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2020-12-31-accounts

Registered Charity No. 221284

SHEFFIELD CHURCH BURGESSES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4

SHEFFIELD CHURCH BURGESSES TRUST CONTENTS

Contents Page

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||||| |---|---|---|---| |Burgesses’|report|1-16| |Auditor’s|report|17-19| |Statement|of financial|activities|20| |Balance|sheet|21| |Cash|flow statement|22| |Notes to the accounts|23-41|

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®

SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

A REFERENCEANDADMINISTRATIVEINFORMATION
‘1. THECHURCHBURGESSESASAT31DECEMBER2020
Name Dateelected
SG Eccleston, the Capital Burgess 2018
P W LeeCBE DL 1977
NJ A Hutton MBE 1988
The Rev SAP HunterJP 1993
D F Booker 1998
1G Walker 2002
DrJP Banham 2006
B R Hickman 2007
D Stanley 2007
D H Quinney 2016
EA Brownhill 2018
DrSM Gentile 2020
2. OFFICERS OFTHETRUST
The LawClerk: T
The Surveyor: J ASwann BSc (Hons), MRICS
The Deputy Surveyor: M D Holmes BSc, MRICS
The Auditor: BHP LLP
Assistants tothe Law Clerk
(CharityAdministrators): G Mills
PG Stevenson
DAndrews
J De-Hayes
3. TRUSTOFFICE
Derwent House
150 Arundel Gate
Sheffield
$12FN

Website: www.sheffieldchurchburgesses.org.uk

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT — continued : FOR THE YEAR ENDED 31 DECEMBER 2020

  1. CHARITY NUMBER:

221284:

  1. ADVISORS TO THE TRUST

investment managers: Sarasin and Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU

Investment custodian/nominee: Bank ofNewYork Mellon (London Branch)
The NorthernTrustCompany
Propertyfund managers: Savills InvestmentManagement (UK) Limited
33 MargaretStreet
London
W1G OJD
Property advisors: FowlerSandford
Chartered Surveyors
8 StJames Street
Sheffield
$1 1XN
Accountants and auditors: BHP LLP
2 Rutland Park
Sheffleld
$10 2PD
Solicitors: WrigleysSolicitorsLLP
Derwent House
150Arundel Gate
Sheffield
$1 2FN
Bankers: Royal Bankof Scotland plc
5 Church Street
Sheffield
$1LHF
  1. REPORT OF THE BURGESSES FOR THE YEAR ENDED 31 DECEMBER 2020 The Burgesses are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out on pages 23 to 25 and comply with current statutory requirements, the governing documents of the Trust and the Statement of Recommended Practice - Accounting and Reporting by Charities 2015 (FRS102).

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT— continued FOR THE YEAR ENDED 31 DECEMBER 2020

B STRUCTURE, GOVERNANCE AND MANAGEMENT

  1. CONSTITUTION

The Twelve Capital Burgesses and Commonalty of the Town and Parish of Sheffield In the County of York commonly known as the Sheffield Church Burgesses Trust is governed by the Royal Charter of Queen Mary of 8 June 1554 as varied by a Scheme of the Charity Commission sealed on 23 August 1999 and a supplemental Royal Charter granted on 8 May 2003. The Corporation Is the trustee of the charity's endowment.

The charity Is a Royal Charter body and Is registered with the Charity Commission number 221284. Under the Charter a Burgess may serve for life. Upon the resignation or death of a Burgess, the remaining Burgesses are obliged to appoint a replacement, keeping the total number at 12. Technically each Burgess is a corporator, but they are commonly referred to either as Burgesses or as trustees. The Scheme governs the corporate trustee’s administration of the endowment. The Charter (as amended by the 2003 Charter) regulates the corporators.

The Trust does not actively fundraise. It seeks to continue its work through the careful stewardship of its existing endowment resources.

The Trust meets as a body quarterly and in addition works through a committee structure, details of which are set out below.

  1. COMMITTEES OF THE TRUST

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Standing Committee|Ecclesiastical|Grants|General! Charitable Purposes| |Committee|Committee| |S G|Eccleston|(Chalrman)|D Stanley|(Chairman)|DH|Quinney|(Chairman)| |Revd|S A|P|Hunter JP|P W Lee|CBE|DL|NJA|Hutton|MBE| |E A|Brownhill|NJ|AHutton|MBE|Revd|S A|P|HunterJP| |Revd|S A|P|Hunter JP|Dr|JP|Banham| |Dr|JP|Banham|E A|Brownhill| |Property Committee|Finance|Committee|Cathedral Committee| |NJ|A|Hutton|MBE|(Chairman)|||G Walker|(Chairman)|D|F|Booker (Chalrman)| |BR|Hickman|NJ A|Hutton|MBE||G|Walker| |Revd|S AP|Hunter JP|D|F|Booker|BR|Hickman| |5|G|Eccleston|P W|Lee|CBE|DL|P W|Lee CBE|DL|

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The Trust meets at least four times each year and many more times through the committees referred to above, at all of which gatherings, decisions are made about the life and work of the Trust, which are then implemented through Its offlcers and advisors.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

8. COMMITTEES OF THE TRUST (continued)

Each committee has Its own terms of reference, by which It considers matters in relation to the Trust's assets (Property Committee and Finance Committee) and grant making (Ecclesiastical Grants Committee, Cathedral Committee and General Charitable Purposes Committee). The Standing Committee meets in advance of the Trust's Annual General Meeting, and more often if required, in order to facilitate the smooth running of the Trust. Each committee's terms of reference are subject to review every three years.

The day to day administration of the Trust, work in connection with its assets, liaison with other grant makers and outside bodies such as the Diocese of Sheffield, the administration of Its grant programmes and the processing and handling of applications prior to their consideration by relevant committees Is delegated to the Law Clerk.

Committees report back orally to the quarterly full meeting of the Trust and also through the circulation of minutes of their meetings. The committees also consider monitoring information concerning the performance of grants and make recommendations to the Trust body as a whole in the light of that Information.

The Burgesses keep the skill requirements for the trustee body as a whole under review and in the event that a trustee retires or dies, the Standing Committee reviews the process for the recrultment of a new Burgess and proposes the formation of a Search Sub-Committee, subject to the agreement of all Burgesses. The identity of potential new Burgesses is considered through dialogue with persons and bodles with whom the Trust has a close working relationship. The needs of the Trust are considered, along with the relevant skills and experience that an individual might be able to bring to complement and add to those of the existing Burgesses. Once candidates are identified a shortlist is prepared and exploratory discussions take place with the Search Sub-Committee. A proposal is eventually put before the Burgesses who together make the final choice.

The Inductlon process for any newly appointed Burgess begins with meetings with the Capital Burgess (who {s the Chair of the trustee body) and the Law Clerk. Following appointment, Introductory discussions with the Law Clerk help a new Burgess to begin to become acquainted with the work of the Trust. A thorough induction pack is provided, which includes a brief history of the Trust, details about how the Trust operates, coples of annual reports and accounts, copies of policies and governing documents and Charity Commisslon publications which assist new trustees.

