2021-12-31-accounts - Church Burgesses Trust

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Contents		Page
Burgesses' report		1-16
Auditor's report		17-19
Statement offlnanclal	activities	20
Balance sheet		21
Cash flow statement		22
Notes tothe accounts		23-41

Investment	managers:	Sarasln and Partners	Sarasln and Partners	LLP
		Juxon House
		100St Paul's Churchyard
		London
		EC4M BBU
Investment	custodian/nominee:	The Bank of New York Mellon (London Branch)
		The Northern Trust		Company
Property fund managers:		Savills Investment	Management		(UK) Limited
		33Margaret Street
		London
		W16 GID
Property advIsors:		Fowler Sandford
		Chartered Surveyors
		8StJames Street
		Sheffield
		S11XN
Accountants	and auditors:	BHP, Chartered Accountants
		2 Rutland Park
		Sheffleld
		5102PD
Solicitors:		Wrigleys Solicitors	LLP
		Derwent House
		150Arundel Gate
		Sheffleld
		512FN
Bankers:		Handelsbanken
		7 Floor
		3St Paul's Parade
		129Norfolk Street
		Sheffleld
		512JE

						pwm anent
			Unronrbned		Restrfsted	a doennent		(ssnuatadl
				Itmds	Ands	funds	Total	Total
				(Nate 0)	(Noted)	(Nrne 10)	litnds	funds
				ROR1	20R1	2022	%21	2020
Income and andowmentsbom:					6	6	6	6
Itental Income Investment Income Other Income		0	4IQyNR SR/I/IOF		R,TN			4216~ 60$,$06
~sparn0tme on:
Costs ofOsneratln6 funds Cher)table aahldm		0 7	~2 LRSMXX			$7~	02$.740 LR$441	506m 1,100,714
Tetel enpendlhae			47&&%!
Net Income /(aspandOum)	bebrm
brsestmern Reins				174507		(57ANO	240rt40	(5$,110)
Net Osier/{losms) on IIwestments		10				RIRI04750	I41$47$6	(04441$)
Nat lncomnRenpend0srm)	be6sre	tmnsfem		17A507	0&750	$,20~	$~,200	(00732$)
Trcnslnrs betsreen Funds
Ner mosemant ln funds						$,25QW	RO57~	(067,$25)
Oacansl5adon afftmdsr
Total Itrnds at1JanusrT 2021						57.054m	$0,00RJ 24	$0,NR)JNT
Total funds at$2Oecember	20Rl					41,207.25$	~710	$0,001,514
All Irusnne snd erOendRum	derive from condnuln5			operations.

Fixed assets			Note		2021 f		(asrestated) 2020f
Investment property Investments			11 12		24,477,000 15,915,561		21,900,000 14,709,858
Current assets					40,$92,561		36,609,858
Debtors and prepayments Cash at bank and on short-term		deposit	13 14	49' 70 2,05$,65$		388,356 2,409,273
Creditonu amounts falling due		within one year 15		2,550,12$ (61$,965)		2,797,629 (415,973)
Net current assets					1,936,158		2,381,656
Net assets					42,$28,719		38,991,514
Charity Funds
Permanent endowment Unrestricted funds	funds				41,107,255 1,221,464		37,954,245 1,037,269
Total funds			21		42,$28,719		38,991,514

						ias restated)
				Note	2021	2020
					E	E
Cash flows from operating	activities
Net cash provided by /(used In) operating			activities		2$6,$27	(447,870)
Cash flows from Investing	activities:
Sale oflisted and other Investments					51,712	3,351
Purchase oflisted and other Investments					(80,556)	(1,315,580)
Investment property disposals						210,129
Investment property additions					(542,109)	(233,560)
Net cash used In Investing	activities				(S70,95$)	(1,335,660)
Change In cash and cash equivalents		In the year			($34,626)	(1,783,530)
Cash and cash equivalents	brought forward				2,41$,81$	4,197,343
Cash and cash equivalents	carried forward				2,079,187	2,413,813
Cash and cash equivalents	consist of:
Cash at bank and in hand					2,040rggg	342,915
Notice deposits (less than	3months)				12,764	2,066,358
					2,05$,65$	2,409,273
Investment cash					25,5$4	4,540
					2,079,187	2,413,81$

