REGISTERED COMPANY NUMBER: 3676476 (England and Wales) REGISTERED CHARITY NUMBER: 1073486 SHREWSBURY DRAPERS, HALL PRESERVATION TRUST A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SHREWSBURY DRAPERS, HALL PRESERVATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Reference and Administrative Details Trustees. Report Independent Examinerfs Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 9 to 14
HREWSBURY DRAP ERVATION FERENLE AND ADMIN STRATIVE DETAIL FOR THE YEAR NDED ._1 DECEMBER 2024 TRUSTEES Mr J D Allan Mr N J Baker MsJABoyd Mr R J Clowes MrA D Cross Mr A Fox (resigned 12.6.24) Mr R J Gough Reverend R Hayes (resigned 9.5.24) Mr N J Hinton MrMJLunt Mrs L Mitchell {appointed 15.1.24) (resigned 25.1.25) MrJGMoss Mr M G Roblns COMPANY SECREfARY MrMJLunt REGISTERED OFFICE Drap8rs Place Horsefair Abbey Foregate Shrewsbury Shropshir8 SY2 68P REGISTERED COMPANY NUMBER 3676476 (Engknd and Wales) REGISTERED CHARrrY NUMBER 1073486 INDEPENDENT EXAMINER TCA {Shrewtsbury) LLP Third Floor 21 St Marys Street Shr8vtsbury Shropshire SY11ED BANKERS Barclays Bank 44 . 46 Castle Street ShreWbury Shropshire SY12BU Unlty Trust Bank PO Box 7193 Plan8tsry Road Ylllenhall WV19DG Page 1
RYD ERS, TRUST PRE ERVATI TRUSTEES, REPORT R THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also dlrectors of the charlty for the pUrrS of th8 Companies Act 2008. present their report with the financial ststements of the charity for the year and8d 31 0ec8mber 2024. The trustees have adopted the provisions of Accounting and ReFing by Charities.. Statement of Recommended Practic8 applicabl8 to charities preparing their accounts in accordance with the Financial ReFKJrbng Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effectlve 1 January 2019). OBJECTIVES AND ACTivmES Ob}ectlv88 and alms The objects of the Tnjst are to prorrK)te the preservation, conservation and managemenL for the benefft of the people of Shrewsbury, Shropshire and the nation of the historic building known as DrapeT5' Hall. St MaTVs Place, Shrewsbury (a grade Il. Listed building). In setting objectlves and plannlng for acttvitles, the Trustees have given due consideration to general guidan published by the Charity Commisslon relating to public benefit. induding the guidance 'Publi¢ benefft: njnning a chaiity (PB2>'. Slgnlficant actlvltles The listed structure of th8 Drapers, Hall provides an appropriate environment and access opportunities for the historically associated fumiture, pictures and other chattels that are owned by the Shrewsbury Drdpers Company charity and Shrewsbury Drape[5 Holy Cross Limited. 2) The Trust obtains income by letting the Hall for operatlon as a hoteilrestaurant and us8S this Income to maintain the struclure and pay other expenses property incurred by the Charity. ACHIEVEMENT AND PERFORMANCE Charltable actltIeS The Trust continues to have a successful commercial tenant. even though the last 12 months have seen some challenglng legislatlve changes enacted by the new Incoming govemment. The Trust IS 8CUtely aware of Ihe pressure being bomè by our tenant so we continue to be supportive. Having undertaken a rent review as required by the Lease in Dernber 2024, we have made the declsion not to increase the rentsl. The insurance payable by the tenant. ha5 incre8sed following a revaluation exerGise in 2023, the reinststement value of the Hall is now based on a valuation of £6.2 m plus VAT. During the year two malor surveys were undertaken: The first Was a ct)mprehenslve Fire Rlsk Assessment carried out by a locally based fire safety nSUltancY and the report contained a very d8talled adion log which is currently being worked through with some prior7ty items having been completeAJ already. Tha fDrmal review date with thè consultancy is set for September 2025. The second was a comprehensive extemal buildlng sun4ey, whlch Included photographic imagès of the roofs and gutters and downpipes. Som8 works are now cL)mpleted with the current follow-up activity involving regular visual Inspedions. whilst a 3 year m8intenance programme is being created. We have planned for Heritag8 Open Days in September and a visit by the Shropshire Arts Sodety in April. which will indude a lunch and themed lecture on the history of the Shrewsbury Drapers Company, the building of the Hall, tts fumlture and visits to the adjacent churches with Drapers nnections. FINANCIAL REVIEW Flnanclal po8ltlon The Shrewsbury Drapers, Hall was let on 1 Dernber 2021 to a commerclal tenant trading as a restsurant and boutique hotel. The new restaurant and accommodation rontinuas to be successful and the Trust's rentsl Income has r8malned conslstent throughout the year erK18d 31 December 2024. Page 2