Through its Law Clerk, the Trust has access to a number of organisations both local and national that have an Interest in best practice and the development of the charitable grant making sector. The Law Clerk is himself a lawyer speclallsing in charity work with a leading niche firm of solicitors with a national reputation in the field of trusts, particularly relating to charities. He is a member both of the Ecclesiastical Law Society and the Charity Law Association.

Burgesses are encouraged to take up opportunitles for relevant trustee training. New Burgesses, where appropriate, are particularily encouraged to attend relevant trustee training events. The Law Clerk supplies all Burgesses with regular written and oral briefings on developments in charity law and practice, especially on matters relevant to grant making charities.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT —coritinued FOR THE YEAR ENDED 31 DECEMBER 2020

8. COMMITTEES OF THE TRUST (continued)

The Burgesses have been briefed on the Charity Governance Code and seek to apply its guidance to the work of the Trust, so far as the key principles apply and are relevant to Its work as a grant maker. A copy of the Code Is provided to new Burgesses.

The Burgesses are conscious of the need to use and review good practice in governance and that adopting good practice is an essential part of being a modern grant making charity.

This annual report shows that the seven Code principles of Good Governance are evidenced in the work of the Sheffleld Church Burgesses Trust:

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

  1. COMMITTEES OF THE TRUST (continued) (v) | Board effectiveness — the Trust has a range of appropriate policies and procedures. The length of service of Trustees contributes significantly to the building of a culture which helps to deliver the charity's objectives effectively from a sound knowledge base. The recruitment of Trustees Is a significant task from time to time and its importance is highly regarded by all Burgesses. Training and development for existing Burgesses and Induction for new Burgesses are all part of the work of the Trust, as is the conscious review from time to time of performance of Burgesses In their respective roles;

  2. (vi) Diversity ~ the Burgesses are aware of the need to blend an approach to diversity into their effectiveness, their leadership of the work of the Trust and in thelr decision-making. They seek to recruit Burgesses with a variety of perspectives, experiences and skills that wil! supplement those of the existing Trustees and enhance the work of the Trust. They are conscious of the need to consider how the body of Trustees can best reflect the diversity of the Anglican Church and, more generally, the inhabitants of the city of Sheffield;

  3. (vii) Operating In an open and accountable way — the Burgesses recognise the need for openness, responsiveness and accountability in a modern world and seek to reflect this throughout the work of the Trust. The Trust offers information about its work through its website and engages with sector developments through the Law Clerk and Burgesses being involved in tralning and events designed to Inform and develop the thinking In the charitable sector. Burgesses regularly engage with grant recipients and third parties with whom the Trust works. The Burgesses are conscious of the need to assess environmental impact and this is particularly so in relation to the management of the Property Portfolio. There Is in place a complaints procedure In the event of the need to respond to such and to show that the Trust can do so impartially and effectively.

  4. C. RISK MANAGEMENT

  5. 9, The Trustees have identified and reviewed the major risks to which the charity is exposed. Systems are already established to mitigate those risks. For example, the Trust makes use of professional advisors (who carry llabllity Insurance) including Investment managers to whom delegated authority is given for the investment of part of the endowment; the Trust insures its property holdings (and regularly reviews values); the Trust takes specific advice each year in relation to the placing of the Insurance of the risks associated with Sheffield Cathedral's plant and buildings. A written risk policy exists, which is reviewed at least once each year by the Finance Committee.

The Trust operates tight controls on the management of expenditure of cash funds, particularly ensuring detailed monitoring of the allocation of capital cash against specific building projects. Internal record keeping monitors expenditure (using SAGE software), allowing matters to be reported to the quarterly meetings of the Finance Committee and Property Committee.

The Trust applles effective and close management of its rental income, mindful of the potential risk from any build up of rent arrears. The position with regard to each tenant Is reviewed by the Law Clerk's office on an ongolng basis, reviewed monthly and reported to the Property Committee on a quarterly basis. The Law Clerk and his staff work closely with the Surveyor and Deputy Surveyor to address any difficulties and enter into a dialogue with tenants where necessary.

A classic risk for an endowed grant maker Is the risk that endowment value will alter negatively and produce a drop in income. The Trust has been experiencing this as a steady change since 2008. In 2014 it Implemented fully a plan to rebuild property based income through redevelopment of some of its property portfollo. Since 2018 renovated and re-let properties have produced Income from residential tenants at a significant and increasing level. Analysis of the income yields generated from these properties has shown a increased return from the redevelopments, as well as an increased capital value for the underlying properties.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT —continued FOR THE YEAR ENDED 31 DECEMBER 2020

gS, RISK MANAGEMENT (continued)

The Trust has clearly recognised the risk to Its grant making potential: from the difficulty In letting some of the property that used to be attractive for business use but is no longer and the fall in rents from property that can still be let for commercial and business use. The Property Committee and the Trust as a whole are continuing to address this by a strategy of changing use of buildings and re-letting for residential occupation.

D. OBJECTIVES AND ACTIVITIES

  1. The Trust's 1999 Charity Commission Scheme provides for the division of the Trust's Income as follows:-

  2. 10.1 71.5% for ecclesiastical purposes, which Include the work and maintenance of Sheffield Cathedral, the maintenance and adaptation of church buildings and the furthering of ministry in the four Sheffield Anglican deaneries;

  3. 10.2 10.7% for general charitable purposes in the city; and

  4. 10.3 the remaining 17.8% for educational purposes administered by the trustees of the Church Burgesses Educational Foundation (constituted by an Order of the Charity Commission sealed 16 February 1904 under Section 2(2) of the Board of Education Act 1899).

The Trust holds the right of appointment for the presentation of the Dean to the Sheffleld Cathedral living (alternate) and of clergy to various city parishes.

The fulfilment of the Trust's objectives to make effectiveand creative use of all opportunities for grant making Is evidenced by the commentary on Its grant making activities below.

  1. GRANT MAKING POLICY

lt is the policy of the Trust in its grant making to support charitable causes in Sheffield, Sheffield Cathedral and the Sheffield City Anglican Parishes to the maximum possible extent that its income allows.

The Trust Invites applications from Anglican parishes and church organisations, from individuals involved in Christian work of a wide variety of types and from charities (both national and local) who are Involved In charitable work within the city of Sheffleld (the extent of the Trust’s geographical remit),

Applications submitted to the Trust are reviewed by committees, as detailed above. Grant making decisions rest with the committee or with the full meeting of the Trust, depending upon the extent of delegation given to committees by their terms of reference.

Details of how to apply for grants are available from the Law Clerk's office and via the Trust's website.

E. THE CORONAVIRUS PANDEMIC

  1. 2020 was in many respects dominated by the coronavirus pandemic. The Trust's first round of quarterly meetings took place In January and February, at which time there was very little perception, both nationally and globally, of the scale and full extent of the forthcoming crisis.

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SHEFFIELD CHURCH BURGESSES TRUST" BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. THE CORONAVIRUS PANDEMIC (continued)

The UK government announced the first period of national lockdown restrictions in March, ordering individuals to stay at home and causing most shops, restaurants, pubs and offices to close. As set out later in this report, the Trust quickly sought to manage the effects upon its rental property income, to monitor the effects upon investment Income and to carefully consider to what extent it may be able to continue grant making in challenging and uncertain circumstances.

