Reglstered Charity No. 221284 SHEFFIELD CHURCH BURGESSES TRUST ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023
SHEFFIELD CHURCH BURGESSES TRUST CONTENT5 Contents Page Burge5ses' report 1-17 Independent auditorfs report 18-21 statèment of financial activtties 22 Balance Sheet 23 Cash flow statement 24 Notes to the accounts 25-45
SHEFFIELD CHURCH BURGESSES TRUST BURGE55ES' REPORT FOR THE Y&4R ENDED 31 DECEMBER2023 REFERENCE AND ADMINISTRATIVE INFORMATION THE CHURCH BURGESSES AS AT 31 DECEMBER 2023 Date elerted Dr J P Banham, the Capitsl BurBess N J A Hutton MBE 21X)6 1988 The Rev S A P HunterJP 1993 D F Booker 1998 l G Walker 21X)2 D Stanley D H Quinney 2(X17 2016 S G Eccleston 2018 E A Brownhill 2018 Dr S M Gentle 2020 Prof R E Coleman 2023 (appointed Ortober 20231 (appointed May 20241 A M Little 2024 OFFICERS OF THE TRUST The Law Clerk= l T Potter BA (Honsl J A Swann BSC IHorbsI MRICS 6HP LLP The Surveyor.. The Auditor.. Assistants to the Law Clerk (Charity Administrators).. P G Stevenson G Mills D Andrews Z Kent-caderousse J De-Hayes TRUSTOFFICE Derwent House 150 Arundel Gate Sheffield SI 2FN Web51te.' wv.ShefrieldchurchbrKes5e$.orE.uk CHARITY NUMBER 221284 BHP LLP PaRe I
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES, REPORT-continued FOR THE YEAR ENDED 31 DECEMBER 2023 ADVISORS TO THE TRUST Investment managers: Sarasin and Partners LLP Juxon House IIXI St Paul's Churchyard London EC4M 88U Investment custodianlnominee= The Bank of New York MelloTI (London Branch) The Northern Trust Company Property fund managers-. Savills Investment Management IUKI Limited 33 Margaret Street London WIG OJD Propèrty advisors: Fowler Sandford Chartered SuNeyors 4 Floor AbY House 11 Leopold Street Sheffield SI 2GY Accountants and auditors= BHP LLP 2 Rutland Park Sheffield 510 2PD Solicitors- Wri8leys Solicttors LLP Detwent House 150 Arundel Gate ShÈffield SI 2FN Bankers- Handelsbanken Floor 3 St Paul's Parade 129 Norfolk Street Sheffield SI 2JE REPORT OF THE BURGESSES FOR THE YEAR ENDED 31 DECEMBER 2023 The Burgesses are pleased to present their report together with the financial statements of the charity for the year ended 31 Dember 2023. The financial statements have been prepared in accordance with the accountinB policie5 set out on pages 25 to 27 and comply with current ttatutory requirements, the governing documents of the Trust and the Statement of Recommended Prattl- Accounting and Reporting by Charitie5 2019 IFRS 1021. BHP LLP Pa8e 2
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES, REPORT-continued FOR THE YEAR ENDED 31 DECEMBER 2023 STrUCTURE GOVERNANCE AND MANAGEMENT CONSTITUTION The Twelve Capitèl Burge55es 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 ofthe Charity Commission sealed on 23 August 1999 and a supplemental Royal Chartergranted on 8 May 2CX)3. The Corporation isthetrustee ofthe charlS endowment. The charity is a Royal Charter body and is registered wtth the Charity Cornmission 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 ferred to either as Burgesses or as trustees. The Stheme governs the corporate trustee's administration of the endowment. The Charter las amended by the 2003 Charter) regulate5 the corporatcK The Trust does not Jrtively fundraise. It seeks to ¢ontinue its work through the careful stewardship of its existing endowment soUrCes. The Trust meets as a body quarterly and in addition works through a committee structure, details of which are set out below. COMMIThEES OF THE TRUST Standing Committee Ecdesiastical Grants Committee Gerteral Charitable Purposes Commtttee Dr J P Banham (Chairl D Stanley (Chairl NJ AHutton MBE D H Quinney Ichairl N J A Hutton MBE D F Booker Dr S M Gentle Revd S A P HunterJP Revd S A P Hunter JP Dr J P Banham Dr I P Banham Dr S M Gentle E A Brownhlll Property Committee Finance Committee Cathedral Committee N J A Hutton MBE ICh3irl Revd S A P HunterJP l G Walker (Chairl NJ A Hutton MBE D F Booker (Chairl l G Walker D H Quinney D F Booker Revd S A P Hunter IP S G Eccleston D Stanley E A Brownhill Di S M Gentle The full Trust and above named sub-commtttee5 meet quarterly to make decisions which are implemented through its officers and athisors. Ailditional communication, visits and meetings. both online and fa to face. are undertakerh as and when required. BHP LLP Pa8e 3
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES, REPORT-continued FOR fHE YEAR ENDED 31 DECEMBER 2023 COMMIThEES OFTHE TRUST (continued) Each commtttee has its own tern15 Qf reference. by which it considers matters in relation to the Trust's assets (Property Committee and Finante Committee) and grant making (Ecclesiastical Grant5 Committee, Cathedral Committee and General Charitable Purposes Committee). The Standing Committee meets in advance of the Trust's Annual General Meetin& and more often if required, in order to faci1state the smooth running of theTrust. Each committee's terms of reference are subject to review everythree years. The day to day administration of the Trust. work in connection with its asset5, liaison with other grant makers and outside b(KJies such as the Diocese of Sheffield, the administration of its grant programme5 and the processing and handling of application5 prior to their consideration by relevant committees is delegated to the Law Cler Committees report back orally tothe quarterly full meeting of theTrust and also through the Circulatio of minutes of their meetings. The committees also consider monitoring information concerning the performance of Erants and make recommendations to the Trust body as a whole in the light of that information. Skills, experience and dlversity The Burgesses keepthe Skill requirements for the trustee body as a whole undèr review and in the event that a trustee retires or die5, the Standing Committee review5 the prO$S for the rècruitment of a new Burgess and proposes the formation of a Search Sub-committee, subject to the agreement of all Burge55es. The identity of wtential new Burgesses is considered through dialogue with person5 and bodies 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 nd add to those of the existing Burgesses. Once candidates are identified a shortli5t is prepared and exploratory discussions take place with the Search Sub-committee. A proposal is eventually put before the Burge55es who together make the final choice. The inducrion process for any newly appointed Burgess begins with meetings with the Capital Burgess (who 15 the Chair of the trustee body) and the Law aerk. Following appointment. introductory discussions Wlth 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 include5 a brief history of the Trust. detai15 about how the Trust oper3te5. copies of annual reports and accounts, copies of policies and goveming documents and Charity Commission publications which assist new trustees. Throu8h its Law Clerk, the Trust ha5 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 specialising in charity workwith a leading niche firm of sol?citors 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 AssLKiation. Burgesses are encouraged totake up opportunities for relevant trustee training. New Burgesses. where appropriate, are particularly encouraged to attend relevant trustee training event5. 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 makin8 charities. In 2023 the Trust became a membei of the Yorkshire Funders group, an organisation that provides opportunities for those involved in charitable funding to attend networking events and training sessions throughout the year. BHP LLP Pa8e 4