									Permanent		(as restated)
					Unrestricted			Restricted	endowment	Total	Total
						Funds		funds	fund	funds	funds
						2021		2021	2021	2021	2020
							6		6	E	E
Investment income
Rental income					1,422,&42					1,422,842	1,216,888
Other Investment Income						527W7		5,780		5$$,267	503,996
Other income						12,500				12,500
					1,962,829			5,780		1,968,609	1,720,884
less costs ofgenerating		funds
Property running costs and
Investment	managers	charges			(485,851)				($7,$9$)	(52$,749)	(585,280)
Net incoming for charitable	resources available application				1,476,9785,7$0				($7,898)	1PHILO	1,135,604
S. Unrestricted funds											las restated)
										2021	2020
										6	E
Net Incoming	msources	ovelleble for			cfwrRoble		eppllcetbrnr
Total incoming	resources								1,962,829		1,714,953
Less:costs ofgenerating			funds						(4&S,&51)		(525,055)
										1876,9781,189,898
amount	specifically		for ecclesiastical			purposes					(3)
governance costs									(296,225)		(254,305)
										(296,225)	(254,308)
Net Income										1,180,7SS	935,590
Allocated tor
Ecclesiastical purposes —71.5%										844,2$8	668,947
General charItable purposes -				10.7%						126,$41	100,108
Church Burgesses Educational				Foundation		- 17.8%				210,174	166,535
										1,180,753935,590

				Ecclesiastical	Ecclesiastical	General		(esrestated)
					Part	Pert	2021	2020
					6	8	8	E
Allocated net income						126,$41	970,579	769,056
Specific income
-Charity Commission order								3
-Transfer from Sir William	Ellis bequest				5,780		5,780	5,931
Transfer to Charity Commission			Recoupment			(152)	(152)	(740)
Net resources available for	direct charitable			purposes	850,018	126,189	976,207	774,250
Direct charitable expendIture		(Note 8)
Cathedral expenditure					476,948		476,948	460,185
-Grants					219,914	95,150	$15,064	307,6&9
					696,862	9S,150	792,012	767,874
Net incoming/ (outgoing) resources for the year					15$,156	$1,0$9	184,195	6,376
Total funds at 1January 2021					9$7,102	100,167	1,0$7,269	1,0$0,893
Total funds at$1December 2021				1,090,258		1$1,208	1,221,464	1,037,269
4. Restricted income funds		-Sir Wl&lam		gl&s bequest
						2021		2020
								6
Dividends and Interest on quoted			investments			S,7&0		5,931
Total incoming resources						5,780		5,931
Transfer to Unrestricted Income			Fund - ecclesiastical part		(note 2)	(5,780)		(5,931)
Net incoming resources for	the
year and net movement in	funds
Total funds at 1January 2021
Total funds at$1December	2021

5.	Investment	Income
										(as restated)
									2021	2020
									E	f
	Dividends and Interest
	-on	quoted	investments						426,779	403,184
	-Charities Property				Fund				105,$04	95,746
	Bank and building society interest								1,184	5,063
	Charity Commission		order							3
									5$$,267	503,996
6.	Costs ofgeneratIng		funds
									2021	2020
									f	f
	Property Costs
	Empty property rates								56,268	56,687
	Repairs and refurbishment								69,070	73,598
	Dilapidation	receipts							(28,500)
	Professional	fees							186,180	202,365
	Repair ofbridges and			highway		contribution			20	20
	Insurance								$7,08$	23,507
	Bad debts								1$7,2$0	168,878
									4S7,$51	525,055
	fnvastment	managers		cimrBes					66,398	60,225
									52$,749	585,280
7.	Charitable	activity	expenditure
										(as restated)
									2021f	2020 f
	Transfer to	Church	Burgesses Educational				Foundation	(note 3)	210,174	166,535
	Direct charitable expenditure					(note 8)			792,012	767,874
	Governance	costs (note 9)							296,225	254,305
									1,298,411	1,188,714