Burgesses were unable to meet In person and from April all meetings were held online via video conferencing. Nonetheless, the Trust was able to carry on its activities without significant Interruption.

However, due to continuing restrictions on social gatherings the Trust was unable to hold a number of events that would usually take place during the year; the Annual Service of Thanksgiving, the Summer Supper Party and the Rent Audit Dinner were all cancelled. Despite this, the Law Clerk and Burgesses were able to use video and telephone conferencing to liaise with church leaders and charity representatives In order to continue the work of the Trust.

F ACHIEVEMENTSAND PERFORMANCE 13. =‘The Trust makes it a condition of most grants, that follow up reports are made to the Trust so that the impact of its grant making can be assessed. By the nature of the work which the Trust supports, mathematical or actuarial calculation will not produce an accurate picture of the effectiveness of the grant making. Much of the appropriate assessment is subjective and the timescales involved are often lengthy (measured in years rather than months). Its close Involvement In the grant making process gives the Trust an effective understanding of the progress or otherwise of its various grant-making programmes.

  1. ECCLESIASTICAL GRANTS COMMITTEE

Church buildings

A total of £36,700 (2019: £60,342) was released as grant funding to assist with the costs of works on church buildings. Grants were made (though not all paid over) to a range of churches, including St John's Ranmoor, St Mary the Virgin Belghton, St Augustine's Endcliffe, St Matthew's Carver Street and St Cyprian's Frecheville.

Minlstry Support

The Trust continued its programme of support for ministry in parishes within the four Sheffield deaneries, where It was deemed that a period of financial support could be helpful. The grants went to support various costs, including stipend costs for clergy, a Church Army worker, area dean expenses and the costs of establishing a new pastoral supervision programme for ordained and lay church leaders. A total sum of £3,798 was released over the year (2019: £105,000).

Other grants to Sheffield churches

A total of £132,113 (2019: £47,158) was released as grant funding to assist with the costs of parish work within the four Sheffleld deanerles. Funding Included support for parish administration, youth and familles work and ministry with marginalised groups. Assistance was provided to Individual clergy as a contribution towards the costs of training, courses and sabbaticals. Further help to clergy by way of working expenses grants and grants to help relleve the pressures of Christian ministry totalled £1,344 (2019: £1,212) and were much _ appreciated.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT — continued ° FOR THE YEAR ENDED 31 DECEMBER 2020

14, ECCLESIASTICAL GRANTS COMMITTEE (continued) During the year the Committee met with the Archdeacon of Sheffield, providing useful information and insight to assist in Its decision making. 15. CATHEDRAL COMMITTEE

Throughout the year the Committee continued Its role of monitoring developments at Sheffield Cathedral as they related to the work of the Trust. This included, as usual, work on the renewal of the insurance for Sheffield Cathedral and Its Community Resources Centre, negotiation towards agreement of the support grant from the Trust for the Cathedral's annual budget.

15.1 The Trust offered the following grants to the Cathedral:

16. GENERAL CHARITABLE PURPOSES COMMITTEE

The Committee made grants in the year to 47 causes across the usual range of diverse needs (health and well-being, recreational, deprivation, etc.). During the year, the total value of grants made was £131,400 (2019: £78,960). —

At the beginning of the year the Committee agreed to commence with a new triennial grants scheme to provide grant funding for core costs to a range of Sheffield charities providing support and services across the city.

Later in the year the Committee sought to address difficulties arising due to the coronavirus pandemic. It took a proactive approach to identify and liaise with a number of charities within Sheffleld that were facing financial challenges due to the pandemic or meeting particular needs within .the city.

17. . CHURCH BURGESSES EDUCATIONAL FOUNDATION

The amount transferred to the Foundation was £153,270 (2019: £212,547). Educational grants to individuals and organisations for the benefit of those under the age of 25 years are dealt with by the trustees of the Foundation. The Burgesses receive an annual report on the work of the Foundation.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT~ continued FOR THE YEAR ENDED 31 DECEMBER 2020

G. FINANCIAL REVIEW

18. PROPERTY COMMITTEE

This Committee's work helps to sustain the Trust's income from its. property portfolio, thereby facilitating the Trust's grant-making programmes. The performance of the portfolio has been affected by the economic downturn since 2008 and during 2020 was also significantly affected by the coronavirus pandemic and government lockdown restrictions that forced many of the Trust's tenants to close their businesses for considerable periods of time.

Throughout the year the Committee kept under review the situation with regard to rent payments and arrears, considering, with advice from the Trust's Surveyor and Deputy Surveyor, circumstances where it might be appropriate to agree particular arrangements with individual tenants. The developing situation was regularly reported to the Trust's Finance Committee, Standing Committee and meetings of all Burgesses. The Trust's position has been to, where possible, support its tenants (who are often small, local, family owned businesses) to enable them to continue operating beyond the pandemic and to remain in occupation.

Amongst the major Issues dealt with by the Committee during the year were:

Gross rentals for the year decreased by £293,885, to £1,216,888, a decrease of 19.5% (2019: a decrease of 1.9%). The Trust recognises that this performance reflects the circumstances of an extremely challenging year in the property market where It is hoped that matters will greatly improve as the country emerges from the coronavirus pandemic.

A desktop review of the Trust's freehold investment properties by external valuers, Fowler Sandford, Consultant Surveyors and Valuers, as at 31 December 2020 indicated a value of £21,900,000. A revaluation as of 31 December 2019 had valued the portfolio at £23,230,000. The change In the value reflects various changes to the portfolio in 2020, including the improvements on developed residential properties, the negative Impact of the coronavirus pandemic on retail and hospitality properties and the disposal of the property at Whitting Valley Road, Chesterfleld.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT —continued FOR THE YEAR ENDED 31 DECEMBER 2020

19. FINANCE COMMITTEE

The Committee kept the Trust's finances under careful review during 2020, as the coronavirus pandemic affected the global investment markets, the prospects for returns from the Trust's property portfolio and its holdings in the Charities Property Fund.

The Committee recelved and considered regular reports from Sarasin & Partners LLP ("Sarasin") and met with them twice during the year, to review and consider performance of the portfolio, policy and tactics with regard to the Trust's market Investments.

The performance of the Trust's investment in the Charities Property Fund was also monitored carefully throughout the year. Representatives of the Fund met the Finance Committee during the year.

Amongst the major Issues dealt with by the Committee during the year were:

At the beginning of the year the Trust added £1.3million from the proceeds of property sales to its investment portfolio. The value of the stock exchange and similar investments at the year end amounted to £14,709,858 (2019: £12,685,583). Income from these investments increased to £424,407 (2019: £403,877).

Cash balances were carefully monitored, Interest earned totalled £5,063 (2019: £6,001) a reflection of the continulng low level of Interest rates upon cash balances held in accounts.

Gross Incomling resources for the year of £1,646,361 (2019: £1,927,104) are 14.6% lower than last year. Net income available for charitable purposes has fallen from £1,439,579 in 2019 to £1,061,0811 In 2020. Charitable activity expenditure amounted to £1,175,448 (2019: £1,258,944). Total unrestricted Income funds at the year end were £976,011 (2019: £1,030,893) of which £883,818 is ecclesiastical Income and £92,193 Is for general charitable purposes.