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- continued FOR THE YEAR ENDED31 DECEMBER2023 COMMirrEES OF THE TrUST l¢ontinued) Charity Govefnance Code A copy of the Charity Govemance Code is gNen to new Burgesses and the Burgesses seek to apply its guidance to the work of the Trust. so far as the key principle5 apply and are relevant to its work as a grant maker. The Burgesses are conscious of the need io use and review good prattl in governan and that adopting good practi is an essential part of being a modern grant making charity. This Annual Report shows thatthe seven Code prinuples of Good Governance are evidenced in the work of the Sheffield Church Burgesses Trust.. Delivery of organisational purpose-the BurÈesse5 are conscious of the need to have functions clearly expressed, both as individuals and as a team, and to be organi5ed so as to operate the Trust effertively,. this happens through open dialogue and debate in its regular meetings and committee structure. and through thè close workin8 relationship between the Law Clerk and his staff and specific Burgesses who, from time to time. have special responsibilities either as Capital Burgess or as chairs of committees,. this work includes review and delivery of strategy and operational plans and budgets on a year by year basis, results are regularly evaluated and assessed using the committee structure which also makes it possibleforthe Burgesses to deliver hange and a continuing review of the relevance and Importan of all aspects of the work of the charity Leadership- the Burgesses exercise collectNe spOnSIbl11tY for the running and performance of the Trust and as part of that. are aware of their legal duties both generically a5 charity trusteès and by ference to the governing documents of the chartty. They are very conscious of their obligations as stewards of the assets and of the need to be responsive to the external environrnent both in which the charity's endowment operates and from which beneficiaries are drawn. The structure of the opèration of the charity enables the Burgesses to safeguard and deliver the visions, values and objerts of the charity with approprrate oversight of its work and of its advisors and supporters- liiil Integrrty all committees, officers and service proderS have dear terms of rèferènce or delegated authgritie5 as the case may be, to ensure delivery of the oiganisational purpose and the provision of good govemance and leadership. This is one of the ways in which Burge55es safeguard and promote the organisation's reputation. applying high ethical Standards including the management of conflirts of interest and loyalty. and more generally the maintenance of independence in dècision making. This enablestheTrustto deliver more effectivelythe benefits from its work to the beneficiaries of its grant m3ki livl Declslon-makin& risks and control- the Burgesses as a body are the effective controllers of the charity and are all corhscious of their obligations to comply with legal and regulatory responsibilitie5 and obligations. Internal financial controls are reviewed annually by the Finance Committee and management contro15 are transparent for all Burgesses to assess. This aspect of the work include5 regular review of risks and the Risk Policy. The use of delegated authoritv 15 an e55ential part of the work of theTrust. which all Burge55es understand and with which thev co-operate fully: BHP LLP Page 5
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- continued FOR THE YEAR EAIDED 31 DECEMBER2023 COMMr£ES OF THE TRUST (continu) Iv) Board effertiveness-the Trust has a range of appropriate policie5 and produre1. The lèngth of Servi of Trustees Contributes significantly to the building of a culture which helps to deliver the charity's objectives effectively from 3 sound knowledge base. The recruitment of TTUStees is a Significant task from time to time and its importance is highty regarded by all Burgesses. Training and development for existing Burgesses and induction for new Burgesses are all part of the WO of the Trust, as is the conscious review from time to time of performance of Burgessès in their respective roles- Ivil Diversity - The Burgesses are aware of the need to blend an approach to diversity into their effectweness. their leadership of the work of the Trust and in their decision-making. They seek to recruit Burgesses with a variety of perspectives, expèriences and skills that will supplement those of the existing Trustees and enhance the work ofthe Trust. They are consciou5 of the need to consider how the body of Truttees can best reflert the diversity of the Anglican Church and, more Benerally. the inhabitants of the city of Sheffield. Iviil Operatlng in an open and a¢¢ountsble way - the Burgesse5 recognise the need for openness, responsiveness and accountability in a modem World and seek to reflettthisthroughout the work of the Trust. The Trust offers information about its work through its website and engages with sector developmerits through the Law Clerk and Burgesse5 being involved in training and events designed to inform and develop the thinking in the charitable sertor. Burgesses regularly engage with grant rectpients and third parties with whom the Trust works. The Burgesses are con5CiOUS of the need to assess environmental impact and this is particularty so in relation to the management of the Property Portfolio. There 15 in place a complaints procedure in the event of the need to respond to such and to show that the TnJ5t can do so impartially and effectively. The Trust'5 privacy notices clarify how the Trust holds personal data in relation to Churches. church organi53tions, Burgesses and office holders. RISK MANAGEMEP The Burgesses have identified and reviewed the major risks to which the charity is exposed. System5 are already established to mitigate those risks. For example. the Trust makes use of profe55ion31 advisors Iwho carry liability insurance) including investment manager5 to whom delegated authority is given forthe investment of part of theendowment.. the Trust insure5 It5 property holdings land regularly reviews values).. the Trust takes specific advi 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 Finarbce Committee and at 3 full meeting of all Burge$5es. The Trust operatestight controlson the management of expenditure of cash fvnds, particularly ensuring detailed monitorin@ ol the allocation of capital cash against 5pecifi¢ building projects. Internal record keeping monitor5 expenditure (using SAGE software), allowing matters to be reported to the quarterly meetings ofthe Finan Committee and Property Committee. The Trust applie5 èffective and close management of ris rental income, mindful of the potential risk from any build up of rent arar$. The position with regard to each tenant is reviewed by the Law Clerk's office on an ongoing basis, reviewed monthly and reported to the Property Committee on a quarterly basis. The Law Clerk and his staff work closely with the Surveyor to address any difficulties and enter into a dialogue with tenants where necessary. BHP LLP Pa8e 6
SHEFFIELD CHURCH BURGESSE5 TRUST BURGESSES. REPORT-continuèd FOR THE YEAR ENDED 31 DECEMBER 2023 RISK MANAGEMENT continued A c135sic rrsk for an endowed ant 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 2(X)8. In 2014 it implemented fully a plan to rebuild property based income through redevelopment of some of its property portfolio. Since 2018 renovated and re-let properties have produced income from residential tenants at a signih.cant and increasing level. Analysis of the income yields generated from these properties has shown an increased retum from the redevelopments, as well as an increased capital valuè for the underlying properties. The Trust has clearly recognised the risk to tts grant making potential.. from the difficulty in letting some of the property thèt Used to be attractive for business use but is no longer and the f311 in rents from propertythat can still be let for commercial and business use. The Property Committee and the Trust a5 a whole are continuing to address this by a strategy of changing use of buildings and re-letting for residential occupation. The Trust recognises the need to consider reputational risk in its grant maklng and other activities. OBJECMVES AND AcfiviTIES io. The Trust's 1999 Charity Commission Scheme provides for the division of the Trust's income as follows.'- 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 furtherin8 of ministrv In the four Sheffield Angllcan deaneries- 10.2 10.7% for general charitable purposes in the c4ty,' and 10.3 the remaining 17.8% for educational purp¢)ses administered by the Burgesses of the Church Burgesses Educational Foundation (constituted by an Order of the Charity Commission sealed 16 February 1904 under Section 2121 of the Board of Education Act 18991. The Trust holds the right of appointment for the presentation of the Dean to the Sheffield Cathedral living lalternatel and of clergy to various aty parishes. The fulfilment of the Trust's objectives to make effective and creatTve use of all opportunities for grarbt making is evidenced by the Commentary on its grant making activities below. ii. GRANT MAKING POLICY It is thè policy of the Trust in its grant making to support charrtable causes In Sheffield. Sheffield Cathedral and the Sheffield City Anglican Parishes to the maximum possible extent that its income allows. The Trust consider5 applications from Anglican parishes and church organisations. from individuals involved in Christran work of a wide variety of types and from chartties Iboth national and locall who are involved in charitable work within the city of Sheffield (the extent of the Trust's geographical rÈmitl. Applicatiorbs submitted to the Trust are reeWed by committees, as detailed above. Grant making decision5 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. BHP LLP Page 7