		2021	2020
		E	E
Cathedral Expenditure
Cathedral maintenance		25,000	15,000
Annual grant		$92,000	391,167
Insurance		42,620	39,018
Mission grant		15,000	15,000
Miscellaneous	expenses	2,$28
		476,948	460,185
Ecdeslastlarl	Gnrnts to InstRudons
Central DeanerIes - Ministry support grants		7,1$2	5,142
Church building grants		87,120	36,700
Other grants		117,421	132.113
		211,67$	173,955
Eodeshrstkai	Gnrnts to Clergy
Clergy working	expenses and support grants	8,241	2,334
		8,241	2,334
General Charitable Grants tolnstRudons		95,150	131,400
		95,150
		792,012	767,874

Governance costs	Governance costs
					2021	2020
					6	E
Auditors'	remuneration				19,1SB	18,600
Legal gi	administrative		fees		265311	233,401
Printing,	postage,	stationery		Ik sundry disbursements	9,2$9	1,065
Bank interest and		charges			340	20
Trustee	expenses				92$	217
Subtotal					295,071	253,$03
Trustee	Indemnity	insurance			1,154	1,002
					296,22S	254,305

						(as restated)
Net gains/(losses) on Investments					2021	2020
					8	E
Realised gains/(losses)		on	properties			(14,870)
Realised gains/(losses)		on	investments			(645)
Unrealised	gains/(losses) on properties				2,034,891	(1,338,560)
Unreallsed	gains/(lasses) on investments				1,155,865	709,862
Total					3,190,756	(644,213)
Investment	Properties				2021	2020
					8	E
At valuation	1January	2021,with additions at cost
Balance at	1January	2021			21,900,NO	23,230,000
Additions					542,109	233,560
Dlsposals						(225,000)
Revaluation					2,034,891	(1,338,560)
Balance at	31December 2021				24,477,000	21,900,000
Historical cost ofproperties			purchased	since 1969	678,581	678,581

valuation) w	hich are over 596ofportfolio by market value	are:
		Market
		Value
285/287/289	Glossop Road	2,1N,ON
127/129 DevonshIre Street		1,7N,ON
243/253 Glossop Road		1,650,000
334Glossop	Road	1,500,NO

Investments
				2021	2020
				6	E
Quoted Investments
At market	value 1January 2021			14,705,318	12,683,870
Additions				80,5SS	1,315,580
Disposals				(51,712)	(3,994)
Increase/(decrease)			in market value	1,155JISS	709,862
At market	value $1December 2021			15,890,027	14,705,318
Investment		cash		25,5$4	4,540
				15,915,561	14,709,858
General				1$,164,765	12,241,041
Charities Property			Fund	2,750,796	2,468,817
				15,915,$61	14,709,858
Quoted investments			at historical cost at31December 2021	1$,202,$50	13,125,524
All investments		are listed securities and comprise of:
Equities					9,069,99$
Fixed Income					1,15$,S01
Property					$,2$$,$$0
Alternative	investments				1,484,990
UK investment		funds			480,055
Liquid Assets					468,158
					15,890,027

Investments in ind value are:	ivi	dual securities held at 31December 2021	which are over 5%ofportfolio by m
			Market
			Value
			6
Saraain Endowments		Fund Class A inc	12',7$7
Charities Property	Fund		2,725,26$

