Registered number: 3676476 Charity number.. 1073486 SHREWSBURY DRAPERS, HALL PRESERVATION TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 WR Partners Protecting your future. SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limited by guarantee) CONTENTS Page Reference and adminlstrathte details of the Tru8( its Trustees and advlsers Trustees, rgport IndO￿ndent èxamln•f8 rèport Statèment of financial activitie8 Balan¢0 ¥hoet Not88 to the financlal statemènts 9-18 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 TrustO88 H Devlin. Chair N J Hinton, Treasurer M J Lunt, Secretary D Allan lapwnted 22 October 20201 R Auoer JABoyd R Cknves A D Cross The Reverend R Hayes R E Gee Iresigned 22 October 20201 R Gouoh G Moss D M Perrin M G Robins M l Thrower G J Williams Company r•gl$ter number 3676476 Charlty regS8tered nurnber 1073486 R•g16ter•d offk• Belmonl House Shrewsbury Shropshire SY2 6LG Company sècr¢tary MJLunt Accountants WR Partners Belmont House Shrewsbury Business Park Shrewsbury ShTopshire SY2 6LG Bankern Barclays Bank 44-46 Castle Street Shrew5bury Shropshire SY128U Page 1 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present Iheir annual report together with Ihe financial stslemenls ol the Trust for the 1 January 2020 10 31 De￿rnber 2020. The Annual report serves the purroses of both a Trustees, r8POrt and a directors, retK>rt under company law. The Trustees ¢onfirrn Ihat ihe Annual report and financial slalements of the Charitab￿ company comply with the current stalulory requiremenls, the requirervents of the charitable company's governing document and the provisions of the Statement of Recommènded Practice ISORPI applicable to charities preparing Iheir accounts in accordan￿ with the Financial Reporting Standard appli¢able In the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. sin￿ the Trust qualifies as small under seth.on 382 of Ihe Companies Act 2006. the Strategic report required ol rnedium and large companies urbder the Companios Act 2006 Islralegic Report and Directors, Report) Regulation5 2013 has been omitted. Objoctivos and actSvltl •. Pol1cl￿ and obl•ctlves The objects of the Trust are to promote the preservation. conServat￿n and management, for the benefit ol the people of Shrewsbury, Shropshire and the nat￿n. of the historic. 8rchJtectural ana construction heritage known as Drapers Hall, Sl Mary's Pl￿, Shrewsbury la grade Il. Lista(1 building). In selling objectives and planning lor aclivib'es, the Trustees have given due consideration lo general guidance published by the Charity Commission reL4ting lo putrlic benefit. including the guidance 'Public benefit.. running a eharily IP821' b. Actlvltles und•rtaken to •chlev• obj'ective• The Listed structure of the Drapers Hall provKles an appropriate environment anLfj accESS OPPOrtunilies for the historically associated furniture. pictures and other chattels that are owned by the Shrewsbury Drawrs Company chanty. The Trust obtains income by letting the Hall for operation as a holellreslauranl and uses this income lo maintain the structure and pay other expenses property Incurred by the Charity. 21 Page 2 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA ¢ompany limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Achievements and performance . Review of aetlvltles The Trust ha5 continued to maintain a hèallhy balance sheet. and has no long-terrn debts other than lo the National Heritage Mernc¥ial Fund. wh￿h has a fir51 call on up to £59.143 of the proceeds of sale ol the Hall before 2079. The Drapers Hall is currently available lo let. lollowng the demwe ol the previous tenant on 8th September 2020 Relaxation ol the Covid 19 restrictions allowed restaurants to provide Indoor service from 17 May. The Trust has continued lo maintain the Hall dc¥ng r￿lIne and as required maintenance. The Trust not lake part in the Heritage Open Days programme In September due lo the risks ol COVID 19 to visitors and volunteers. Al Ihe AGM, ihr9e Trustees retired in accordance wth fv Memorandum and Articles and were reelected. Ron Gee retired from the Board al f(s October rreeting. Douglas Allon was elected to the Board al its October meeting. Flnanclal r•vl•w a. Golng concern After making appropriate enquiries, the Iruslees have a reasu)able expeetaiion that the Trust has adequate resources to continue in operational existence lor the foreseeats￿ future. For this reason they conlinve lo a(Sopl the going concern basi$ in preparing the financial statemenls. As a resLJIt of Covié 19 lockdowns, the resiauranl and hotel is currently dosed. A nthv tenant 1$ teing sought and It is hoped that the Drapers Hall w711 be relel by autumn 2021. b. R￿erveS polky The Trust does not have any significant reserves al present as all the assets are tied