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT-continued FOR THE YEAR ENDED 31 DECEMBER 2023 GRANT WKING POUCY Icontinuedl Details of how to apply for grants are available from the Law Clerk's ofFice and via the Trust's website. ACHIEVEMENTS AND PERFORMANCE li The Trust makes r( a condition of most grants that follow up reports are made to the Trust, so that the impart of its Erant making can be assessed. By the nature of the work which the Trust support5, 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 ratherthan months). c105e involvement in the grant maknng process give5 the Trust an effective understsnding of the progress or otherwise of it5 various grant-making programmes. 13. ECCLESIASTICAL GRATr¥fs COMMrrrEE Church buildin85 A total of £154.25912022.. £66,193) was released as grant funding to assist with the Costs of works on church building5. Grants were made (though not all paid overl to a range of churches, indudinÈ St Thomas. Wincobank. St Mark's Broomhill, St AndreS Psalter Lane. Christ Church Dore. Christ Church Pitsmoor and St Augustine's Endcliffe. Ministry Support The Trust continued its programme of support f ministry in parishes within the four Sheffield deanerie5, where it was deemed that a period of financial 5UPPOrt could be helpful. The grants support variou5 Costs including area dean expenses. A total sum of £2.060 wa5 granted during the year12022.. £6,(KY)I. Other grants to Sheffield thurches A total of £166,36612022.. £148,958) was released as grant funding to asslst with the costs of parish work within the four Sheffield deaneries. Funding included support for parish administration. youth and families WO and ministry with mar8inalised groups. Assistance was also provided to individual clergy as a contribution towards the costs of trainin& courses arhd sabbaticals. Further help to clergy by way of working expenses grants and Erants to help relieve the pressures of Christian ministry totalled £8,94412022: £6,4SOI and were much appreciated. During the year the Burgesses met with the Bishop of Sheffleld and hi5 senior staff. providing useful information and insight to assist in the Trusys decision making. BHP LLP Pa8e 8
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- continued FOR THE YEAR ENDED31 DECEMBER2023 ECCLESIASTICAL GRANTS COMMIThEE (continued) The Committee normally meets with the Arthdeaton of Sheffield and Rotherham on an annual basis, which provides èn opportunity to discuss a ran8e of matter5 relevant to the Trust's grant making and patronage across the four Sheffield deaneries. 14. CATHEDRAL COMMIThEE Throughout the year the Committee continued ris role of monitoring development5 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 as well as negotiation of the 5UPPOrt grant from the Trust for the Cathedral's annual budget. 14.1 The Trust offered the following grants to the Cathedral.. 14.1.1 a support grant for the core work of the Cathedral of £405.720- 14.1.2 a restricted fund of £15.525 to be used for planned maintenance,. 14.1.3 a restricted fund of £15.525 to be used for mi55ion development work- 14.1.4 an additional grant of £4,3(K) to assist with the costs of services and events to mark the coronation of His Majesty King Charles 111 14.2 During the course of the year the Committee considered and then reported to the Trust on a number of major andlor strategic items including.. 14.2.1 On different occasions meeting with the Dean, the Chief Operations Officer and the new Dirertor of Music and Schools Singing Programme. 14.2.2 Meeting with the Cathedral TreaSur. FInarI Manager and Chief Operations Offior to review the annual Cathedral budget. 14.2.3 Regular reports concerninB fabric matters in corbsultation with the Cathedral Surveyor. 14.2.4 The arrangements for the Cathedral's insurance. 14.2.5 Consideration of a new Cathedral constttution and statutes in accordance with thè Cathedrals Measure 2021. BHP LLP P3ge 9
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. GENERAL CHARABLE PURPOSES COMMITfEE The Committee was able to Commen with a new triennial grants Scheme for 2023-2025. to provide grant funding for core costs to 14 Sheffield charities providing support and 5ervice5 acro55 the oty. The total value ol grants under this scheme is £55,(W. The Commtttee made grants in the year to a fijrther 33 causes across the usual range of diverse needs (health and well-being, recreational. deprivatiorh. etcl. Duringtheyear. thetotal valueof grants awarded pursuant to new applications was £50.356. The total walue of grants made. across both the triennial grants scheme and additional grants, was £114,68412022.. £121.4191 16. CHURCH BURGESSES EDUCATIONAL FOUNDAnoN The amount of income allocated to the Foundation wa5 £180.58112022: £176,947). 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 re1ve an annual report on the work of the Foundation. FINANCIAL REVIEW 17. PROPERTY COMMITTEE This Committee's work hèlps to sustain the Trust's income from its property portrolio, thereby facilitating the Trust's grant-making pmgrammes. The performance of the portfolio since 2020 ha5 been Sl8nificantly affected by the coronavirus pandemic. when govemment lockdown restrictions forced many of the Trust's tenants to close their busine55es for periods of time. sin then there has been a noticeable and prolonged suppression of economicactivity, particularly afferting businesses in the retail and leisure industries. Amongst the other major issues dealt with by the Committee during the year were.. 17.1 New leases of 87-89 West Bar and 10 Orchard Street. 17.2 Completion of the refurbishment of 273 and 279 Glossop Road to residential apartments. 17.3 Takin8 back in hand 251-253 Glossop Road and commencing works to make it suitable to relet. 17.4 Consideration of a number of propertie5 that have been vacant. underlet or coming back in hand. where redevelopment or conversion to residential accommodation may lead to better opportunities for the future letting of these premises. Gross ntaI$ for the year decreased by £13,286, to £1,389.817, a decrease of 0.9%12022.. a decrease of 1.4%1. BHP LLP Page 10
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- continued FOR THE YEAR ENDED 31 DECEMBER 2023 i& FINANCE COMMIThEE The Committee receNed and considered regular reports from Sarasin & Partner5 LLP I"Sar3sin"l and met with them twice durin8 the year, to review and consider perforniance of the portfolio, poliry and tactics with regard to the Trust's market investmen The performance ofthe Trust s investmerbt in the Charities Property Fund was also monitored carefully throughout the year. Repsentate5 of the Fund met the Finance Committee during the year. Amongst the major issues dealt with by the Committee during the year were.. 18.1 Review of the Trusvs annual budget and grant making at the half year point. 18.2 Annual review of the Tru5Vs financial controls. 18.3 Consideration of whether the Trust may take a totsl retum approach to its inStMent portfolio (where the matter remains under review). 18.4 The Committee considered a new methodology by which the Trust may set it5 target income reserve levels and, following consideration otthe matter by other committees and the Trust as a whole, it W3s agreed that the arnount set for the Trust to hold in reserve would be as follows Ito be reviewed on an annual basisl.'_ 18.4.1 an ecclesiastical grant reserve of £6(,(- 18.4.2 a general charitable purposes grant reserve of £88,5.. 18.4.3 an operational reserve of £320,Crf)O,. 18.4.4 therefore a total reserve of £l.(K)8.5(K). The value of the Stock exchange and similar investments at the year end amounted to £14,381,550 12022.. £14,077.0221. Income from these investments inc¥eased slightly to £526.14912022.. £518.9131. Cash balan5 were carefulty monitored. interest earned totslled £47.58512022= £9,208). Gross incomin8 resources for the year of £1.963.55112022: £1.943.7241 are 1% higher than last year. Net income available for charitablè purposes has increased from £1.258.936 in 2022 to £1,290,985 in 2023. Charitable attivity expenditure amounted to £1.433.06612022= £1.302,3301. Total unrestrirted income funds at the year end were £1.124.4185 12022.. £1,223.219I. of which £1.016,533 12022: £1,108,394) is ecclesiastical income ènd £107,952 12022= £114,825) is general charitable purposes income. BHP LLP Page 11
