REGISTERED COMPANY NUMBER: 3676476 (England and Walos) REGISTERED CHARITY NUMBER: 1073486 SH WSB RY DRAPER ' HALL PRESERVATI COMPANY LI TEDB PORT UNAUDITED FINANCIAL STATEMENTS R THEYE REN ED
SHREWSBURY DRAPERS' HALL PRESERVATION
TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Trustees' Report | 2 | 2 to 4 |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Statement of Financial Position | 7 | 7 to 8 |
| Notes to the Financial Statements | 9 | 9 to 14 |
HREWSB Y DRAP TRUST RV REFERENCE AND ADMINISTRATIVE DETAILS R THE YEAR ENDED 31 CIECEMBER 2023 TRUSTEES Mr J D Allan Mr R Auger (resigned 19.4.23) Mr N J Baker (appointed 1.2.23) MsJABoyd Mr R J Clowes MrA D Cross Mr H Devlin (resigned 19.10.23) MrAFox Mr R J Gough Reverend R Hayes Mr N J Hinton MrMJLunt Mrs L Mitchell (appointed 15.1.24) COMPANY SECRETARY MrMJLunt REGISTERED OFFICE Drapers Place Horsefair Abbey Foregate Shrewsbury Shropshire SY2 68P REGISTERED COMPANY NUMBER 3676476 (England and Wales) REGISTERED CHARITY NUMBER 1073486 INOEPENDENT EXAMINER TCA (Shrewsbury) LLP Third Floor 21 St Mary's Street Shrewsbury Shropshire SY1 1ED BANKERS Bardays Bank 44 - 46 Casle Street Shrewsbury Shropshire SY12BU Unity Trust Bank PO Box 7193 Planetary Road Willenhall WV19DG Page 1
SHREWS8URY DRAPERS, HALL PRESERVATION TRU TEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the chanty for the purposes of the Companies Act 201, present their report wilh the financial statements of the charity for the year ended 31 Dmber 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the Trust are to promote the preservation, conservation and management, for the benefft of the people of Shrewsbury, Shropshire and the nation of the historic building known as Drapers Hall, St Mary's Place, Shrewsbury (a grade11 Listed building). In setting objectives and planning for activities, the Trustees have given due considerdtion to general guidance published by the Charity Commission relating to public benefft, including the guidan 'Public benefft.. running a charity (PB2)'. Significant activities 1) The listed structure of the Drapers Hall provides an appropriate environment and access opportunities for the historically associated fumiture, pictures and other chattels that are owned by the Shrewsbury Drapers Company charty and Shrewsbury Drapers Holy Cross Limrted. 2) The Trust obtsins incoma by letting th& Hall for operation as a hotevrestsurant and uses this income to maintain the 8tnJcture and pay other expenses properly incurred by the Charity. ACHIEVEMENT AND PERFORMANCE Charitable activitie8 The Trust continues to have a successful commercial tenant that is consolidating the business and developing a reputation for good quality restaurant food with high quality room accommodation. The last 12 months has seen the relationship wf(h the tenant continue to work well wrth regular planned meetings and follow up. During the year a chartered surveyor was employed to undertake a comprehensive survey of the building for the purpose of reviewing the value underpinning the Hall's Buildings Insurance. The report Klentrfied that the replacement cost following inflation needed an uplfft and subsequently following correspondence wrth the Trust's Insurer the Gover is now set at £6.25m, the tenant remains responsible for paying the premium. During the summer it was agreed with the tenant that part of the kitchen accommodation was not ideal for the capacty of the restaurant. An architeclural practice was commissioned to devise a scheme and consult wrth the IcKal Conservation Offir to get planning approval for a refurbishment project which involved the complete renovation of the whole kitchen. We are pleased to report that approval was granted. At the same time, and following a tendering process, a price was agreed with a local contractor and the project was planned to start during the second week of January 2024. This project was completed in time and on budget. FINANCIAL REVIEW Flnancial position The Shrewsbury Drapers, Hall was let on 1 Dernber 2021 to a commercial tenant trading as a restaurant and boutique hotel. The new restaurant and accommodation has been sucSsful and the Trust's rentsl income has been restored to pre-covid levels at the year ended 31 December 2023. Page 2