Grants provided from ecclesiastical and general charitable Income but unpaid at the end of the year amounted to £7,700 (2019: £112,126).

The balance sheet at 31 December 2020 showed total net assets of £39,004,779 (2019: £39,688,836). In accordance with the SORP, all investments are carried at the year end at market value.

The level of cash held at the last day of the accounting period to 31 December 2020 was £2,409,273 (2019: £4,195,631)}. Part of this is held in the endowment fund.

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SHEFFIELD CHURCH BURGESSES TRUST

BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

The level of unrestricted reserves at the year end was £976,011 (2019: £1,030,893).

20. INVESTMENT POLICY

The Trust's powers of Investment were found in the 23 August 1999 Scheme but this was superseded by the Trustee Act 2000.

lt Is the objective of the Trust to maximise the return from Its property holdings as to capital and income, commensurate with good management of the property estate as part of the Trust's permanent endowment and in accordance with its charitable objectives.

So far as the portfolio of market investments and the Charities Property Fund (CPF) are concerned, the objective of the Trust is to achieve as high an income as possible whilst at the same time at least maintaining the rea! value of the portfolio overall. Measurement is made annually against appropriate benchmarks.

During 2020 the Trust agreed a new investment policy and strategy that reflected the Burgesses approach to ethical investment, namely:

i) gambling

ii) adult entertainment

iti) alcohol

iv) tobacco

v) armaments

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SHEFFIELD CHURCH BURGESSES TRUST

BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

22. PUBLIC BENEFIT

The Burgesses are aware of the Charity Commission’s guidanceon the public benefit for charities. The Burgesses are very conscious of thelr legal duty to give regard to the public benefit guidance and the obligation to report upon how the Trust delivers public benefit.

This charity's aims fall into two distinct areas which can be summarised as follows:

The objectives set by the Burgesses to deliver those alms are represented by the grant programmes run by the Trust. In relation to ecclesiastical purposes Income, the Trust supports the work of Sheffield Cathedral and the religious and other charitable work of the Church of England in the four Sheffield Deaneries. In relation to general charitable purposes Income, a range of charities operating within the city of Sheffield are supported.

The Trust measures its achievements by assessment of the delivery of Its grant programmes and the development of the effectiveness of its grant making year by year. A summary of the grant making activity appears earlier in this Report.

The Burgesses look to deliver public benefit through both thelr grant making activities and through the exercise of thelr ecclesiastical patronage role in relation to a number of churches across the city of Sheffield.

Examples of the Trust's delivery of public benefit include:

The Trust's grant making for ecclesiastical purposes supports a range of works, activities and projects, such as;

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BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

SHEFFIELD CHURCH BURGESSES TRUST

22. PUBLIC BENEFIT (continued)

The Trust's 1999 Charity Commission Scheme allows for grant making under the followlng headings:

The Burgesses are conscious of the requirement that benefits must be balanced against any detriment or harm and they bear this in mind throughout the grant making programmes of the Trust.

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SHEFFIELD CHURCH BURGESSES TRUST BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

22. PUBLIC BENEFIT (continued)

In the decision making processes Burgesses bear in mind a desire, where the grant can be assessed in thls way, to glve as wide a benefit as possible across the beneficiary class, i.e. they seek to deliver effective grant programmes which facilitate delivery of public benefit to those within the charity’s remit, which is by the Scheme limited to the Inhabitants of Sheffield.

  1. PATRONAGE

The Trust holds patronage rights In relation to a number of Sheffield churches (some of which are held Jointly, alternating or as part of a patronage board) and a Link Burgess is appointed to each of them in order to encourage a good working relationship with the Trust.

The patronage churches are:

The Cathedral Church of St Peter and St Paul St John's Park Attercllffe and Darnall Sheffield Manor St Augustine, Endcliffe St Mary's, Bramall Lane St Peter and St Oswald's, Millhouses St Matthew's, Carver Street Brightside with Wincobank St Margaret and St Thomas St Cuthbert's, Fir Vale St Timothy's, Crookes The Vine, Upperthorpe and Netherthorpe St Mark's, Broomhill

24. HIGHLIGHTS FROM 2020

Despite the year being dominated by the coronavirus pandemic, a number of unrelated matters arising during 2020 are worthy of note.

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BURGESSES’ REPORT — continued FOR THE YEAR ENDED 31 DECEMBER 2020

SHEFFIELD CHURCH BURGESSES TRUST

24. HIGHLIGHTS FROM 2020 (continued)

25. BURGESSES' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Burgesses are responsible for preparing the financial statements for each financial period which give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that perlod. In preparing those financial statements, the Burgesses are required to:

The Burgesses are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Burgesses on 13 May 2021 and signed on their behalf by: a Capital Burgess

—_

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SHEFFIELD CHURCH BURGESSES TRUST INDEPENDENT AUDITOR’S REPORT " TO THE BURGESSES OF THE SHEFFIELD CHURCH BURGESSES TRUST

Opinion

We have audited the financial statements of Sheffield Church Burgesses Trust for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financlal statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters In relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financlal statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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SHEFFIELD CHURCH BURGESSES TRUST INDEPENDENT AUDITOR’S REPORT. TO THE BURGESSES OF THE SHEFFIELD CHURCH BURGESSES TRUST - continued

Other information (continued)

In connection with our audit of the financial statements, our responsibility Is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether there Is a material misstatement !n the financial statements or a material misstatement of the other information. {f, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully In the trustees’ responsibilities statement as set out on page 16, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financlal statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to golng concern and using the going concern basis of accounting unless the trustees either Intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materia! misstatement, whether due to fraud or error, and to issue an auditor’s report that Includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic declsions of users taken on the basis:of these financial statements.

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SHEFFIELD CHURCH BURGESSES TRUST INDEPENDENT AUDITOR’S REPORT TO THE BURGESSES OF THE SHEFFIELD CHURCH BURGESSES TRUST - continued

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are. instances of non-compliance with laws and regulations. We design procedures [n line with our responsibllities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the Trust and considered the risk of such regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

We focused on laws and regulations relevant to the Trust which could give rise to a material misstatement in the financial statements. Our testing included discussions with Burgesses and advisors who have direct responsibility for the compliance of laws and regulations, agreeing financial statement disclosures to underlying supporting documentation, and reviewing legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations Is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As part of our audit, we addressed the risk of management override of Internal controls, Including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the Burgesses that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Burgesses, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them In an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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CMUF
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Adrian Stanlforth (Senior Statutory Auditor) For and on behalf of BHP LLP

Chartered Accountants

Statutory Auditor

2 Rutland Park Sheffield $10 2PD

Date: 13 May 2021

BHP LLP are eligible to act as auditors In terms of section 1212 of the Companles Act 2006.