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT-continued FOR fHE YEAR ENDED 31 DECEMBER 2023 FINANCE COMMirrEE Icontinuedl Grants provided from ecdesiasti(al and general charitable income but remaining vnpald at the enil ol the year amounted to £184,31612022.. £63.1061. The balance shÈÈt at 31 Dernber 2023 showed total nèt assets of £37,206,68312022: £37,338,629). 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 2023 wa5 £1,353,102 12022.. £1,576,865). Part of this is held in the ermlowment fund. 19. INVESTMENT POUCY The Trust's powers of investment were found in the 23 August 1999 Scheme but thi5 was superseded by the Trustee Act 21X)o. It is the objectfve of the Trust to maximisethe return from its property holdings asto capital and income. commensurate with good management of the property estate as part of the Trust's permanent endowment and in accordante vmth its charitable objective& So far as the portfolio of market investments and the Charitie5 Propekty Fund ICPFI are concerned, the objective of the Trust is to achieve as high an income a5 possible whilst at the same time at least maintainin8 the real value of the portfolio overall. Measurement 15 made annually against appropriate benchmarks. During 2023 Bur8esses reviewed the Tru5t'5 investment polrcy and strategy. and updating the stated approach to ethical investment, to the following- 19.1 That it is appropriate for the Trust's investment p(*rfolio to be managed in a way that incorporates: 19.1.1 ethical screens to exclude investment in companies which are materially involved in either of the following: 19.1.l.Ithe produrtion and distribution of ethically unacceptable products. including but not limited to 11 gambling ill adult entertainment iv) tobacco vl armaments vil predatory lending BHP LLP Page 12
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES, REPORT-continued FOR THE YEAR EAIDED 31 DECEMBER 2023 INVESTMENT POUCY Icontinuedl 19.1.1.2 ethrcalty unacceptable prartices, including but not limited to il corruption ill environmental degradation iiil poor labour practices iv) breaches of human rights vl companie5 which persister1t. knowingly and materi31ty breach international legal stsndards 19.1.2 the appointed investment manager exercising voting rights and artive board engagement in relation to ethical tnatters. 19.2 That the Trust ensu that when leasing its property it..- 19.2.1 Includes a standard clause In Fts leases Prohibiting immoral attivity by z tenant. 19.2.2 reviews new tenants and their purposes prior to entering rnto any new lèase arrangement. 20. RELATED PARTIES A statement regarding related partie5 issues appears later in the financial statements. 21. PUBLIC BENEFIT The Burgesses are aware of the Charity Commission's guidan on the pvblic benefrt for charities. The Burgesses are very conscious of their legal duty to give gard to the public benefrt guidance and the obligation to report upon how the Trust delivers public benefrt. This charlS aim5 fall into three distinct area5 which can be summarised as follows- The application of tts rncome for ecdesiastical purposes in furthering the religious and other charitablework of thè Church of England in thè foursheffield Deaneries of the Anglican Diocese of Sheffield. The applitstion of it5 general charitable purposes income for charitable purposes for the general benefit of the inhabitants of Sheffield,. and ThrouEh the payment of income to the trustees of the Church Burgesses Educational Foundation the trustees of that charity are able to provide support for the education of Sheffield inhabitants under the age of 25. The objectives set bythe Burgesses to deliverthose aims are represented by the grant pro8rammes run by the Trust. In relation to ecclesiastical purposes income, the Trust support5 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 Beneral charitable purposes income, a range of charitie5 operating within the city ofsheffield are supported. BHP LLP Page 13
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT- contFnued FOR THE YEAR ENDED 31 DECEMBER2023 PUBLIC BENEFIT l¢ontinuedl The Trust mea5ure5 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 Erant making activity appears eadier in this Report. The Burgesses look to deliver public benefit through both their grant making attivities and through the exercise of their ecclesiastical patronage role in relation to a number of churches across the city of Sheffield. Examples of the Trust's delivery of public beneftt include= 21.1 The provision of grant funding from the Trust's ecclesiastical purposes income and its ecclesiastical patronage trust supports the work of the Church of England in its promotion of religion. religious artivitie5. moral and ethical teaching and other charitable purposes with and for the people of the city of Sheffield. The Trusvs grant making for ecclèsiastbcal purpose5 SUPPOrts a range of works. activities arKI projerts, such as- 21.1.1 The employment by church organi5ations of lay people working in various roles, including youth and families workers, administrative support and ministry to groups of the city's population who might not ordinarily engagewith the work ofthe Church. 21.1.2 Supporting the maintenan. restoration and building of Church buildin85. the provision of Sacred space5, churches and worshtp ServiS. 21.1.3 By supporting clerEY Stipend5 SUPPOrting the Staffing nesSary for the performance "rite5 of passage" religious ceremonies such as blessings or baptisms lof Christians of any age), weddings and funerals. 21.1.4 Support for clergy Stipends and other lay workers contributes to the sustaining of a structure which gives local Anglican churche5 the opportunity to offer help with the spiritual and moial education of children, young people and students who attend various church activities. 21.1.5 Clergy and lay workers supported by Trust'5 fvnding are a150 part of the Christian network of those who offer comfort to the bereaved from all sections of society acxoss the city. 21.2 The varied Erant makin8 from general charttable PUTP05es income offer5 dirert support to charities whose own work benefits the inhabitants of Sheffield. A full list of grants made in 2023 is Set out on pages 43 to 44. The Tru5t'5 1999 CharTty Commission Stheme allows for grant making under the following headings.. al the relief of those who are aged. ailin& disabled, poor or othe1$e disadvantaged. Example5 during the year included a neuropsychology service for those with motor neurone di5ea5e, therapy service5 for girls and women who have suffered trauma, support for victims of modem slavery and a charity providing practical support to victims of domestic abuse. BHP LLP Page 14
