# **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 

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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 P￿e 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.
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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 r￿e1Ved 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 r￿e1ved 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 cU￿entlY
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
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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
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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 Resour￿5
£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 £ 4￿983 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
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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 Ca￿led 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
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