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SHEFFIELD CHURCH BURGESSES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

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||||||||| |---|---|---|---|---|---|---|---| |Permanent| |Unrestricted|Restricted|endowment| |funds|funds|funds|Total|Total| |(Note 3)|(Note 4)|{Note|16}|funds|funds| |Note|2020|2026|2020|2020|2019| |£|£|£|£|£| |Income and endowments from:| |Rental|income|1,216,888|-|=|1,216,888|1,510,773| |Investment|Income|5|423,542|5,931|-|429,473|409,881| |Legacy|income|©|-|=|-|=|6,450| |Total|income and endowments|1,640,430|5,931|-|1,646,361|1,927,104| |Expenditure|on:| |Costs of generating funds|6|525,055|-|60,225|585,280|487,525| |Charitable|activities|7|1,175,448|-|.|1,175,448|1,258,944| |Total expenditure|1,700,503|=|60,225|1,760,728|1,746,469| |Net income / (expenditure)|before| |investment gains|(60,073)|5,931|(60,225)|(124,367)|180,635| |Net galns/(losses)|on Investments|10|-|°|(569,690)|(569,690)|388,170| |Net Income/(expenditure)|before transfers|{60,073}|5,931|(629,915)|(684,057)|568,805| |Transfers between|Funds|5,191|(5,931)|740|-|-| |Net movement|In funds|(54,882)|-|(629,175)|(684,057)|568,805| |Reconciliation|of funds:| |Total funds|at|1 January 2020:|1,030,893|=|38,657,943|39,688,836|39,120,031| |Total|funds at 31 December 2020|976,011|-|38,028,768|39,004,779|39,688,836|

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All income and expenditure derive from continulng operations.

The notes on pages 23 to 41 form part of these financial statements.

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SHEFFIELD CHURCH BURGESSES TRUST BALANCE SHEET

AS AT 31 DECEMBER 2020

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|||||||| |---|---|---|---|---|---|---| |Note:|£|2020£|£|2019£| |Fixed|assets| |Investment|property|11|21,900,000|23,230,000| |Investments|i2|14,709,858|12,685,583| |- 36,609,858|35,915,583| |Current|assets|;| |Debtors and|prepayments|13|388,356|355,493| |Cash|at bank and|on short-term|deposit|14|2,409,273|4,195,631| |2,797,629|4,551,124| |Creditors: amounts|falling due|within|one year|15|{402,708)|(777,871)| |Net current|assets|2,394,921|3,773,253| |Net assets|39,004,779|39,688,836| |Charity|Funds| |Permanent endowment funds|16|38,028,768|38,657,943| |Unrestricted|funds|976,011|1,030,893| |Total funds|20|39,004,77S|39,688,836|

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The financial statements were approved by the Burgesses on 13 May 2021 and are signed on thelr behalf by: - -- 'sasealsrgessnf {Net ITLaw Potter Clerk

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SHEFFIELD CHURCH BURGESSES TRUST

CASH FLOW STATEMENT AS AT 31 DECEMBER 2020

Note 2020 2019
£ £
Cashflowsfromoperatingactivities
Netcashused inoperating activities 18 (447,870) 359,412
Cashflowsfrom Investingactivities:
Sale oflisted and other investments 3,351 9,670,210
Purchaseoflisted and otherinvestments (1,325,580) (9,775,002)
Investment propertydisposals 210,129 3,096,199
Investment propertyadditions (233,560) (918,684)
Netcashused In investing activities (1,335,660) 2,072,723
Change in cashandcash equivalents Inthe year {1,783,530) 2,432,135
Cashand cash equivalents broughtforward 4,197,343 1,765,208
Cashand cashequivalents carriedforward 1S 2,413,813 4,197,343
Cashand cash equivalents consist of:
Cash atbankand inhand 342,915 321,937
Noticedeposits (lessthan 3 months) 2,070,888 3,875,406
2,413,813 4,197,343

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

‘

1. Accounting policies

a. General information and basis ofpreparation of[financial][ statements]

The address of the registered office is given in the charity information on page 1 of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of lreland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financlal statements are prepared on a going concern basis under the historical cost convention. At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue In operational existence for the foreseeable future. The trustees have considered the potential impact on the activities of the Trust of the Covid-19 pandemic and do not believe that any impact will be significant. Thus, the trustees continue to adopt the going concern basis of accounting In preparing the financial statements.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Properties are carried in the balance sheet at open market value, subject to the existing tenancies and professional revaluations are made at not more than three yearly intervals. At other year ends the Burgesses carry out an internal review of the valuation.

Gains and losses arising on the sale or revaluation of properties are taken to the appropriate fund in the Statement of Financial Activities.

Gains and losses arising on the sale or revaluation of investments are taken to the appropriate fund in the Statement of Financial Activities.

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.3 Funds

Funds held by the charity are:

Unrestricted Income funds

These are funds which can be used in accordance with the charitable objects at the discretion of the Burgesses.

Restricted Income funds

These are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor.

Permanent endowment funds

This fund represents those assets which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

1.4 Rental income

Rental income is accounted for on an accruals basis and includes all rental income due In the period of account.

Dividends

Dividend income is accounted for on a recelvable bass.

Interest

Interest receivable is accounted for on a receivable basis.

Donations, legacies and similar incoming resources

Income from donations, legacies and grants Is included in Incoming resources on a receivable basis.

41.5 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Ralsing funds expenditure comprises those costs directly attributable to maintaining and administering the property and investment portfolio and raising rental and investment income.

The Investment management fees are charged against the permanent endowment funds.

Governance costs comprises expenditure incurred in organisational administration, compliance with constitutional and statutory requirements and legal advice through the Law Clerk.

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.6 Grants payable

Manpower, personnel and other grants

Grants payable are charged in the year when the offer is conveyed to the individual, parish or organisation concerned, except In those cases where the offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Church building grants

The Trust has for many years adopted a policy of paying grants towards expenditure incurred on church buildings on presentation of invoices or other evidence of work carried out on the project by the parish concerned. Where the project has commenced, the value of such grants unpaid at the year end Is provided for. Where the project has not commenced, the Trust’s offer of a grant Is noted as a commitment, but not accrued in the accounts as expenditure.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount repaid.

1.8 Cashat bank and in hand

Cash at bank and In hand Includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

2.
Netincomingresourcesavailableforcharitableapplication		 2.
Netincomingresourcesavailableforcharitableapplication		 application
Permanent
Unrestricted Restricted endowment Total Total
Funds funds fund funds funds
2020 2020 2020 2020 2019
£ £ £ £ £
investmentincome .
Rental Income 1,216,888 ° - 1,216,888 1,510,773
OtherInvestmentIncome 423,542 5,831 - 429,473 409,881
Legacyincome = = . - 6,450
1,640,430 5,931 - 1,646,361 1,927,104
Lesscosts ofgeneratingfunds
Property running costsand
Investment managerscharges (525,055) - (60,225) (585,280) (487,525)
Net Incomingresources avallable
forcharitable application 1,115,375 5,931 (60,225) 1,061,081 1,439,579
3.
Unrestrictedfunds
2020 2019
£ £ £
Netincomingresources availableforcharitable charitableapplication:
Total incoming resources 1,640,430 1,921,259
Less: costs ofgeneratingfunds (525,055) (468,462)
1,115,375 1,452,797
Less:
amountspecificallyforecclesiastical purposes (3) (3)
governance costs (254,304) (258,709)
(254,307) (258,712)
Net income 861,068 1,194,085
Allocatedto:
Ecclesiastical purposes—71.5% 615,664 853,771
General charitable purposes—10.7% 92,134 127,767
Church Burgesses Educational Foundation —17.8% 153,270 212,547
861,068 1,194,805