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES, REPORT-continued FOR THE YEAR ENDED 310ECEMBER 2023 PUBLIC BENEFIT (continued} bl the relief of drstress and sickness. Examplès durtngtheyear included ftlnding for furniture to be used by hospice in-patient5, a 5UPPOrt network for people with spinal injuries. a project supporting young people with canr and their families. and bereavement services for those who have105t a child. cl the provision and support with the object of improvrng the conditions of life for the said inhabitants in the interests of social welfare of facilities for recreation and other leisure-time occupation. Examples durin8 the year included a community arts projert encouraging young people to engage with a local community festival. a community choirfor asylum seekers and refugees. a development project for a local library and a scheme encouraging isolated older adults in residential homes to engage in music, art and dance. dl the prowsion and support of educational facilities. Examples during the year included a prolect working with students to build a steam locomotive. local cooking and healthy eating projerts, enga8ing marginali5ed young people to develop prartical skills in a community garden and a Scheme to engage young peoplè with learning difficulties in commercial craft attivities. 21.3 By it5 payment of income to the Church Burgesses Educational Foundation the Trust 15 able to contribute to the wide range of individuals and org3nisations who 3re rn receipt of grant funding for the benefit of Sheffield inhabitarhts under the age of 25. The Foundation's grant making programmes include grants for training. gap year activities, educational equipment, vocation trainln& music and sport. as well asthe 5UPPOrt of church youth and families workers engaged in the promotion of religion. spiritual and moral educ3tion of children and young people. Many projects supported by the Foundation a55iSt with the educational need5 of children and young people who. for a range of different reasons, fa obstacles to accessing and engaging with mainstream education. The Trust reiVeS an annual port from the Foundation. The Bur8esse5 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. 21.4 The Trust's grant making is restricted tothe inhabitants of thegeographical area defined by the Scheme: 21.4.1 The Burge55es are satisfied that thè beneficiaries. already referred to in detail in this Report, are appropriate to its aims. 21.4.2 No other geographical restrictions are applied. 21.4.3 The issue of payment of fees does not arise as the Trust is a grant maker and is not involved in fee charging. In the decision making prO$Se5 Burge55e5 bear in mind a desire. where the Brant can be assessed in thi5 way, to give as wide a benefrt a5 possible across the beneficiary class. i.e. they seek to deliver effective grant programrnes which facilitatedelivery of public benefrttoth05e within the chariws remit, which is by the Scheme limited to the inhabitants of Sheffield. BHP LLP Page IS
SHEFFIELD CHURCH BURGESSES TRUST BURGESSES. REPORT-continued FOR THE YEAR ENDED 31 DECEMBER 2023 22. PATRONAfjE The Trust holds patrona8e rights in relation to a number of Sheffield churthes (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 wth the Trust. The patronage churches are: The Cathedral Church of St Peter and St Paul St John'5 Park Attercliffe arbd 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 CuthbÈrt's. Fir Vale St Timothy's. Crookes and the Vine. Upperthorpe and Netherthorpe St Mark's, B<oomhill 23. HIGHUGHTS FROM 2023 A number of further matters arising durin8 2023 are worthy of note. 23.1 Drj P Banh3m was app¢ynted as the Trusys Capital Burgess for the year. the second time that she had undertaken this role. 23.2 A Half Day Retreat was held in January. prdIng Burgesses with an opportunity to thlnk strategically and prayerfully about matters relevant to the Working of the Trust. 23.3 The Annual SeTvi¢e of Thanksgiving was held at Sheffield Cathedral, shortly after the Annual General Meeting in May, where prayers were said for the work of the Tnjst and the incoming Capital Burgess. 23.4 A number of representatives of the Trust attended a reption for parish patrons arranged by the Di(xese of Sheffield. 23.5 In May a number of Trust representatives attended the SeN1 at Sheffield Cathedral to mark the coronation of His Majesty King Charles111. 23.6 As patron of St AuÈusrine's. Endcliffe. the Trust engaged with the pr¢xess that led to the appointment of the Revd Dr Ela Nutu Hall as Priest in Charge and Oversight Minister. Several Trust representatives aitended a seryice of licenang and instsllation at St Augustine's in September. 23.7 As patron of St John's Park the Trust participated in the process that led to the decision to appoint the Revd Luke Graham as Curate in Charge, a post that he will take up from 2024. 23.8 In October Prof R Coleman was elected as a Burgess, filling the vacarbcy left following the retirement of the late Mr PW Lee. BHP LLP Page 16
SHEFFIELD CHURCH BURGESSES TRUST BURGE55E5' REPORT-¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2023 24. BURGESSES. RESPONSIBiufY FOR THE FINANCIAL sfATEMENTS The Burgesses are responsible for preparingthe Burgesse5' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in England & Wales quireS the Burgesse5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the tharity and of the incoming re50urce5 and application of resour$ of the charity for that period. In pparIng these financial Statements, the Burgesses are requirèd to.. 24.1 select suitable accounting policies and apply them consistently,. 24.2 observe the methods and prin(iple5 in the Charities SORP 2019 IFRS 1021,. 24.3 make judgements and estimates that are reawnable and prudenL' 24.4 state whether applicable accounting standards and statements of recommended prattice have been followed.- 24.5 prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The Burgesses are responslble for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 the Charities IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardtng the assets of the charity and heTr fortaking reasonable steps for the prevention and detertion of fraud and other irregularities. Approved bythe BurEesses on 16 and signed on their behalf by.. Dr J P Banham Capital Burgess BHP LLP Page 17
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 I'the chariWI for the year ended 31 Dember 2023 which comprise the Statement of Financial Acttvities, the Balance Sheet, the Cash Flow Statement and note5 to the financial statements, including significant accounting policie5. The financial reporting frameworkthat has been applied in their preparation i5applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinancialReporting Stondordopplicablein the UKund Republic of Ireland Iunited Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial statements.. give a true and fair view of the state of the charivs affairs as at 31 December 2023. and of its incoming resources and application of resources, intluding its income and expenditure, for the year then ended,. have been propedy prepared irb accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wtth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internation31 Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those Standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the chartty 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 rn accordan with these reqtjirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rel*lnE to going contern In auditing the financial statements, we have concluded that the Burgesses, use of the going concern basi5 of accountin8 in the preparation of the financial sLatements is appropriate. Based on the work we have performed, WÈ have not identified any material UnrtaIntieS relating to events or conditions that, individuèlly or collectively, may cast significant doubt on the charity's ability to continue a5 a goin8 concern for a period of at least twelve months from when the financial statemènts are authorised for issue. Our responsibilities and the re5w)nsibilities of the Burgesses with respett to going concern are described in the relevant sections of this reFK)rt. Other infomiation The other it)formation comprises the infom)ation included tn the Burgesses, annual report. other than the financial statements and ourauditorfs reportthereon. The Burgesses are responsible for the other information. 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 assuran condusion thereon. BHP LLP P48e 18
