annual General Meeting of the TrusL which shall be lield on the same d&y as the Annual General Meeting of the Church. Activities and Interests of the Trustees: The Trustees give their time freely. None of the Trustees or their near relatives has received any pecuniary benefit from the Trust. Any out of pocket expenditure on behalf of the Trust has been refunded against written receipted evidence. The Year Ahead: The work on the renovation of the main east window, and the south aisle east window will be Pa8e3 of8
completed in 2021. The annual maintenance programme will be continued, and the general fabric of ihe church will continue to be monitored, and all nec¢ssary work will be commissioned. The Fricnds of Shalfleet Church was initiated in 2018 and both the voluntary don8tions by the members and the lime given during the working parties has had a significant impact on th¢ costs of routine maintenance in th¢ churchyard. Th¢ Tnjstees would like to thaiik all 'Friends' who offered their time or finanoial support to the Fabric Trust during 2020. Signed by Mr N Oulton, Tiijstee and Chairnian of the Trustees Trustee Pa8e4of8
The Parish Church of St. Michael the Archangel, Shalfleet, Isle of Wight Fabric Restoration Trust Charity Registration Number 1072825 Accounts for the year ended 31 December 2020 srATEMENT OF FINANCIALACYIVITIES GeneTal Re5tri¢tÈd Funds Fvnds Incomlng Resour¢e$ General Income Planned Glvlng and Collecilon Box Donatlons NetGIftAld and VATrecelved in currentye8r Frlends Group donatlons Income from actlvitid geTrer&ting funds Events. Sales and Fayres Grants Totsl Totsl 603 £ £ 1.113 £ £ 1,816 £ 885 £ £ 603 £ 1.113 E 1,836 £ 1,232 £ 7.725 £ 1,266 695 £ 2,042 £ 7,5(M) £ 30,000 £ £ 30.ocrf) Income from Investments Investment growth for eurrent year Investment Growth for previous years £ 5,380 £ 6t16 £ 5,986 É 8,283 £ 13075 Chango In avallablo Fund5 over the year. Tran5fef5tolfr¢Jm Accumulatlon Fund £ 20,000 Totsl Incomlng Resour5 £39.815 £ £Tr10,422 £ 62,618 Resource5 Expended Bullding Malntenan¢e Expenses" Routine Maintenance Capltal repairs and felnststements Report5 and Suryeys to SUPPQrt appllcatlons Transfers to/from Accumvlation FunJ £ 1,272 £ £ 46,191 £ £ L272 £ 46,191 £ 3,403 £ 17,228 É 20,Qtyi Genero1 Costs Admlnistration Genernl operational Costs 755 £ £ 755 Total Rewurces expended £4a218 £ £ 48.218 (Defititllsurplus Dt Income over expendittjre -£ 8A02 £ 60S -£ 7,796 E 40.6ao £ 21,987 Totsl Funds brought fon¥aYd Totsl Funds canled forward £ 57.043 £ 40,378 E 97,421 £ 48,641 £ 40,983 £ 89,Q5 E 97.421 Page 5 of 8
The Parish Church of St. Michael the Archangel, Shalflee¢ Isle of Wight Fabric Restoration Trust. Charity Registration Number 1072825 Accounts for the year ended 31 December 2020 BAIANCE SHEE[ at 31 Oecember20X) 2020 General Restylrted Funds Funds 20 CurrentAssets Totsl Totsl Recelvables Inland Revenue tunpoid GIftAidl and VAT £ 3,803 LloydsTS8 Bank plc £ 25,133 £ £ ,133 The C8F Church of England Investrment Fund £ 235CW £ 4983 E 64,491 £ 35,1 £ 58,506 Total Ctsrrent Assets È 48,641 £ 40,983 £ 89,625 £ 97,421 Totsl Ilabilttles on 31st December lupaid wofkj Total Assets less llabilitles £ 48,641 £ 40,983 £ 89,625 £ 97,421 Summary General Funds £ 44641 £ £ 48,641 Re5trirted Funds E 41983 £ 40,983 £ 57,013 £ 40,378 Total Fun¢ts: £ 48.641 £ 41,983 £ 89,625 É 97.421 These accounts We approved bythe Trustees on Mr N. Oulton, Trustee and Chalmian of the Trustees ènd TfU5tee Page6of 8
The Parish Churcb of St. Michael the Archangel, Shalfleet, Isle of Wight Fabric Restoration Charitable Trust. ("The Trust") Accounts for the year ended 31 December 2020 Notes to the Accounts: l. Accounting Policie (a) Basis of Accounting The accounts have been prepared on the receipts and payments basis. Income. including donations. grants, VAT refunds and Gift Aid, is reported when it is rcc¢ived into the bank account and Gosts are reported when invoices are settled. (b) Trusl Funds Donations received for specific purposes are shown as Rcstricled Funds. Where the cost of specific work excecds tlie appropriat¢ portion of the Restricted Funds. the shortfall is met out of Gcneral Funds. (c) TAX recllimable All tax reclaimed under the Inland Revenue Gift Aid Scheme or through Tecovery of VAT for approved Works is included under Incoming Resour when the money is received into the Trust's bank account. (d) Investment Fund The annual increase (or decrease) in value of the shares in the CCLA fund is reported in both General and Restricted f4unds. The value of the Restricted Fund is increased annually by applying the average annual Retail Price Index to the value of the Capital element. If the inciease in the fund is greatcr than the RPI. then the differenc¢ is reported under General Funds. Withdrawals are only made from the General on an 'as needed. basis. All additions to and withdrawals from the investment fund are reported under 'Change in available Funds over the year,. {e) Value Added Tax The Trust is not able to rcclaim Value Added Tax incurred on the purchase of goods and services. However, V AT is able to be rcclaimed on certain maintenance of the Fabric costs. 2. Repair Commitments The trust has entered into contracts estimated to amount to £28,000 for the renovation of the east window in the southem aisle. These works should be completed in 2021. 3. Contingent Liabilities Under the ternis of the English Heritage grant. The Trust undertook a liability for the maintenance of the Church for ten years from the completion of the rclevanl works in 2003. Altl)ough this ha8 now expired appropriate maintenance will be continued. Page7 of 8
Independent Examiner's Report to the Trustees of the Parish Church of St. Michael the Archaiigel, Shalfleet, Isle of Wight Fabric Restoration Charitable I'rust I report on the accounts of the Trust for the year ended 31 December 2020 which are set out on pages 5 to 7. Respective responsibilities of trustees and examiner As the Gharity's trustees you are responsible for the preparation of th¢ accounts. you consider that the audit requirement of section 43{2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to slate, on the basÈs of procedures specified in the General Directions given by the Charity Commissioners under s¢ction 43(7)(b) of the AGL whether partiwlar matters have ¢ome to my attention. Basis of independent examiner's report My examination was Caled out in a¢cordanGe with the General Directions given by the Charity Commissioners. An examination includes a review 0£ the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounl and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In connection with my examination, no matter has come to my attention.. (i) which gives me Feasonable cause to believe that in any material respect the requirements to keep accounting records in accordan¢e with section 41 of the Act. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met, or (2) to which, in my opinion, attention should be drawn in order to enabl¢ a proper understanding of the accounts to be reached. IIF. o-.4. 20,11 Page8of 8