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3. Unrestricted funds (continued)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Ecclesiastical|General| |Part|Part|2020|2019| |£|£|£|£| |Allocated|net income|615,664|92,134|707,798|981,538| |Specificincome|.| |-Charity Commission|order|3|-|3|3| |-Transfer from|Sir William|Ellis|bequest|5,931|-|5,931|5,845| |Transfer to Charlty Commission|Recoupment|(529)|(211)|(740)|(740)| |Net resources available|for direct charitable|purposes|621,068|91,923|712,992|986,646| |Direct charitable|expenditure|(Note|8)| |-Cathedral|expenditure|460,185|-|460,185|487,591| |-Grants|176,289|131,400|307,689|300,097| |636,474|131,400|767,874|787,688| |Net|(outgoing)/ incoming resources for the year|(15,405)|{39,477)|(54,882)|198,958| |Total|funds|at|1 January|2020|899,223|131,670|1,030,893|831,935| |Total funds at 31 December 2020|883,818|92,193|976,011|1,030,893| |4.|Restricted|Income funds = Sir William|Ellis|bequest| |2020|2019| |£|£| |Dividends and|Interest|on|quoted|investments|5,931|5,845| |Total|incoming|resources|5,931|5,845| |Transfer to|Unrestricted|Income|Fund|-|ecclesiastical|part|(note|2)|(5,931)|(5,845)| |Net|Incoming|resources for the| |year and|net movement|in funds|.|.| |Total funds at|1 January|2020|=|=| |Total funds at 31 December 2020|.|

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

5, Investment income

5, Investment incomeincome
2020 2019
£ £
Dividends and interest
-on quoted investments 328,661 296,206
- Charities Property Fund 95,746 107,671
Bankand bulldingsociety interest 5,063 6,001
CharityCommission order 3 3
429,473 409,881
6. Costsofgeneratingfunds
2020 2019
£ £
PropertyCosts
Empty propertyrates 56,687 67,138
Repairsand refurbishment 73,598 54,964
Professional fees 202,365 288,282
Repair of bridgesand highwaycontribution 20 15
Insurance 23,507 23,345
Bad debts 168,878 34,718
525,055 468,462
investmentmanagerscharges 60,225 19,063
585,280 487,525
7. Charitableactivityexpenditure
2020 2019
£ £
Transfer toChurch Burgesses Educational Foundation {note3) 153,270 212,547
Directcharitable expenditure (note 8) 767,874 787,688
Governance costs (note 9) 254,304 258,709
1,175,448 1,258,944

7. Charitable activity expenditure

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SHEFFIELD CHURCH BURGESSES TRUST

NOTES TO THE ACCOUNTS- continued. FOR THE YEAR ENDED 31 DECEMBER 2020

8. Direct Charitable Expenditure

2020 2019
£ £
Cathedral Expenditure
Cathedral maintenance 15,000 15,000
Annual grant 391,167 382,833
insurance 39,018 62,120
Mission grant 15,000 15,000
Miscellaneous expenses . 12,638
460,185 487,591
EcclesiasticalGrants toinstitutions
Central Deaneries - Ministrysupport grants 5,142 106,212
Church buildinggrants 36,700 60,342
Other grants 132,113 47,158
173,955 213,712
EcclesiasticalGrants toClergy
Clergyworkingexpensesand supportgrants 2,334 7,425
2,334 7,425
GeneralCharitableGrantstoInstitutions 131,400 78,960
131,400 78,960
767,874 787,688

Details of grants to institutions are given in notes 21 (Ecclesiastical) and 22 (General Charitable). 5 Individuals were awarded clergy working expense grants or support grants.

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SHEFFIELD CHURCH BURGESSES TRUST

NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

9. Governance costs

Governance costs
2020 2019
‘€ £
Auditors’ remuneration 18,600 17,372
Legal&administrative fees 233,401 228,177
Printing, postage, stationery&sundrydisbursements 1,064 11,628
Bank Interestand charges 20 33
Trustee expenses 217 497
Subtotal 253,302 257,707
Trustee Indemnity Insurance 1,002 1,002
254,304 258,709

The Burgesses do not receive any remuneration out of the funds of the Trust. During the year £217 (2019: £497) was reimbursed to the Burgesses for training and travel expenses in respect of thelr work for the Trust.

The Law Clerk is a partner in Wrigleys who provides legal and administrative services to the Trust. The Trust has no employees.

During the year, trustee indemnity insurance was taken out to protect the charity from loss arising from the neglect or default of its trustees. The charge for the year was £1,002 (2019: £1,002).

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||||||||| |---|---|---|---|---|---|---|---| |10.|Netgalns/{losses) on investments|2020|2019| |£|£| |Realised|gains/(losses)|on|properties|(14,870)|26,197| |Realised|gains/(losses)|on investments|(645)|863,824| |Unrealised|gains/(losses)|on properties|(1,338,560)|($07,588)| |Unrealised|gains/(losses) on investments|784,385|405,737| |Total|(569,690)|388,170| |11.|Investment|properties|2020|2019| |£|£| |At valuation|1 January|2020, with|additions|at cost| |Balance|at 1 January 2020|23,230,000|26,288,904| |Additions|233,560|918,684| |Disposals|(225,000)|(3,070,000)| |Revaluation|(1,338,560)|(907,588)| |Balance|at 31|December 2020|21,900,000|23,230,000| |Historical|cost|of properties|purchased|since|1969|678,581|719,015|

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There is no record of the cost or value of the properties forming the orlginal endowment or of purchases before 1969. The Burgesses confirm that all properties are included within the market value above.

The freehold investment properties were revalued by external valuers, Fowler Sandford LLP, Consultant Surveyors and Valuers, as at 31 December 2019 on the basis of open market value in accordance with the Appralsal and Valuation Manual of the Royal Institution of Chartered Surveyors.

In accordance with the accounting policy, the next full professional valuation will take place on 31 December 2022. In Intervening years, a desktop valuation is performed with a revaluation recognised If the movement is more than 5%. As the portfolio valuation had fallen by 6% as at 31 December 2020 compared to 31 December 2019, a further revaluation has been recognised this year. The desktop valuation was performed by Fowler Sandford LLP on the same basis as above.