SHREWSBURY DRAPERS. HALL PRESERVATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We have planned for Heritage Open Days in September and a visit by the Shropshire Arts Society in April, which will include a lunch and themed lecture on the history of the Shrewsbury Drapers Company, the building of the Hall, its furniture and visits lo the adjacent churches with Drapers connections. FINANCIAL REVIEW Financial position The Shrewsbury Drapers, Hall was let on 1 December 2021 to a commercial tenant trading as a restaurant and boutique hotel. The new restaurant and accommodation continu8S to be successful and the Trusvs rental income has remained nSIStent throughout the year ended 31 Dember 2024. FINANCIAL REVIEW Reserves policy With the Hall now in full operation, the reserves policy of the charity remains to be under close review by the board of Trustees. At this time, there is no proposal to transfer additional funds to reserves. The free reserves at the year end were £50,89912023: £97,826> Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going ryjncern basis in preparing the financial statements. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Charity constitution The Trust is registered in England and Wales, as a charitable company limited by guarantee and was set up by Memorandum of Association on 1 Dember 1998. The Trust's registered charity number is 1073486. Recruitment and appointment of new trustees The management of the Trust is the spOnSibl11tY of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Classes of membership Founder members are those members who, in the first year of operation up to 31 December 1999, provided loans, covenants, Gift Aid or outright donalions thereby to assist the Trust to purchase the Shrewsbury Drapers. Hall. These members enjoy full rights set out in the Memorandum and Articles, including the power to elect Trustees, voting rights at the AGM and to receive the Report and Accounts. There are 21 founder members. The Trust may also have corporate members. A corporate membar can nominate an authorised representative who shall be entitled to exercise the same powers on behalf of the company which he represents as if he were an individual member of the charity. There are no corporate members. Risk management The Trustees have a duty to identify and review the risks to which the Trust is exposed and to ensure appropriate controls are in pla to provide reasonable assurance against fraud and error. TRUSTEES, RESPONSIBILITY STATEMENT The trustees (who are also the directors of Shrewsbury Drapers, Hall Preservation Trust for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice) including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Page 3
HREW RYD ERS. H TRUST L PRESERVATIO Trus ' REPO DE THE 24 TRUSTEES, RESPONSIBILrrY STATEMENT - contlnuod The trustees are responsible for keeping proper accounting rewrds whlch disclos8 with reasonable accuracy at any time the finandal positlon of the charitable company and to enable them to ensure that the financial statements comply wlth the Companl8s Ad 2006. They are also r8sponslble lor safeguardlng thè assets of the charftable company 8nd hence for tsknng reasonable steps for the preventlon and detectton of fraud and other irregul8Atles. Approved by order of the board of trustees on and slgned on Its behalf by: MrRJGough- Pag8 4