SHEFFIELD CHURCH BURGESSES TRUST INDEPENDENT AUDITOR'S REPORT TO THE BURGE55ES OF THE SHEFFIELD CHURCH BURGESSES TRUST- continued other Informatlon (continued) Our responsibility is to read the other information and. in doing 50, consider whether the other information 15 materially inconsistent with the financial statements or our knovledge obtained in the course of the audit or otherwise appear5 to be mater4ally misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial Statements themselves. If. 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 facL We have nothing to report in this regard. Matters on which we are iequired 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 2LX)8 require us to report to you if. in our opinion". the information given in the BLtrgesses' report is inconsistent in any material respect with the financial statements,. or Sufficient accounting records have not been kept- or the financial statements are not In agreement with the accounting records and returns- or we have not recelved all the information and explanations we requi for our audit. Responsibilities of Burgesses As explained more fully in the Bur8esses' resF)onybilities statement as set out on page 17, the Burgesses are rè5pon5ible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement. whether due to fraud or error. In preparing the financial ststemÈnts. the Burgesses are responsible for assessing the charity's ability to continue as a going concem. disclosin& as applicable. matters related to going concern and using the going concern basis of accountirbg unle55 the Burgesses either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do $0. Auditor responybilities for the audit of the financial statements We have been appointed as auditor undèr section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whethef due to fraud or error, and to Issue an auditor's report that include5 our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatèment 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 decisions of userstaken on the ba5 of these financial statements. 8HP LLP Page 19
SHEFFIELD CHURCH BURGESSES TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE BURGESSES OF THE SHEFFIELD CHURCH BURGESSES TRiIST- continued
Auditor responsibilltiès forthe audit of the financial statements Icontinuedl
Irregularities, including fraud. are instances of non
SHEFFIELD CHURCH BURGESSES TRUST INDEPENDENT AUDITOR'S REPORT TO THE BURGESSES OF THE SHEFFIELD CHURCH BURGESSES TRUST- continued Use of our report This report is made solely to thè BurÈesses, as a body, in accordance with Part 4 of the Charltles (Accounts and Reports) Regulations 21X)8. Our audit work has been undertaken so that we might state to the charity's Burgesses those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permttted by law. we do not accept or assume responsibility to anyone other than the charity and the charitvs burgesses as a body. for our audit work, for this report, or for the opinions we have formed. BHP LLP (Statutory Auditor) Charte cOuntants Statutory Auditor 2 Rutland Park Sheffield SIO 2PD Date.. BHP LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. BHP LLP Page 21
SHEFFIELD CHURCH BURGESSES TRUST STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED31 DECEM8ER2023 Permanènt endowment funds (Note 161 2023 Unrestricted Restricted funds fund5 INote 31 (Note 4) 2023 2023 Total fund5 2023 Total funds 2022 Note Income and endowments from: Rental income Investment income Other income 1,389.817 568,092 1.389,817 1,403,103 573,734 528.121 12,500 5,642 Total irKome and endowments 1,957,909 L963,551 1,943.724 Expendlture on.. Costs of generating funds Charitable activities 628.479 1,433,066 44.087 672.566 684,788 1,433,066 1.302.330 Total èxpenditure 2.061,545 44,087 2.105.632 1,987.118 Net leMpenditurel[Income before investment gains {103.6361 144.0871 {142.081} 143.3941 Net gainslllossesl on investments io 10,135 10.135 14,946,696) Net {èxpenditurellincome befoTr trabthrs 1103,6361 5,642 {aa,952) 1131,9461 14.990,0901 Transfer5 between Fund5 4.902 15.6421 740 Net movement in fvnds {98,7341 133.212) 1131.9461 I4,990.0} Reconciliation of funds.. Total funds at I january 2023 1.223.219 36.115,410 37,338.629 42,328,719 Total funds at 31 December 2023 1.124W5 36.082.198 37.206,683 37.338.629 All incomè and expenditure derive from continuing operations. BHP LLP Page 22
SHEFFIELD CHURCH BURGESSES TRUST BALANCE SHEET ASA T31 DECEM8ER 2023 Note 2023 2022 FiMÈd assets Investment property li 21.725.000 21,725,000 Investments 14.381.550 14,077,022 36.106.550 35,802,022 Current assets Debtors and prepayments Cash at bank and on short-terni dep05ft 386,799 1,353.102 576,708 1,576,865 14 1,739,901 2,153,573 Creditors: amounts fallinB due within one year 15 1639.768) 1616.9661 Net current assets i.l(J).133 1.536,607 Net assets 37.206,683 37,338,629 Charlty Funds Permanent endowment fund5 Unrestricted funds 16 36.082,198 1,124,485 36.115,410 1,223,219 Total funds 20 37,206,683 37,338,629 Dr J P Banham Capital Burgess l T Potter Law Clerk 8HP LLP Paze 23
SHEFFIELD CHURCH BURGESSES TRUST CASH FLOW STATEMENT ASA T31 DECEMBER 2023 2023 2022 Cash flow5 from operating activtties Net tash provided byllused in) operating activities 70.630 1120.6311 Cash IIow5 from investlng activrlies: Sale of listed and other investments Purchase of listed and other investments Investment property additions Protèeds on sale of property 250.000 16421 1535,7051 25.( 124,0931 1357,4881 Net cash used in investing atthrttles 1261.3471 1381,5811 Change in cash and cash eqUIleftts in the year 1190,717) 1502,2121 Cash and cash equlvalents brou8ht forward 1,576.97S 2.079.187 Cash and Cash equivalents carrfed forward 19 1.386.258 1.576,975 Cash and cash equivalents consist of: Cash at bank and In hand 328,848 1,558,473 Notice deposits (less than 3 months) 1.024,254 18,392 1.353,102 1,576,865 Investment cash 33.156 iio 1,386,258 1,576,975 BHP LLP Pa8e 24
SHEFFIELD CHURCH BURGESSES TRUST NOTESTO THE ACCOUNTS FOR THE YEAR ENDED31 DECEMBER 2023 Accounting poliaes o. General informotion andbasis of preparotion offinanclolstotements The address of the gistered ofFice is given in the charity information on page l of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing therr accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland i55ved in October 2019. the Financial Rèporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, and UK Generally Accepted Accounting Practice. Thefinancial 5tstements are prepared on agoing concern basis underthe historical c05t convention. modified to include rtain items at fair walue. The financial statements are presented in sterling whith is the functional currency of the charitv and rounded to the nearest £. The significant accounting policies applied in the pparatIOn of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwlse stated. b. Pmperty 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 four yearly intervals. At other year ends the Burgesses. consider the appropriateness of the valuation each year. Gains and losses arrsinE on the sale or rèvaluation of properties are taken to the appropriate fund in the Statement of Financial Activities. 1.2 Investments Investments are carried in the Balance Sheet at market value. Gains and losses arisinB on the sale or revaluation of investments are taken to the appropriate fund in the Statement of Financial Activtties. BHP LLP Page 25
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 13 Funds Funds held by the charity are: Unrestricted income funds These are fundswhich can be used in accordance with the tharitable objects at the discretion of the Burgesses. Restrirted Intome funds These are funds that can onty be used for speafic restricted purposes within the objects of the charity. Restrictions arise when specified by the donor. Pemianent endowment fund5 This fund represents those assets which must be held permanently by the charity, prin¢ipallv inve5trnents. 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 investment5 form part of the fund. 1.4 Income Rental income Rental income is accounted foron an accruals ba515 and includes all rental income due in the period of account. Dividends Dividend income is accounted for on a receivable basis. Interest Interest receivable is accounted for on a receivable basls. Donations. legacies and slm51ar incoming resources Income from donations, legaaes and grants is included in incoming resources on a receivable basis. 1.5 Expenditure Expenditure is included in the Statement of Financial Activitie5 on an accruals basis. inclusive of any VAT which cannot be recovered. Raising funds expenditure comprises those costs directfy attributable to maintaining and administering the property and investment portfolio and raising rental and investment income. The investment management fee5 are charged against the pernianent endowment funds. Goverrhante costs comprises expenditure incurred in org3nisational administration, compliance with constitutional and statutory requirements and legal advice through the Law Clerk. BHP LLP Pa8È 26