Investments in individual properties held at 31 December 2019 (being the date of the last full portfolio valuation) which are over 5% of portfollo by market value are:

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||||| |---|---|---|---| |Market| |Value| |£| |285/287/289 Glossop|Road|2,100,000| |127/129|Devonshire|Street|1,700,000| |‘243/253|Glossop|Road|1,650,000| |334 Glossop|Road|1,500,000|

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||||||||| |---|---|---|---|---|---|---|---| |12.|Investments| |2020|2019| |£|£| |Quoted|Investments| |At|market value|1 January 2020|12,683,876|11,303,920| |Additions|1,315,580|9,775,002| |Disposals|(3,994)|(8,800,789)| |Increase/(decrease)|in market value|709,862|405,737| |At market value 31 December 2020|14,705,318|12,683,870| |Investment|cash|4,540|1,713| |14,709,858|12,685,583| |General|12,241,041|10,153,404| |Charities|Property|Fund|2,468,817|2,532,179| |14,709,858|12,685,583| |Quoted|investments at|historical|cost|at 31|December 2020|13,125,524|11,819,970| |All|Investments|are|listed|securities and|comprise|of:|£| |Equities|8,249,092| |Fixed|Income|1,571,860| |Property|2,762,440| |Alternative|Investments|1,091,285| |UK investment funds|473,747| |Liquid|Assets|556,894| |14,705,318|

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Investments in individual securities held at 31 December 2020 which are over 5% of portfolio by market value are:

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||||||| |---|---|---|---|---|---| |Market| |Value| |£| |Sarasin|Endowments|Fund|Class A|Inc|11,608,397| |Charities Property|Fund|2,468,817|

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 i

13. Debtorsandprepayments a
2026 2019
£ £
Rentand insurance unpaid atyearend 296,170 257,545
Dividends receivable 2 960
Rentpaid in arrears (accrued) 8,370 8,999
Ground rentpaid inarrears (accrued) 2,890 2,051
Prepayments andother debtors 73,424 69,076
Loanstochurches 7,500 16,862
388,356 355,493
14. Cashatbank and onshort-term deposit
Short-term deposit: 2020
£		 2019
£
Santander 372,875 372,094
Central Board ofFinance
Yorkshire Bank		 452
34		 452
34
Cash at bank:
Royal Bankof Scotland
= Special depositaccount 2,056,937 3,864,281
- Current account (30,446} (50,642)
= Reserveaccount 9,421 9,412
2,409,273 4,195,631
15. Creditors:
Amounts fallingduewithinoneyear
2020 2019
£ £
AmountduetotheChurch Burgesses Educational Foundation 33,270 112,547
Rentreceived inadvance 227,928 247,445
Grants unpaid atyearend 7,700 112,126
Rentdeposits 9,419 9,410
Accruedexpenses 124,391 296,343
402,708 777,871

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16. Permanent endowment funds

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Charity| |Commission|Sir William| |Recoupment|Ellis|Total| |Main Fund|Fund|Bequest|2019| |£|£|£|£| |Total funds at 1 January 2020|38,071,942|397,722|188,279|38,657,943| |Incoming Resources| |Transfer from|unrestricted|income|fund|=|740|-|740| |Realised|galns/(losses):| |-|Quoted|investments|(645)|-|-|(645)| |-|Properties|(14,870)|-|-|(14,870)| |Unrealised|gains/(iosses):| |-|Quoted|investments|744,349|28,456|11,580|784,385| |-|Properties|(1,338,560)|-|-|(1,338,560)| |Investment managers charges|(60,499)|-|274|(60,225}| |(670,225)|29,196|11,854|{629,175}| |Total funds|at 31|December 2020|37,401,717|426,918|200,133|38,028,768| |Charity| |Commission|Sir William| |Recoupment|Ellis|Tota!| |Main|Fund|Fund|Bequest|2018| |£|£|£|£| |Total funds|at 1 January 2019|37,786,971|338,831|162,294|38,288,096| |Incoming Resources| |Transfer from|unrestricted|income|fund|-|740|.|740| |Realised|gains/(losses):| |-|Quoted|investments|863,824|-|,|863,824| |-|Properties|26,197|=|-|26,197| |Unrealised|gains/(losses):| |-|Quoted|investments|321,450|58,151|26,136|405,737| |-|Properties|(907,588)|.|-|(907,588)| |Investment|managers|charges|(18,912)|.|(151)|(19,063)| |284,971|58,891|25,985|369,847| |Total funds at 31|December 2019|38,071,942|397,722|188,278|38,657,943|

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& + SHEFFIELD CHURCH BURGESSES TRUST5 NOTES TO THE ACCOUNTS- continued . FOR THE YEAR ENDED 31 DECEMBER 2020 a—— —; 16. Permanent endowment funds (continued)

In accordance with FRS.102 requirements, investment managers’ charges have been charged against the permanent endowment fund.

The Scheme which governs the Main Fund provides for the income to be allocated as to 71.5% for ecclesiastical purposes, 10.7% for general charitable purposes and 17.8% to be transferred to the Church Burgesses Educational Foundation.

The Charity Commission Recoupment Fund arises from the sale of freehold properties subject to long leases in 1971, 1979 and 1986, In respect of which the Charity Commission require the Burgesses to put aside out of general income £739.50 per annum, until 2039 in respect of £564, and until 2066 in respect of £175.50, and the funds thus accumulating, which cannot be used for any purpose until those dates, will then form part of the permanent endowment.

Sir William Ellis’ bequest provides for the income to be used for making grants to incumbents of benefices within the ancient ecclesiastical parish of Sheffield and Is transferred to the ecclesiastical part of the Main Fund income account (note 3).

17. Related parties and transactions

The following Burgesses are appointed by the Trust to be trustees of the Church Burgesses Educational Foundation: MrD Stanley (chair of trustees), Revd S A P Hunter JP, Mr D F Booker, Mrs B Hickman and Mr DH Quinney.

The Foundation Is administered from the Trust’s office at;

Derwent House 150 Arundel Gate Sheffield S1 2FN

BLP

NOTES TO THE ACCOUNTS - continued . FOR THE YEAR ENDED 31 DECEMBER 2020

SHEFFIELD CHURCH BURGESSES TRUST

17. Related parties and transactions (continued)

2020 2019
£ £
Netincome/(expenditure)fortheyear(asperStatement (684,057) 568,805
ofFinanclal Activities)
Adjustmentfor:
Unrealised (gains)/losses on investments (709,862) (405,737)
Unrealised (gains)/losseson property 1,338,560 907,588
Realised (gains)/losseson Investments 645 (869,423)
Reallsed (galns)/losses on property 14,870 (26,197)
Movement in debtors (32,863) 100,846
Movement in creditors (375,163) 83,530
(447,870) 359,412
Analysisofchanges In netdebt
1January 31December
2020 Cash flows 2020
£ £ £
Cash at bank 321,937 20,978 342,915
Notice deposits 3,875,406 (1,804,508) 2,070,898
4,197,343 {1,783,530) 2,413,813
  1. Analysis of changes In net debt

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NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