SHREWSBURY DRA RS. HALL PRES TRUST VATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER202 FINANCIAL REVIEW Reserves policy Although at the Balan Sheet date the Trust had substantial bank balances. there is a Commitment to spend up to £90,000, plus recoverable VAT, on improving the main kitchen within building. Therefore at thls lime there is no proposal to transfer additional funds to reserves. The free reserves at the year end were £97,826 (2022: £75,837> Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequale resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt Ihe going o)ncem basis in preparing the financial statemènts. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng documont The charity is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Charlty constltutfion The Trust is registered in England and Wales, as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 DeGember 1998. The Twsys reglstered charity number Is 1073486. Recrultment and appolntment of new trusto85 Th6 management of the Trust is the responsibility of the Trustees who are elected and co-opted under the temis of the Memorandum of Association. Classes of membershlp Founder members are those members who. in the first year of operation up to 31 December 1999, provided loans, covenants. Gift Aid or outright donations thereby to assist the Trust to purchase the Shrewsbury Drapers, Hall. These members enjoy full rights set out in the Memorandum and Articles, induding the power to elect Trustees, voting rights at the AGM and to receive the Report and Accounts. There are 21 fr)urKler members. The Trust may also have corporate members. A corporate memb6r can nomlnate an authorised representative who shall bè entitled to exercise th8 same powers on behalf of the company which he represents as if he vKre an individual member of the charity. There are no corporate members. Risk manag?ment The Tnjstees have a duty to identify and review the risks to which the Trust is exposed and to ensure appropriate controls are in place to provide reasonable assuran against fraud and error. Plans for future periods Following the success of lettlng of the Hall to new tenants In 2021, we have embarked on a ioint developmenl and substsntial improvement of the kltchen area. The initial planning and approval phase is undeNay and the work should be completed by 30 June 2024. The cost of thls work is estimated lo be £90,000 plus reeoverable VAT. This program continues our plan to work with the new tenants to establish a viable and successful business which also helps the Trust to achieve its conservation and a(xess objectives for the property. TRUSTEES. RESPONSIBILITY STATEMENT The trustees (who are also the directors of Shrewsbury Drapers, Hall Preseniation Trust for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practi} induding Financial Reporting Standard 102 "The Financial Reporling Standard applicable in the UK and Republic of Ireland". Page 3
HREWSBURY DRAPERS, HALL PRES TRUST ATION TRUSTEES. REPORT R THE YEAR ENDED 31 DECEMBER 2 TRUSTEES. RESPONSIBILITY STATEMENT - contlnued Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the inwme and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and princAples in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ........,. signed on its behalf by: MrRJGough- rustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SE[BEpERs., HALL PRESERVATION TRUST Independent examinerfs report to the trustees of Shrewsbury Drapers, Hall Preservatlon Trust {Ihe Company.) I report to the charty trustees on my examination of the accounts of thè Company for the year ended 31 DeMbr 2023. Responsibilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsib18 for the preparation of the accounts in accordanc8 With th8 requirements of the Companies Act 20(6 (Ihe 2008 Act'}. Having salisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in $pt of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under Section 14515) (b) of the 2011 Act. Independent examlnerfs statement I have completed my examination, I confimi that no matters have come to my attention in connection wfth the examination gwing me cause to believe.. a¢xounting records were not kept in respect of the Company as réquired by Section 386 of the 2CK)6 Act., or the accounts do not accord with those record5', or the accounts do not comply with the accounting requirements of Section 396 of the 20C6 Act other than any ruIreMent that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charrties (applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in tha UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matters in connection with the examination to which ettention should te drawn in this report in order to enable a proper understanding of the accounts to be reached. C Moelwyn-williams Bsc FCA TCA {Shrewsbury) LLP Third Floor 21 Sl Mary's Street Shrewsbury Shropshire SY1 1ED Date.. Page 5