up in the Dr3￿r$ Hall Now that the debts have been paid ofl. any annual surplus wll be used to establish an Extraordinary Repair Fund. to be Ljsed lor major repairs which wll Inevilably be fL*4uired in Ihe future. Once this reserve Is SLJfficienl, the Trustees may te able to undertake piojects to enhance the ￿tage v¥ue of the Hall or ils rentsl potential The free reserves al year end were a surplus of £62,26812019.' surplus of £63,627). c. Flnanclal sltuation The Trust Currently has a very small annual rental irtcome. The condrtTon of the building is much improved over the la51 len years and it Is hoped that no luther major work wll be needed for a few years, allowing the Trust to start building up an appropriate reserv8. Page 3 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limrted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2020 Structure, governance and management a. Constitution The Trust is registered In England and Wales as a Charitable Company limited by guarantee and was sel up by a Memorandum ol AsSoC￿lI0n on 1 December 1998. The Trust's fèjistsred charity numL*r is 1073486. b. Methods of appolntment or ekction of Tru$t•8s The management ol th9 Trust Is the responsibility of the Trustees a￿ elected and C(￿opled under the terms of the Memorandum of Associali¢n. e. Classes of M￿n￿rnhIP Founder member5 are Ih05e memters %tho, In the first year of operation up to 31 December 1999. provided loans. covenants, Gift Aid or outright donations thereby to assist Ihe Trust lo purchase the Shrewsbury Drapars, Hall. These members enjoy Ihe lull righls sel out In the Mernorandum an4 Articles, including the power to elect Trustees, votrng rights al the AGM and to weive the Rep)rt and Aecounts There afe 48 founder members. The Trust may also hav8 corporate meM￿r$. A corporate mOm￿r Can nominate an authorised represenlalive who shall be entitled lo exercise the same p0￿e[S on behalf of the company which he rgpresenls 85 If he wore an individual member ol the charily There are no corporate rnember$ d. Rl•k management The Tiuslees have assessed the major risks to which the Trust is exkx)sed. in particular those related ID the operations and finances of the Trusl. and are satss1￿ that systems and procedures are In place lo miligale exposure lo the rnajor risks. Plan8 for futuro period# The former lenanl surrendered his lease on 8 September 2020 owing lo difficulties caused by the Covid 19 pandemic. Since then the Trusl has managing the building From lale November let the former manager's llal on a ghort.term agre8menl lo tenants who are carelaking the building. The Trustees are rw marketrng the lease ol the premises lo be run as a restaurant and accommodation as before and on similar ternis. Until a tenant is secured there wll be very little income from the property During this period il wll be necessary to keep expenditure to tre minimum necessary to cover the running CDsls of the building and essenbal iepairs. Page 4 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA ¢omp•ny limited by guarantsel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Statement of Trustè•8' responsibilities The TrLJslees (who are also the directors of the Trust lor the purposes of company lawl are responsible for preparing the Trustees, rew)rt and the financial statements in accordan￿ with applicable law and United Kingd¢)m Accounting Standards (Unrted Kingdom Generally Accepted Accounbng Pra¢li¢el Company law ￿qUireS the Tru51ees to prepare finanual slalements lor each financial . Under ¢ompany law, the Trustees MLJSI not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs ol the Trusl and of its incoming resoUr￿S and application of resources, including ils Income and expenditure. for that penod. In preparing these fvnancial statements. the Trustees are required to.. select suitable accounting policies and then apply fhem consisl8ntly,' observe the methods and principles of the Charities SORP IFRS 1021,. make judgments and accounting estimatss thal are reasonable and prudent". stale wh8ther applicable UK Accounting Standards IFRS 1021 have been followed. subject ID any material departures discbsgd and explained in the financial slalements. prepare the financial statements on the going concern basis unless il is Inappropriate lo presurne that the Trust will continue in business. The Trustees are responsible lor keepin9 &Yequale accounting records that are wfficienl to show and explain the Trusys iranS￿tIOnS and éisclose wth reasonab￿ accuracy at any time the financial position of the Trust and 8nabl@ them lo ensure that the financial slaiements comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets ol the Trust and hence for taking reasonable steps for the preventK)n and detection of fraud and other Irre9ulanlies. Approved