20. Analysis ofnetassetsbetweenfunds
Cashatbank
Unrestricted income funds Freehold
Properties
£		 investments
£		 Debtorsand
prepayments
£		 andonshort
termdeposit
£		 Creditors
£		 Total
2020
£
Eccleslastical part
Generalpart
Educational Foundation		 -
-
-		 -
-		 388,356
-		 864,900
92,193
33,270		 (369,438)
-
{33,270)		 883,818
92,193
-
Permanent endowment funds
MalnFund
CharityCommission—RecoupmentOrder
Sir Willlam Elfisbequest		 21,900,000
-
-		 14,082,677
426,604
200,577		 1,419,040
314
(444)		 -
-		 37,401,717
426,918
200,133
Total 21,500,000 14,709,858 388,356 2,409,273 {402,708) 39,004,779
Cashatbank
Unrestricted
Income funds
Ecclesfasticalpart
Generalpart
EducationalFoundation		 Freehold
Properties
£
-		 investments
£
-
-
-		 Debtorsand
prepayments
£
355,493
-
-		 andonshort
termdeposit
£
1,209,054
131,670
112,547		 Creditors
£
(665,324)
(112,547)		 Total
2019
€
899,223
131,670
-
Permanent endowment funds
MalinFund
CharityCommission—RecoupmentOrder
SirWilliam Ellisbequest		 23,230,000 12,099,472
397,388
188,724		 -
-
-		 2,742,471
334
(445)		 is
-		 38,071,942
397,722
188,279
Total 23,230,000 12,685,583 355,493 «4,195,631 (777,871) 39,688,836

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

21. Grants - Ecclesiastical
(i) Church bulldinggrants
2020 2019
£ £
StCatherine ofSlena, Richmond - 3,000
Christ Church, Heeley - 17,500
St Mark’s, Mosborough - 15,000
St Mary’s, Walkley - 7,355
StMarytheVirgin, Belghton 6,700 487
St Peter’s Church, Ellesmere - 2,000
ChristChurch, Hackenthorpe - 5,000
Church ofChrist, Darnall - 10,000
StJohn’sRanmoor 10,000 -
StCyprlan’s 10,000 -
StAugustine’s, Endcliffe 5,000 -
StMatthew’s, CarverStreet 5,000 -
36,700 60,342
{ii} Central Deanery—MinistrySupportGrants
2020 2019
£ £
ChurchArmy - 30,000
TheVine - 25,500
St Matthew’s, CarverStreet - 49,500
StJohn’s, Ranmoor 3,798 =
3,798 105,000

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SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

21. Grants - Ecclesiastical - continued

(Iti) Othergrants—Ecclestastical
2020 2019
£ £
HolyCrossGleadiessValley - 12,500
Manor Parish 6,005 5,741
StMary’s, Bramall Lane
StMaryThe Virgin, Handsworth		 4,500
-		 3,000
6,058
WadsleyParishChurch - 5,426
ChristChurch, Heeley - 11,184
PastoralSupervisionGroupswithinSheffieldDeanerles 80,000 5,000
ChristChurch, Hackenthorpe (returned monies) - (1,751)
StMatthew’s, CarverStreet 4,600 =
StJames’, Woodhouse 10,000 -
ReverendCoaching Grant 480 -
StJohn ParksChurch 1,500 -
Parish ChurchofAscension,Oughtlbridge 20,000 -
Covid grants—variousChurches 5,028 -
Total 132,113 47,158
(Iv) Othergrants
2020 2019
£ £
Clergygrants 1,344 1,212
Total 1,344 1,212

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |22.|Grants — General|Charitable|2020|2019| |£|£| |+ me|Positive|About|Change|-|1,000| |1920’s|Boy’s|Brigade Amicus Group|=|500| |Abundance|Sheffield|-|500| |Age UK Sheffield|8,000|-| |Appletree Childcare|1,400|.| |The Arthouse|(St Matthew’s House|Limited)|500|.| |Arts Catalyst|1,500| |Assist Sheffield|3,000|.| |Back Up Trust|1,000|1,000| |Bolsterstone|Village|Hall|Trust|2,000|-| |British|Liver Trust|2,000|-| |British|Red|Cross|=|1,000| |Broomhill|Community Trust|-|1,000| |Buzz|=|750| |Care|In|Crosspool|3,000|1,000| |Cavendish Centre for Cancer Care|6,000|4,500| |Cathedral Archer|Project|10,000|8,000| |Churches Together|In|Broomhill &|Broomhall|.|1,000| |CLIC Sargent|2,000|-| |Crimestoppers|2,000|-| |Croft House|Centre|2,000|~| |C.R.U.S.E.|4,500|2,250| |Crystal|Peaks|Church|:|1,000| |Datic Trust|1,000|1,000| |Dial|a|Ride Club|3,000|1,875| |Disability|Sheffield|2,000|-| |Dream|Holldays|1,500|-| |Sheffield|South|Live|at Home|(formerly|Ecclesall|Live|at Home)|3,000|1,875| |Emmaus|5,000|2,250| |Families Action|Support|(Sheffield)|5,000|3,750| |Firth|Park|Methodist|Church|=|1,000| |Framework|Housing|-|1,000| |Furnival|-|1,000| |Guild|of St George|©|-|1,500| |Greenhill|Methodist|Church|-|1,500| |Happy|Days|Children’s|Charity|-|500| |HFTrust — Luv2meet you|-|2,000| |Lifelltes|3,000|-| |MacMillan|Cancer Support|2,000|-| |Manor Lodge Community Primary|2,000|-| |Mens Group SADACCA|.|300| |Open|Hands|-|1,000| |Paces|High Green|2,000|1,000| |PBC Foundation GCP|1,000|-| |Personal|Support|Unit|(PSU)|-|1,000| |Phoenix|House — NOW|Futures|-|2,000| |Roundabout|2,000|-| |Carried forward|81,400|48,050|

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||||||| |---|---|---|---|---|---| |eee| |22.|Grants - General Charitable|- continued|2020|2019| |£|£| |‘Brought forward|81,400|48,050| |Revitalise|-|1,910| |Share Psychotherapy|6,000|3,000| |Sheffleld|Churches Council|for Community Care|-|2,000| |Sheffield|Disabled|Fishing Group|*|500| |Sheffield|Doc/Fest|1,500|-| |Sheffield|Family|Holiday Fund|3,000|2,250| |Sheffield|Hospitals Charity|2,000|-| |Sheffleid Mencap & Gateway|2,000|2,000| |Sheffield Theatres|2,500|-| |Sheffleld Women’s Counselling Therapy Service|(SWCTS)|2,000|2,000| |Sheffield Yoga|for ME/CFS|1,000|-| |Sick Children’s Trust|(Sheffield|Children’s|Hospital)|3,000|2,000| |Snowdrop Project|2,000|-| |South Yorkshire Community Foundation|100|-| |Spinal|Injurles Association|-|1,000| |St Mary’s|Bramall|Lane|-|1,000| |St Vincent De|Paul|3,000|1,500| |St Wiilfrid’s Centre|-|2,000| |Stopgap|3,000|-| |Support Through Court|2,000|-| |Survivors of Depression|in Transition|=|500| |Tiddlywinks|Centre|5,000|°| |Vine- St Stephen’s & St Bartholmew’s|-|1,000| |Voluntary Action Sheffield|7,000|3,750| |WellChild|a|1,500| |Weston|Park Cancer Charity|2,400|2,000| |Westwood|(2015)|Ltd|1,000|1,000| |Whizz|Kids|2,500|-| |Young Dementia|(returned|monies)|(1,000)|-| |Total|131,400|78,960| |23.|Grant commitments|2020|2019| |£|£| |Grant commitments which|would|be|met out|of the| |unrestricted|income,|(Ecclesiastical|part),|of future years| |amounted to|156,124|111,000| |24.|Capital commitments|2020|2019| |£|£| |Property refurbishments|4,388|231,068|

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