IN EPENDENT EXAMINER'S REPORT TO THE TRUSTEE SHREWSB RY DRAPERS, HALL PRESERVATI TRUST Indepondont examlnorfs rnport to the trustsos of Shrnwsbury Drapor8' Hall Proservatlon Trust (Ihe Company.) I rekM)rt to the charfty trustees on my examination of the accounts of the Company for the year ended 31 Oecember 2024. Rosponslbllltles and ba818 of report As the charivs trust88s of the Company (and also Its directors for the purfM)88s of company law) you arè responsible for the preparallon of the accounts In accordance Vth the requlrements of the Companles Act 2006 {Ihe 2006 AGt). Having satisfied myself that the aixounts of the Company are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination. I report in raspect of my examinatlon of your charity's aCUnIS as c8rried out urKler Section 145 of the Chartlies Acl 2011 fthe 2011 Act,). In Carylng OLrt my examination I have followed the Dlrections given by the Charity Commlssion under Sedon 145(5) (b) of the 2011 Ad. Indèpondant wmlnerf8 8tatomont I have completsd my examination. I confim that no matter5 have rne to my attention In )nnectIon with the examination giving me cause to b85ieve: accounting records We not kept in respect of th8 Company as requlred by Section 386 of the 2006 the accounts do not accord with those e0rdS., or the a¢counts do not (omply with the ac¢xJunting requirem8nts of Sectlon 396 of the 2006 Act other than any requirement that Ihe accounts glve a true and fair vlew which is not a matt8r considered as part of an Independent examination,. or the accounts have not been prepared in accordance wlth the methcth and principles of the Ststement of Recommended Practice for ac(xsunting arKI reporting by charities (applicable to charities preparing their accounts in aLwrdanc8 Wrth the Financial Rèporting Standard applicable in the UK and Republic of Ireland (FRS 1021)- I have no concerns and have me across no other matters In COnnlI0n wlth the examlnatlon to whlch attention should be drawn In this report in order to enable a proper urKleT5tsnding of the accA)unts to be reached. C Vwwy"LuL1r1 . C MoeFvryn-Willlams Bsc FCA TCA {ShrevbUry) LLP Third FlcK)r 21 St MarS Stre6t Shrewsbury Shropshire SY11ED Date: . Page 5
SHREW BU DRAPERS. H TRUST PRESERVATION STATEMEKf OF FI AN RTHE EAR ENDED IALA TivrriES 1 DECEMBER 20 2024 Total funds 2023 Total funds Unr8Stricted Restrictsd nd Notes INCOME AND ENDOWMENTS FROM Donations and legacies 595 595 570 Other trading activities Investment inwme 42,144 1.117 42,144 1.117 36,023 619 Total 43.856 37.212 EXPENDITURE ON ¢harltable actfvltles General 13,822 13.822 4,948 NEf INCOME 30,034 30,034 32.264 RECONCILIATION OF FUNDS T¢)tsl funds brought forward 272,805 59.143 331,948 299.684 TOTAL FUNDS CARRIED FORWARD 302.839 59.143 361,982 331.948 CONTINUING OPERATIONS All Income and expenditure has artsen from continuing activities. The notes form part of these finanaal statements Page 6
SHREWSBURY RAPERS. HALL PRE TRUST TEME TOFFI AN 31DE EPIBER.? 24 2024 Total funds 2023 Totsl funds Unrestrfcted fund Restricted nd FIXED ASSErs Tangible assets 251.940 59.143 311,083 234,122 CURRENT ASSErs Debtors Cash at bank 5.378 63.355 5,378 63,355 4.834 110,673 68.733 68.733 115,507 CREDITORS Amounts falling due within one year (17,834) (17.834) (17,681) NEf CURREKf ASSETS 50.899 50,899 97,826 TOTAL ASSEfs LESS CURRENT UABILITIES 302,839 59.143 361.982 331.948 NEf ASSErs 302,839 59.143 361.982 331,948 FUNDS Unrestricted fijnds Restricied funds 10 302.839 59,143 272,806 59,143 TOTAL FUNDS 361.982 331,948 The charltabl8 company is entitled to exemption from audlt under Section 477 of the Companles Act 2006 for the year ended 31 D8c8mber 2024. The members have not requlred the ¢)Jmpany to obtsin an audlt of ts financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2008. The trustees acknowtedge their responslbilities for (a) ensuring that the charitable MpanY keeps accountlng recorils that comply Sectlons 386 and 387 of the Companies Act 2006 and (b) preparing financial statements whlch give a tru8 and fair view of the stste of affalrs of the charliable company as at Ihe end of each financial year and of Its surplus or deficlt for each flnan¢ial year In ac9)rdan wlth the requirements of Sections 394 and 395 and which Otheise comply with the requirements of the Companies Act 2(K16 relatlng to financial st8tem8nts. 80 far as applicable to the charitable company. The rteS fo part of these financral stat&m8nts Page 7 contlnued...