SHREWSBURY ' HALL PRESERVATION TRUST TATEMENT OF FINANCIAL ACTIVITIE FOR THE YEAR ENDED 31 DE EMBER 2 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donats"ons and legacies 570 570 924 other trading activities Investment income 36,023 619 36.023 619 27,710 Total 37.212 37,212 28.639 EXPENDITURE ON Charltable actlvltlos Generdl 4,948 4,948 21.509 NET INCOME 32,264 32.264 7,130 RECONCIUATION OF FUNDS Totsl funds brought forward 240,541 59.143 299,684 292,554 TOTAL FUNDS CARRIED FORWARD 272,805 59.143 331,948 299,684 CONTINUING OPERATIONS All income and eXndItUre has arisen from continuing acttvitias. The notes fomi part of these financial statements Page 6
SHREW URY DRAPERS, AL TRUST RESERVATION STATEMENT OF FINANCIAL POSITI 31 DECEMBER 202 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 174,979 59,143 234,122 223.847 CURRENT ASSETS Debtors Cash at bank 4,834 110,673 4,834 110,673 6,695 84,433 115,507 115,507 91,128 CREDITORS Amounis falling due within one year 117,681) {17,681) (15,291) NET CURRENT ASSETS 97,826 97,828 75,837 TOTAL ASSETS LESS CURRENT LIABILITIES 272,805 59.143 331,948 299,684 NET ASSETS 272,805 59,143 331,948 299,684 FUNDS Unrestricted funds Restricted funds 10 272.805 59.143 240.541 59.143 TOTAL FUNDS 331,948 299,684 The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 Dernber 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statement5 which give a true and fair view of the stste of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise compty with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes fom part of these financial statements Page 7 continued...
SHREWSBURY DRAPERS, TRUST PRESERVATION STATEMENT OF FINANCIAL P SITION - continued i DECEMBER 2023 These financial statements have been prepared in accordance with the Provisions applicable to charitable companies subject to the small companies regime. The financial stalements were approved by the Board of Trustees and authorised for issue on ..11..5ep.r£thts....90Z4 and were signed on its behalf by: MrRJGough- rustee Mr N J Hinton - Trustee The notes form part of these financial statements Page 8
SHREWS8 RAPERS, HALL PRE VATION NOTES T THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2 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 Association on 1 December 1998. The Trust's regISted charity number is 1073486. The Directors of the Company are the member trustees named on page 1. In the event of the Trust being wound up their liability in respect of the guararrtee is limited to £5 per member of the Trust. ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable company, whith is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'AcccAJnting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Flnanclal reportlng standard 102 • reduced dlsclosure exemptlons The charitable company has taken advantage of the following disclosure exemplions in preparing these financial statements, as pemiitied by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows; ihe requirement of paragraph 3.17(dl', the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48{a)(iv), 11.48(b) and 11.48(c)' the requirements of paragraphs 12.26, 12.27, 12.29{a), 12.29(b) and 12.29A: the requirement of paragraph 33.7. Incoma All income is recognised in the Statement of Financial Activlties once the charity has entidement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obllgaon committlng the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatr'on can be measured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to particular headlngs they have been allocated to activilies on a basis consistent wlth the use of resources. Taxation The chanty is exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectNes at the discrelion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for parlicular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial statements. Page 9 continued...
EWS8 SER ATION TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the setuement can be estimated reliably. Liabilities are recognlsed at the amount that the Trust antlcipates Ft will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Flnanclal Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement valu8 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Cash at bank and In hand Cash al bank and in hand indudes cash and short-term highly liquid investments wlh a short maturity of three months or18ss from the date of acquisition or opening of the deFJOSit or similar account. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. OTHER TRADING ACTIVITIES 2023 2022 Hall Rent81 Insurance Recharge 35,000 1,023 27,710 36,023 27,710 INVESTMENT INCOME 2023 2022 Bank Interest 619 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustses. axponsos Trustees expenses of £102 were reimbursed for the year ended 31 December 2023.12022: £nil). Page 10 ontinued...