1$.	Debtors and prepayments	Debtors and prepayments
					2021 f	2020f
	Rent and Insurance	unpaid at year end			404,$5$	296,170
	Dividends receivable					2
	Rent paid in arrears	(accrued)			7470	8,370
	Ground rent paid In	arrears (accrued)			4385	2,890
	Prepayments and other debtors				79,862	73,424
	Loans to churches					7,500
					496/70	388,356
14.	Cash at bank and on short-term		deposIt
					2021	2020
	Short-term deposit:				E	f
	Santander				975	372,875
	Central Board ofFinance				452	452
	yorkshire Bank				34	34
	Cash at bank:
	Royal Bank ofScotland - Special deposit account				3~	2,056,937
	- Current account					(30,446)
	- Reserve account				9jl22	9,421
	Handelsbanken
	- Current account				2,039328
					2,05$,6S3	2,409,273
15.	Creditors:
	Amounts falgng due	within one	year			(as restated)
					2021	2020
					f	f
	Amount due tothe Church Burgesses Educational			Foundation	103MB	46,535
	Rent received in advance				261,271	227,928
	Grants unpaid at year end				31,214	7,700
	Rent deposits				14,421	9,419
	Accrued expenses				20$,620	124,391
					61$,965	415,973

					Charity
					Commission	SirWgliam
				(as restated)	Recoupment	ggls	Total
				Main Fund	Fund	Bequest	2021
				6	6	6	6
Total funds	at 1January 2021(as restated)			$7,$27,194	426,918	200,1$$	$7,954,245
Incoming Resources
Transfer from unrestricted			Income fund		152		152
Realised gains/(losses):
Quoted	investments
Properties
Unrealised gains/(losses):
Quoted	Investments			1,086,859	52,985	16,041	1,155,865
Properties				2,034,891			2,034,891
Investment	managers	charges		(66,751)		$5$	(68,$98)
Dilapidatlons	receipts			28,500			28,500
					5$,1$7	16,$94	$,15$,010
Total funds	at31December 2021			40,410,67$	480,05S	216,527	41,107,255
					Charity
					Commission	SirWggam
				(as restated)	Recoupment	Kgls	Total
				IIAain Fund	Fund	Bequest	2020
				6	6	6	6
Total funds	at 1January 2020			$8,071,942	$97,722	188,279	$8,657,943
Incoming Resources
Transfer from unrestricted			Income fund
Realised gains/(losses):
Quoted	investments			(645)			(645)
Properties				(14,870)			(14,870)
Unreallsed gains/(losses):
Quoted	investments		(as restated)	669,826	28W6	11,580	709462
Properties				(1,338,560)			(1,$$8,560)
Investment	managers	charges		(60899)		274	(60,225)
				744,748)	29,196	11,854	(703,698)
Total funds	at31December 2020 (as restated)			$7,$27,194	426,918	200,2$$	$7,954,245

Reconcglatl	on ofnet	mov	ement In funds to net cash flow from	operating activities
					(as restated)
				2021	2020
				6	E
Net income/(expenditure)			forthe year (as per Statement	$,3$7,205	(697,323)
of Financial	Activities)
Adjustment	for:
Unrealised	(gains)/losses		on Investments	(1,155,86S)	(709,862)
Unrealised	(gains)/losses		on property	(2,0$4,891)	1,338,560
Realised (gains)/losses		on	Investments		647
Reagsed (gains)/losses		on	property		14,870
Movement	in debtors			(108,114)	(32,863)
Movement	in creditors			197,992	(361,899)
				2$6,$27	(447,870)

nalysis ofchanges In net debt
	1)anuary		$1Qecember
	2021	Cash flows	2021
	E	6
Cash at bank	342,915	1,697,974	2,040,889
Notice deposits	2,070,898	(2,032,600)	$8,298
		($$4,626	2,079,187


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(I)	Church bufldlng gran	ts
			2021	2020
			6	E
	Christ Church, Fulwood		70,000
	St John's Ranmoor			10,000
	St Cyprian's			10,000
	StAugustine' s, Endcflffe			5,000
	St Mary the Virgin, Beighton			6,700
	StMatthew' s, Carver Street		620	5,000
	St Nicholas's, Bradfleld		15,000
	StPeter &Oswald's	Vicarage	1,S00
			87,120	36,700
Ifl)	Central Deanery - Ministry Support Grants
			2021	2020
			6	E
	St Mary' s, Walkley		5,122
	St John' s, Ranmoor			3,798
			5,122	3,798
Igl)	Other grants —Ecclesiastical
			2021	2020
			6	E
	Manor Parish		6,124	6,005
	St Mary' s, Bramall Lane			4,500
	Pastoral Supervision	Groups within Sheffleld Deaneries	5,000	5,000
	Diocese ofSheffleld,	Clergy Stipends within Sheffleld DeanerIes	75,000	75,000
	St John's Evangeflst,	Ranmoor —Area Dean's admln expenses	3,000
	StMatthew' s,Carver	Street		4,600
	StJames', Woodhouse			10,000
	Reverend Coaching Grant			480
	Ministry traInIng		4,212
	St John's Park Church		4,085	1,500
	Parish Church ofthe	Ascension, Oughtibridge	20,000	20,000
	Covid grants —various Churches			5,028
	Total		117jQ2	132,113