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR EAIDED 31 DECEMBER 2023 Accountin8 policies Icontinuedl 1.6 Gronts poyoble Manpower* personnel and ather grants Grants payable are charged in the year when the offer is conveyed to the individual, parish or organisation concerned, except in th95e cases where the offer is conditional, such grants bein8 recognised as expenditure when the conditions attaching are fulfilled. Church building8rants The Trust has for many yèars adopted a poliry of payin8 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 ha5 comrnenced, 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 Debto Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount repaid. 1.8 C¢7sh qtbonk ondin hond Cèsh at bank and in hand include5 cash and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or openinE of the dep051t or Similar ccount. 1.9 Creditors ondprovisions 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 rneasud or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.10 Golng concern The financial statements have been prepared on a gng concern basis asthe Burgesses believe that no material urFcertaintie5 exist. The Burgesses have considered the level of fund5 held and the expected level of income and expenditu lor 12 month5 from authorising these financial Statements. The budgeted income and expenditu is suffiuent with the level of reserves for the charity to be able to continue as a going contem. BHP LLP Page 27
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 Net income available foriharitable appli¢atlon Pem)anent Restrirted endowment funds fund 2023 2023 Unrestricted Funds ZOZ3 Total fvrS 2023 Total funds 2022 Investment income Rental income Other Investment income Other income 1,389.817 568.092 1.389.817 1.403,103 573,734 528,121 12,5(J) 5,642 1.957.909 5,642 I..$$1 1,943,724 Less costs trf generotingfvmts Property runnlng costs and Investment managers charges 1628.479) (44.087) 1672,5661 1684,7881 Net income available for charitable application 1.329.430 5.642 (44.(7) 1.290.985 1,258.936 Unrestricted funds 2023 2022 Net in¢ome avtsllubleforchoritoble oppli¢otion." Total income Less.. costs of generating funds 1,957.9)9 1628,4791 1,938.124 1638,3111 1.329.430 1,299,813 Less.. amount specifically for ecclesiastical purposes (note 51 governance costs (note 91 (171 1314.9151 131 1305,7281 1314.9321 1305,7311 Net income 1.014.498 994,082 All(Kated to: Ecclesiastical purposes- 71.5% General charitable purposes- 10.7% Church Burgesses Educational Foundation- 17.VA 725,366 108.551 180.581 710.769 106,366 176,947 1,014.498 994,082 8HP LLP Page 28
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 310ECEMBER 2023 Unrestrirted funds Icontinuedl Ecdesiastical General Part 2023 2022 Allocated net income 725,366 108.551 833,917 817,135 Specific income -charity Cornmission order -Transfer from Sir William Elli5 bequest - Transfer to Charity Commission Recoupment 17 5.642 17 5,642 17401 1740) 11,3281 Net resources available for direct charitable purposes 731,025 107,811 838,836 821,410 Direct charitable expenditure (Note 81 -cathedral expenditure -Grants 491.257 331.629 491,257 446.313 470,635 349,020 114.684 822N6 114.684 937.570 819,655 Net lexpenditurel / income for the year 191.8611 16.873) 198.7341 1,755 Total funds at l January 2023 1.108394 114.825 1,223.219 1,221,464 Total fvnds at 31 December 2023 1.016.533 107,952 1.124.485 1,223.219 Restrlcted Income funds-slr WSlllam Ellis bequest 2023 2022 Dividends and interest on quoted investments S,642 5,600 Total incoming resources 5,600 Transfer to Uniestricted Income Fund- ecdesia5tical part (note 31 {5,642) 15.6001 Net Incoming resources forthe year and net movernent in funds Total funds at l January 2023 Total funds at 31 December 2023 BHP LLP Page 29
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Imome 2023 2022 Dividends and interest - on quoted InveStnts - Charities Property Fund Bank and buildin8 society interest Charity Commission order 410,196 115.936 47,585 17 414,666 104,244 9,208 573.734 528,121 Costs of Beneratlngfunds 2023 2022 Property Costs Empty property rates Repairs and refurbishment Dilapidation receipts Professional fees Repair of bridges and highway contribution Insurance Bad debts 62,173 152.805 119A441 335.693 20 48.982 28W6 64,931 108,994 I17.7} 281,279 20 25,413 157.674 609.035 620,611 Invertmentmunagers chorges 63,531 64,177 67266 684.788 Charitable activity expendIre 2023 2022 Transfer to Church Burgesses Educational Foundation (note 31 Direct charitable expenditure (note 81 Governance costs (note 91 180,581 937,570 314,915 176.947 819.655 305.728 1,433.066 1,302,330 BHP LLP pa 30
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER2023 Direct Charitable Expendityre 2022 Cathedrol Expenditure Cathedral maintenance Special grant Annual Èrant Insuran Mission grant Miscellaneous expenses 15.525 4.31)0 405.720 49.031 15.525 1.156 15,000 392,OLX) 44,291 15,000 4.344 491.257 470,635 Ecclesiosticol Grants to Institutions Central Deaneries- Ministry support grants Inote 211 Church building grants (note 211 Other grants Inote 211 6.000 66,193 148.958 154.259 166,366 322.685 221,151 Ecclesiastical Gmnts to Clergy Clergy working expenses and support uants 6,450 6,450 General Ch¢7ritable Gnints to Inrtitutions (note 22J 114.684 121.419 114.684 121.419 937.570 819,655 Details of grants to institutions are given in notes 21 (Ecclesiasticall and 22 (General Charitable). 12 individuals12022.. 51 were awarded clergy working expense grants or support grants. BHP LLP Page 31
SHEFFIELD CHURCH BURGESSES TRUST NOTE5 TO THE ACCOUNTS- tontinued FOR THE YEAR ENDED 31 DECEMBER 2023 Governance 105t5 2023 2022 Auditorfs remuneration Legal & administrative fees Printing, postage. stationery & sundry disbursements Bank interest and charges Trustee expenses 23,611 278.805 9,653 628 1,006 22,800 271,604 8,753 652 707 Subtotal 313,703 304,516 Trustee indemntty insurance 1.21Z 1,212 314.915 305.728 The Burge55es do not receive any remuneration out of the fvnds of the Trust. During the year £1.006 12022.. £7071 was reimbursed to the Burgesses for training and travel expere$ in respect of their 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 tsken out to protect the charity frorn loss arisin@ from the neglect or default of its Burgesses. The charge for the year was £1.21212022.. £1,212). BHP LLP Page 32
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. Nèt losses on tnvestmènts 2023 2022 Unrealised losses on properties Unrealised gainslllossesl on investments Realised gains on sale of investment properties Realised gains on sale of investments 1535,7051 508.215 25,000 12.625 13,109,488) 11,837,208) Total 10.135 14.946,6961 ii. Investment properties 2023 2022 At valuation l January 2023, with additions at cost Balance at l January 2023 Additions Revaluation 21.725.000 535.705 1535,7051 24,477,000 357,488 13,109,488) Balance at 31 December 2023 21.725.LKX) 21.725.000 Historical cost of propertie5 purchased since 1969 1.571.774 1,036,069 There is no record of the c05t or value of the properties forminB the original endowment or of purchases before 1969. The Burgesses corbfimi that all properties are induded 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 2022 on the basis of open market value in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Sutveyors. The Burgesses consider this valuation to be appropriate as at 31 Dember 2023. BHP LLP Page 33
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE AccouKfs- continued FOR THE YEAR ENOED 31 DECEM8ER2023 12. Investments 2023 2022 Quoted investments At market value l January 2023 Additions Disposal proceeds Increaselldecreasel in market value 14.076.912 15,890,027 642 24.093 1250.OWI 520.840 11.837.208) At market value 31 Dember 2023 Investment cash 14.348,394 14,076,912 33,156 iio 14.381,550 14,077,022 General Charities Property Fijnd 12.022,696 11,567,416 2,358,854 2.509.606 14,381550 14,077,022 Quoted investments at historical cost at 31 December 2023 I2.989. 13,226,443 All investments are listed securities and comprlse of.. Equitie5 Fixed tncome Property Alternative investmen15 UK investment fund5 Liquid Assets 7,919.446 1.578.471 2.788.030 1.275,265 486.505 300,677 14,348,394 Investments in individual securities held at 31 Dember 2023 which are over 5% of portfolio by market value are.. Market Value Sarasin Endowments Fund aa55 A In¢ Charitie5 Property Fund 11,301,763 2.358.854 BHP LLP P3ge 34