by order ol the memters of the board of Trustees on 26 July 2021 and signed on their behalf by.. H Dèvlln (Chair ol Trusleesl A D CTOSS (Trusleel Page 5 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2D20 Independent Examiner's Report to th• Trust¢fr• of Shre￿tsury Orapers. Hall Pr&$ervation Trust (Yhe Trust'l I report lo the charity Trustees on my examinabon of the accounts of the Trust for the year endod 31 December 2020 R•$pon8ibilities and Basls of Report As the Truslett of the Trust land Its di¥ectors for the purwses ol cornpany lawl you are iesponsible lor the p￿paratiOn of the accounis in accordance wilh the requiremenls of the Companies Act 20061.lhe 2006 Act'l. Having satisfied myself that the accounts of Ihe Trust are not requiretl lo be audited under Part 16 of the 2006 Act and are eligible for independent exarninatK)n. I report In resp￿1 ol my examination of the Trust's accounts carried out under section 145 01 Ihe Chanlies Act 2011 I'the 2011 Act'l. In carrying out my examin81ion I have followed the Directions given by the Charrty Commission under section 1451511bl of the 2011 Act Indepèndent Examln&r'8 Stst•m*nt I have completed my ex8minaiion. I confirm that no matters have come lo my attention In connection with the examination giving me cause lo ￿lIeve. accounting records were not kept in respect of Ihe Trust as required by section 386 of the 2006 A¢l". or the a￿Ounts do not xcord those reeor¢JS, or the accounts do not comply with the accounting requirements ol sects'on 396 of the 2006 Act other than any requirement Ihal the accounls give a'lrue and fair, view which Is not a matter considered as part of an independent examination I have no concems an¢J have com8 across no other matters in connection with the examinats'on to which attention should be drawn in this report in order lo enable a proper understanding of the aeeounts to be reached. This report is made solely lo the Trust's Trust*s. as a body. in aecordance with Part 4 of the Chariti&s (Accounts and Reports) Regulalw)ns 2008. My ￿￿)rk has teen vndertaken so that I might slate lo the Trust's Trustees those matters l am reqviied to stale lo them in an Independent examiner'5 report and lor no other puipose To the fullest exient permitted by law. I do not a￿p1 or assume responsibility to anyone other than the Trust and the Trusys Trustees as a bojy for my work or for this report. Signed.. Dated: 0610812021 T LLJnt BA FCCA MIRPM WR Partners Chartered Accountanls Belmont House Shrewsbury Business Park Shrew5bury SY2 6LG Page 6 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST {A ￿MpanY limited by guarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2020 Restricted unr￿trIcted funds funds 2020 2020 Total funds 2020 Total funds 2019 Note Income from: Donations and legacies Charitable activitie5 Investments 250 41,667 15 250 41.667 15 535 27.OQO 40 Total income Expendlture on: Charitable activities 41.932 41,932 27,575 20.84S 20,845 5,358 Total exp•ndSlure 20,845 20,845 5,358 Net movement In fund8 R•conclllation of fund8: Total funds brought forward Nel rnovemenl in funds 21,087 21.087 22,217 69.143 228,331 21,087 287,474 21,087 265,257 22,217 Totsl funds carrled fon¥ard Sg,143 249,418 308,561 287,474 The Statement of Financial Activities includes all gains and losses recognised In the year The notes on pages 9 10 18 fcfjm part ol these finamal s&7tements. Page 7 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA company limited by guarantee) REGISTERED NUMBER: 3676476 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Not• Flxed as8el¥ Tangible assets 11 248.147 223,847 248,147 223.847 Current •88ets Debtors Cash al bank and in hand 3, 148 63.448 66,420 66,764 66, 596 Creditors.. amounts falling due within onè year 10 16,3501 (2,969) Net current a88et8 60,414 63,627 Total assets less current liabllltle$ 308,S61 287.474 Net assets 308,561 287,474 Tolal net aBsets 308.581 287,474 Charlty funds Restricted funds Unreslricled funds 12 12 59,143 249,418 59, 143 228.331 Totsl fund8 308,561 28T,474 The Trust was entitled to exemption from audr( under Secti￿ 477 of the Companies Act 2006. The members have not required the company lo obtain an audr( for the year In queston in accordance with seclion 476 01 Companies Act 20C6. The Truslees acknowledge their responsibilitEs for complying with the reqU1￿MentS of the Act with respect lo accounting records and preparati￿ of financial statements The financial statements have been prepared in accordance with the provisions appl￿ble to entities subject lo Ihe small companies regime. The financial slalemenls were approved and aulhorise¢J for issue by Ihe Trustees on 26 July 2021 and signed on their behalf by H Devlin (Chair ol Trusleesl ADCr¢ (Trusteel The note5 on pages 9 to 18 lomi