Other grants
					2021	2020
					6	E
Clergy grants					2,010	1,344
Total					2,010	1,344
Grants- General Charitable					2021	2020
					5	E
Age UK Sheffleld						8,000
Appletree Chlldcare						1,400
The Arthouse (St Matthew's			House LimIted)			500
Arts Catalyst						1,500
Assist Sheffleld						3,000
Back Up Trust						1,000
Bolsterstone Vglage Hall Trust						2,000
British Liver Trust						2,000
Care In Crosspool					3,000	3,000
Cavendish Centre for Cancer			Care		6400	6,000
Cathedral Archer Project CLICSargent					8,0N2'	10,000 2,000
Crlmestoppers						2,000
Craft House Centre						2,000
Crohn's ELColitis UK					1,000
C.R.U.S.E.					3,000	4,500
Crystal Peaks Church					1,0N
Datlc Trust						1,000
Deepcar Vglage Comm Assoc					MIN
Dial a Ride Club					BAIN	3,000
Disability Sheffield						2,000
Dream Holidays						1,500
Sheffield South Live at Home			(formerly	Ecclesall Live at Home)	3,0N	3,000
Emmaus					3,000	5,000
Enable (Sheffleld)					1,5N
Families Action Support (Sheffleld)					5,000	5,000
Framework Housing					1,000
Golf in Society					SN
Happy Days Children's Charity					500
Lifelltes						3,000
MacMglan Cancer	Support					2,000
Make Them Smile
Manor Lodge Community		Primary				2,000
MESH Community	Cohesion Services				1,500
Carried forward					51,250	76,400

	Grants- General Charltabie	Grants- General Charltabie	-	continued		2021	2020
						E	E
	Brought forward					51,250	76,400
	Paces High Green					5,000	2,000
	PBCFoundation GCP						1,000
	Roundabout						2,000
	Salvation Army					400
	Share Psychotherapy					4,0M	6,000
	Sheffleld Doc/Fest						1,500
	Sheffleld Family Holiday Fund Sheffield Hospitals Charity					S,OM S~	3,000 2,000
	Sheffield Mencap &Gateway						2,000
	Sheffleld Theatres						2,500
	Sheffleld Wheat Project					SM
	Sheffleld Women's Counselling			Therapy Service (SWCTS)			2,000
	Sheffleld Yoga for ME/CFS						1,000
	Sick Children's Trust	(Sheffield		Children's	Hospital)		3,000
	Snowdrop Project						2,000
	South Yorkshire Community		Foundation				100
	StVincent De Paul					S,OM	3,000
	StWilfrid's Centre					4,000
	Stopgap					S,OM	3,000
	The Sunday Centre					2,500
	Support Through Court						2,000
	Terminus Initiative					M00
	Tiddlywinks Centre						5,000
	Voluntary Action Sheffield					SAM	7,000
	Weston Park Cancer	Charity					2,400
	Westwood (2015)Ltd					VXO	1,000
	Whizz KIds						2,500
	Yes2Ventures					2400
	Young Dementia (returned		monies)				(1,000)
	Totai					95,150	131,400
	Grant commitments					2021	2020
						E
	Grant commitments	which	would be met out ofthe
	unrestricted income, (Ecclesiastical part), offuture years
	amounted to					89,048	156,124
25.	Capkal commitments					2021	2020
						5	E
	Property refurbishments					78,774	4,388