Y DRAP TRUST LL PRESERVATION TE TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 202 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 924 924 other trading activities Investment income 27.710 27,710 Total 28,639 28.639 EXPENDrruRE ON Charitabl8 activitlaS General 21,509 21,509 NET INCOME 7,130 7.130 RECONCILIATION OF FUNDS Total funds brought forward 233,411 59,143 292,554 TOTAL FUNDS CARRIED FORWARD 240,541 59,143 299.684 TANGIBLE FIXED ASSETS Freehold propety COST At 1 January 2023 Additions 223,847 10.275 At 31 Dember 2023 234,122 NET BOOK VALUE At 31 December 2023 234,122 At 31 December 2022 223,847 The property was purchased in 1999 at a cost of £150,000. It is to be retsined in the ownership of the Trustees and cannot be sold before 17 September 2079 without the prior approval of the Trustees of the National Heritage Memorial Fund (NHMF) whose approval, if given, may be subjed to such temis and conditions as it thinks fit. which may include a requirement for the repayments of the NHMF of a share of the net proceeds of the sale of the property. Page11 continued...
SHREWSBURY PRESERVATION TRUST NOTES TO THE FINANCIAL TATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 202 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors 4,834 6.695 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade credllors Social security and other taxes Other creditors Accruals and deferred Income 1,524 214 8,750 7,193 2.814 8,750 3,727 17,681 15,291 Deferred Income Indudes £5,116 invoiced to the tenants of Shrewsbury Drapers Hall in respect of insurance for the period January 2024 to September 2024. This will be released in full in the financial year ended 31 December 2024. 10. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fund 240,541 32,264 272,805 Restricted funds Restricted Funds 59,143 59,143 TOTAL FUNDS 299,684 32,264 331,948 Net movement In funds, induded In the above are as follows,. Incoming resources Resou$ expended Movement In fvnds Unrestrlctgd funds General fund 37,212 (4,948) 32,264 TOTAL FUNDS 37,212 (4,948) 32.264 Page 12 onlinued...
SHREWSBURY DRAPERS. HA TR RVATION NOTES TO THE FINANCIAL TATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 10. MOVEMENT IN FUNDS - continued COMpaTh1ve5 for movement in funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted fvnds General fund 233,411 7.130 240.541 Restrlctsd funds Restricted Funds 59.143 59.143 TOTAL FUNDS 292.554 7,130 299.684 C¢)mparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement n furKIs Unrestricted funds General fund 28,639 (21.509) 7.130 TOTAL FUNDS 28.639 (21,509) 7,130 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.23 At1.1.22 Unrestrlcted fund8 General fund 233,411 39,394 272,805 Rtrictsd funds Restricted Funds 59,143 59,143 TOTAL FUNDS 292,554 39,394 331,948 A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows: Incomlng resources Resour$ expended Movement in funds Unrestricted funds General fund 65,851 (26,457) 39,394 TOTAL FUNDS 65,851 (26.457) 39,394 Page 13 continued...
SHREWSBURY DRAPERS, HALL PRESERVATION TRU NOTES TO THE FINANCIAL TATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 10. MOVEMENT IN FUNDS - continuèd Unrestricted funds represent fund5 available for use in furthering the charitys general aims. The trustees consider that a prudent policy needs to be established to retain a reasonable level of funds for future property maintenance commitments. They are responsible for the upkeep and preservation of an important historic building and need sufficient financial reserves available for future support for this building. The restricted fund represents grants received from the Trustees of the National Heritage Memorial Fund {NHMFI known as the Heritage Lottery Fund. £59,143 has been utilised to help purchase the propety, Shrewsbury Drapers, Hall, and cary out repair works. The contract with the NHMF states that the terms and conditions of the contract shall cease to appty to the whole or any part of the propety on the expiry of the period of 80 years from the 17 September 1990. 11. RELATED PARTY DISCLOSURES Durlng the year, the Trust received donations of £214 (2022.. £494) from one trustee, Nigel J Hinton, In respect of Drapers, tours and talks given during the year. The trustees engaged John Graham Moss, a trustee. of Moss Company LLP, to act on behalf of the trustees In his professional capacty as an archltect in the year to 31 December 2023. In the year ended 31 December 2023, Moss Company LLP had Invoiced fees to the Charfty amounting lo £5.285. (2022: £nil). Page 14