part of these financial statements. Page 8 SHREWSBURY DRAPERS, HALL PRESERVATION TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 General information The Trust is registered In England and Wales. as a charitable company limited by guarantee and was set up by a Memorandum of AsxKiab"on on 1 De￿mber 1998 The Trtjsys registEYed charity number is 1073486 The Directors of the company are the Trustee5 named on page 1 In the event of the Trust being wound up, ihe liability in resFect ol the guarantee is limited lo £5 per member of the Trust Accountlng policie 2.1 84818 of prnparatlon of Iln•nclal *tatsments The financi81 statements have ken prepared In accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charilies.. Statement of Recommended Po¢lice applicable lo charities preparing Iheir accoun15 In accordance with the Financial Reporting Stsndard applicable In the UK and Republic ol Ireland IFRS 1021 (updated 20191, the Finaneial Reporiin9 Stsndard applicable in the UK and Republic ol Irelantj IFRS 1021 and the Companies Act 2006 Shrewsbury Drapers. Hall PreservalDn Trust meets the definilion of a public benefit enlily under FRS 102 Assets and Iiabililie5 are initially recognised al historical cost or Iran5action value unles5 otherwise staled in the relevant aceounting pdicy. 2.2 Incom• All income is recognised once rhe Trust has enlillemenl to the Incorne. Il is probable that the Income will be received and the amount ol Incorne receivable can be measured reliably Income tax recoverable in relation lo Investment Incom is recognised at the lime the investment income is receivable. 2.3 Ex￿ndItUre Expendf(ure Is reeognised once there is a legal cf constructive oblig8lion to transfer economic benefit lo a third party, rt is probable that a transfer of economi¢ benefits will be required in settlement and the anK)unl of the obligation can be measured reliably Expenditure Is classified by aclivily. The costs of ea¢h activity ale rr￿e up of the total of direct costs and shared costs. including supwt cosis involved in undertaking each activity. Direet costs attribLJtable lo a single activity are allocated directly to thal activity. Shared costs which conlnbvle lo more than one activity and suppcxt ¢ost5 which 8re nol allributable to a single activity are app¢xtioned befften those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of lime spent. and depwiation charges allocated on the pgrtion of the asset's use Expenditure on charitsble activities Is incurred on directly undertaking the acliwlies which further the Trusys objectives. as well a5 any asxtiated SUp￿rt costs. All expenditure is inclusive of irre￿rab￿ VAT. Page 9 SHREWSBURY DRAPERS. HALL PRESERVATION TRUST IA Company lirnited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢countlng policles {¢ontlnued} 2.4 Interest r•ceivable Interest on fvnds held on deF(Jsit is included recewable and the amount can be measured reliably by the Trust. Ihis is noimally upon notfficab.on of the inleiesl paid or payable by the institution with whun the funds are deposited. 2.5 Tanglbl• fix￿ assets and d¢pre¢iatlon Tangible fixed assets are Initially recognised al cost After recognrtion, under the cost rnodel, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. . Depreciation is Char￿ so a5 lo all￿ale the cost of tan9it4e fixed assets less their residual value over their estimated useful lives. Deprecwlion is prOV￿ed on Ihe fc41cMng bases.. Freehold woperty Fixtures and fillings nil depre¢ialK)n 10°h straight line 2.6 D•btor¥ Trade and other debtors are recognised al Ihe settlement arrount after any trade discount offered. Prepayments are valued al the amount prepa*J nel ol any Iraée discounts due. 2.7 Cash at bonk and In hand Ca8h al bank and in hand Includes cash and short-lerm highly liquid investments with a short malLJrity ol three rnonths or less from the dale of acquisition or opening of the deposit or similar account. 2.8 LIabIl￿o* and provislons L￿bilItieS a￿ recognised vtsn there is an obligation at the Balants sheet date as a result DI a past event, il Is probable that a transfer of economic benefit will be required in selllemenl, and the arnount of the settlement can be eslimaled reliably. Liabilith"es are recognised at the amunl Ihal the Trust anlicipales il wll pay lo sellle the debt or the amount it has ￿CeIVe(laS advanced payments for the goods or serv￿eS It must provide Provisions are measure Analys1$ ol net assets bet￿n funds- prior perlod Restricteo Unrestrictad funds fvnds 2019 2019 Total funds 2019 Tangible fixed assets Current assets Creditors due within one year 59,143 164.704 66,596 12,9691 223,847 66.596 (2,969) Totsl 59.143 228,331 287,474 14. Rèlated party tran$actlon8 There were no ielaled party transactions during the year12019 £'NIll. Page 18