SH ERS. HALL PRESERVATI Tru NT F FINANCIAL srr 1 DECEMBER 2024 nu These financial ststements have been prapar&d in accordance with the prOvionS applicable to charitable companies subject to the Small companles regime. The financial ststements were approved by the Board of Trustees and authorised for Issue on . and were signed on its behalf by: MrRJG rustee Mr N J Hinton- stee The notes fomi part of these finandal statements Pag8 8
SHREWSBURY DRAPERS. HALL PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The Trust is registered in England and Wdles as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 December 1998. The Trust's registered charity number is 1073486. The Directors of th6 Company are the member trustees named on page 1. In the event of the Trust being wound up their liability in respect of the guarantee is limited to £5 per member of the Trust. ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have be8n prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charit18s preparing their accounts in accordanc8 With the Fin8ncial 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 Financlal reporting standard 102 - reduced disclosure exemptions The charitable company has taken advantage of the following disclosure exemptions in prep8ring these financial statements, as pemiitted by FRS 102 'The Financial Reporting Standard applicable in the UK 8nd Republic of Ireland,: Ihe requirements of Section 7 Statement of Cash Flows; the requirement of paragraph 3.17(d); the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)liii>, 11.48(a)(iv), 11.48(b) and 11.48{c)', the requirements of paragrsphs 12.26, 12.27, 12.29(al, 12.29(bl and 12.29A' the requirement of paragraph 33.7. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can b8 measured reliably. Expenditure Liabilities are recognised as expenditure 8s soon as there is a legal or cnnstructivè obligation committing the charity to that expenditure, it is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. lthere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of th8 charity. Restrictions arise when specrfied by the donor or when funds are raised for particular restricted purposes. Page 9 continued...
SHREWSB ERS. HALL PRESE TRUST TES TO THE FI FOR THE YEAR E IAL TATEMENTS - co 1DE EMBER 2024 ACCOUNTING POLICIES - contlnuod Llabllltles and pn)vlslons Uabillties are r8ownised vthen there is an obligation at th8 Balance sheet date as a result of a past event, It is probable that a transfer of econom b8n8fjt will required in settlement, and the amount of the settlement can be estimated reliably. Liabillties are re(xy3nlsed 8t the amount that the Trust antlclpates it wlll pay to settle the debt or the amount it has reiVed as advanc&J paymonts for the goods or services it must provide. Flnanclal Instruments The Trust only has financial assets and financlal Ilalylitl8s of a klnd that qualfy as baslc fjnancial instruments. Basic financial instruments are initially recognised at transaction valua and Subsequently measured at their satuement value with the exception of bank k>ans whlth are subsequenlly measured at amortised cost using the effective interest method. Cash at bank and In hand Cash at bank and in hand indudes c4sh and short-lemi hlghly Ilquld Investments wlth a short maturlty of three months or less from the date of acquisition or opening of the deposit or sImir account. Dèbtors Trade and other debtoTr are reo)gn15ed at the settlement arUnt due after any trade disc%)unt offered. Prepayments ar8 valued at the amount prepaid net of any trade discounts due. OTHER TRADING ACTIVITIES 2024 2023 Fundraising 8V8nts Hall Rental Insurance Recharge 216 35,000 6.928 35,000 1,023 42,144 36.023 INVESTMENT INCOME 2024 2023 Bank Interest 1.117 619 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benellts for the y8ar 8nded 31 December 2024 nor for the year ended 31 December 2023. Truste88' exwn808 Trust88s expanses of £416 were relmburs8d for the year ended 31 December 2024. (2023: £102). Page 10 ontlnued..
SH ERS. H TRUST PRESERVATIO STOTH Fl FOR THE YEAR ATEMENTS - contln DECEMBER 202 NDED COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted Restricted fund fund Totsl nds INCOME AND ENDOWMENTS FROM Donations and legacies 570 570 Other trading activities Investment income 36,023 619 36,023 619 Total 37.212 37.212 EXPENDrruRE ON Charitsble a¢tfvitlos General 4,948 NET INCOME 32,264 32,264 RECONCILIATION OF FUNDS Total fvnds brought forward 240,541 59.143 299,684 TOTAL FUNDS CARRIED FORWARD 272,805 59.143 331,948 TANGIBLE FIXED ASSETS Freehold property COST At 1 January 2024 Additions 234.122 76,961 At 31 December 2024 311.083 NET BOOK VALUE At 310ecember 2024 311.083 At 31 December 2023 234.122 Thè property was purchased in 1999 at a c¥Jst of £150,000. It Is to be retained in the ownership of the Trustees and cannot be sold before 17 September 2079 withoul the prior approval of th8 Trustees of the National Heritage Memorial Fund (NHMF) whose approval, rf gtven, may be subject to such terms and conditions as it thinks fit. whlch may include a requirement for the repayments of the NHMF of a shar8 of the net proceeds of the sale of the propety. Page11 continued...
TO THE FINANlTE_MENTGn1DllQd FOR THE YEAR ENDED 1DE EMBER 2024 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors 5,378 CREDrroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creditors Soclal se¢JJrity and other taxes 0th8r creditor5 Accruals and deferred Inc4)me 1.308 1.524 214 8,750 7,193 8.750 6,430 17,834 17.681 Deferred Income Indudes £5.433 involced to the tenants of Shrewsbury Drapers, Hall In respect of insuranc8 for the period January 2025 to September 2025. Thls wlll b8 rdeased in full in the finandal year ended 31 December 2025. 12023: Deferred inwm8 of £5,116 in resp8d of Insurance for the period January 2024 to September 2024. released in full within this financial year.) Other Credltors indudes £8.750 relatlng to a serity depK)Sit repayable to the tenant on request. 10. MOVEMENT IN FUNDS Net movement In funds At 31.12.24 At 1.1.24 Unrostrlctod fvnd8 General fund 272.805 30,034 302.839 Restrlcted funds Restricted Funds 59,143 59.143 TOTAL FUNDS 331,948 30.034 381,982 Net movemènt In funds. Induded in the above are as followB: Incoming Resour Movement r8sources expended in funds Unrestrlcted funds General fvnd 43.856 (13.822) 30,034 TOTAL FUNDS 43,856 {13.822) 30.034 Page 12 continued...
SHREWSBURY DRAPERS. HALL PRE TRUST ATI 11QLTTLFlNAN ontln EMBER 2024 10. MOVEMENT IN FUNDS - contlnued Comparatlvos for movement In funds Net movement In funds At 31.12.23 At1.1.23 Unrestrlcted fund8 General furKI 240.541 32,264 272,805 Re8trlct•d fund8 Restdct8d Funds 59,143 59.143 TOTAL FUNDS 299,684 32.264 331,948 Comparat8 n81 movement In funds. Induded In the above aro as follows: Incomlng R8sourc88 expended Movemgnt In funds Unrestrlctod funds General fvnd 37.212 (4.948) 32,264 TOTAL FUNDS 37,212 (4,948) 32.264 A rrent year 12 mnths and prlor year 12 month8 combln8d po8ltlon18 as follows: Net movement In furKI8 At 1.1.23 31.12.24 Unre•trlct•d fund• General fund 240,541 62,298 302,839 Rostrlctod funds Restricted Funds 59,143 59,143 TOTAL FUNDS 299,684 62,298 361,982 A wrrent year 12 rmnths and prior year 12 months (x>mblned Mt mov8ment In funds. Included In the above are as follows: In¢xmlng resources Resourc88 Movement expended In funds Unrn8trl¢tod funds eneral fund 81,068 (16,770) 62,298 TOTAL FUNDS 81,068 (18,770) 62,298 Page 13 continued...
SHREWSBURY DRAPERS. HALL PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. MOVEMENT IN FUNDS - continued Unrestricted funds represent funds available for use in furthering the charity's 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 rePSentS grants received from the Trustees of the National Heritage Memorial Fund (NHMF) known as the Heritage Lottery Fund. £59,143 has been utilised to help purchase the property, Shrewsbury Drapers, Hall, and carry out repair works. Tha contract with the NHMF states that the terms and conditions of the contract sh811 cease to 8pply to the whole or any part of the property on the expiry of the period of 80 years from the 17 September 1990. 11. RELATED PARTY DISCLOSURES During the year, the Trust received donations of £29512023.. £214) from three trustees, Nigel J Hinton. Robin Gough and Andrew Cross in respect of the Goif Day Event and donations. The trustees engaged John Graham Moss, a trustee, of Moss Company LLP, to act on b8haW of the trustees in his professional capacity as an architect in the year to 31 December 2023. In the year ended 31 December 2024, Moss Company LLP had invoiced fees to the Charity amountirsg to £2,346. (2023. £5,285). Page 14