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED31 DECEMBER2023 13. Debtors and prepayments 2023 2022 Rent and insurance unpaid at year end Rent paid in arrears laccruedl Ground rent paid in arrears laccrued} Prepayments and other debtors 193,066 7,482 390,985 10,585 388 174,750 185,863 386,799 576,708 14. Cash at bank and on short-term deposlt 2023 2022 Short-term deposlt.. Santander Central Board of Finance Virgin Money Sarasin 985 452 36 I,000,rA)) 977 452 34 Cash at bank: Royal Bank of Scotland Speci81 deposit 3ccount Reserve account 14.697 9.557 8.949 9,443 Handelsbanken Current account 327,375 1,557,010 1.353.102 1,576,865 15. Creditors: Amounts falling due within <)ne year 2023 2022 Amount due to the Church Bur8e55es Educational Foundation Rent received in advance Grants unpaid at year end Rent dep051ts Acciued expenses 20,581 239,054 184,316 14,555 181.162 46,947 257,557 63,106 14.441 234.915 639.768 616,966 BHP LLP Pa8e 35
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. Pernianent erhdowmènt funds Charity Commlsslon Recoupment Fund Slr William Total 2023 Main Fund Bequest Total funds at l January 2023 35,488353 437.055 I,002 36,115AIO Incoming Resources Transfer from unrestritted income fund Unrealised gainslllosse51'. Quoted investments Properties Investment manaÈers charges Dilapidations receipts Rèalised gain on investments 740 740 447.720 1535.705) 163.960) 19.444 37,625 194,8761 49.670 10,825 508.215 1535,705) 163,5311 19.444 37,625 133,2121 429 50.410 11,254 Total funds at 31 December 2023 35,393.477 487,465 201,256 36.082,198 Charity Commission Retoupment Fund Slr Wllllam Total 2022 Maln Fub)d Bequest Total funds at l January 2022 40,410.673 480.055 216.527 41.107,255 Incoming Resources Transfer from unrestrirted income fund Unrealised gainslllos5esl= Quoted investments Properties Investment managers char8es Dilapidation5 receipts 1.328 1,328 11,765,902) 13.109.488) 164,6301 17,71)0 144,3281 126,9781 11,837,208) 13.109,4881 164.1771 17,7(X) 453 14.922,3201 143.0(N) 126,5251 14.991.845) Total funds at 31 December 2022 35.488.353 437.055 190.(KJ2 36,115,410 BHP LLP Page 36
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. Permanent endowment fvnds Icontinuedl In accordance with FRS 102 requirements. investment managers. charÈe5 have been charged against the permanent endowment fund. The Scheme which governs the Main Furbd providès for the income to be allocated as to 71.5% for ecclesiastical purposes, 10.7% for general charitable PufF)se5 and 17.8% to be transferred to the Church Burge55es Educational Foundation. The Charity Commission Recoupment FLtrnd arises from the sale of freehold properties subjert to long lease5 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 accumulatin& 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 makin88rants to incumbents of benefi$ within the ancient ecclesiasticèl parish of Sheffield and is transferred to the ecdesia5tical part of the Main Fund income account (note 31. 17. Related partles and transartions lal The Church Burgesses Educational Foundation is a rÈ8istÈrÈd ch3rity. a majority of the trustee5 bein8 appointed by the Sheffield Church Burgesses Trust. The Foundation is entitled to a specific share of the Church Burgesses, income which represents almostthe whole of the Foundation's income and its objects are to apply its income in promoting the education of undertwenty five year old5 who, or whose parents, live in the City of Sheffield and who are in need of financial 35515tance. The following Burgesses a appointed by the Trust to be trustees of the Church Burgesses Educational Foundation.. Mr D Stanley Ichair of trustees), Revd S A P Hunter JP, Mr D F Booker. Mr D H Quinney and Mr S Eccleston. The Foundation is administered from the Trust's office at- Derwent House 150 Arundel Gate Sheffield 512FN Ibl The following Burge55es hold pwtions with organisations who reiVed Brants from the Sheffield Church Burgesses Trust during the year: Mr D F Booker is the treasurer and a PCC member of St John'5 Ranmoor. a trustee of Ranmoor Parish Centre, a dirertor of Whirlow Grange Limited and a member of Sheffield Cathedral Council. Mr D Stanley is a PCC member of Oughtibridge Parish Church and the chairman ol Diocesan Grants Committee. BHP LLP Page 37
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- Continuèd FOR THE YEAR ENDED 31 DECEMBER2023 17. Related partles and tran&ictions Icontinyedl Dr J P Banham 15 a member of the Church Buildings Councll. Revd S A P Hunter has been granted Permission to Offioate in the Diocese of ShefField and from December 2023. is Bishop of Sheffield's Canon C.4 Faculty offir. Mr l G Walker is the Chairman of the Sheffield Dioce53n Board of Finance and 15 Honorary Canon of Sheffield Cathedr31. His wife is a PCC member of 1 Saints. Ecdesall. Mr N l A Hutton 15 the Chairman of Sheffield Dial-a-Ride. President of Age UK Sheffield, a trustee of Shrewsbury Hospltal and a Patron of St Luke'5 Hospice. Rental income of £1 was paid in the year to Shrewsbury Hospital12022: £11. M5 E A Brownhill is Churchwarden. Secretary and a member of thè PCC at St Marfs Bramall Lane, and a trustee of the St Mary'5 IBr3mall Lane) Community Centre. Dr S M Gentle is the Cathedral representative and Lay Chair of Attercliffe Deanery Synod. a member of Diocesan Synod, a member of steering groups for Atterdiffe Centre of Mission, Prayer and Dixipleship and Bishop's Adviser for the Discernment Process (all bodies within the Diocese of Sheffield) and Honorary Lay Canon of Sheffield Cathedral from November 2023. Prof R E Coleman is Churchwarden at All Saints Ecclesall Parish Church and a trustee of Weston Park Cancer Charity. BHP LLP P3Ee 38
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS. continued FOR THE YEAR ENDED 31 DECEMBER2023 Reconciliation of net movement it) funds to net lash flow fvom operat1 actl¥ltles 2023 2022 Net expenditure for the year las per Statement of Financial Activitie51 1131,946) 14,990,090) Adjustment for: Unrealised Igainsll losses on investments Unrealised losses on property Profit on disposal of investments Realised gains on property Movement in debtor5 Movement in creditors 1508,2151 1,837,208 535,705 3,109,488 112.6251 125,0001 189,909 22.802 180,2381 3,Wl 70.630 1120,6311 19. Analysi5 of changes in net debt l January 2023 31 December 2023 Cash flows Cash at bank Notice deposits 1.558.473 18,502 11,229,625) 1.038.908 328,848 1.057.410 1.576.975 I1.717) 1386,258 BHP LLP Page 39
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SHEFFIELD CHURCH BURGESSES TRUST NOTESTO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 21. Grants- Ecdesiastical Church building grants 2023 2022 All Saints, Totley Christ Church. Do Christ Church, Fulwood Christ Church. Pitsmoor Oughtibridge PCC St Andrew's Psalter Lane St Augustine's, Endcliffe st Cathertne of Siena St Leonard's, Arbourthome St Mark's. Broomhill St Mary's. Bramall Lane St matthe$, Carver Street St Thomas. Wincobank 12,5Tr) 932 12.500 5.oc 10,000 3,847 4,878 7,500 1.980 6.315 25,000 25.000 15,000 154.259 66,193 lill Central Deanery- Ministry Support Grants 2023 2022 Ecclesall PCC St John's. Ranmoor 2.060 2,060 6,000 8HP LLP Page 41
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 21. Grants- Ecclesiasti¢al- continued (iiil Other grants- E¢¢leslastlcal 2023 2022 Manor Parish St Marls, Walkley St Mary's. Bramall Lane- Ukr3nian hub Christ Church Endcliffe Church Army Sheffield City Mission Diocese of Sheffield, Clergy Stipends within Sheffield Deaneries St Matthew's Carver Street St Leonard's. Arbourthome st Polycarp. Malin Bridge St Columba's. Cros5pooI Ministry training St John's Park Church St John's Owlerton Parish Church of the Ascension. Oughtibridge Sheffield Manor Church Christ Church. Hillsborough & Wadley Bridge Whirlow Grange [nited 6,670 11,306 3.132 14,5(K) 5,5(J) 7,5 75,( 7.500 75.0(Kl 4,158 4.158 5.000 2.500 2,050 5,812 5,0(X) 20,000 2.424 6,614 Is,0 Total 166.366 148,958 liv) Other grants 2023 2022 Clergy grants 6,450 Total 6,450 8HP LLP Pa8e42
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED31 DECEMBER2023 22. Grants- General Charitable 2023 2022 Abbeydale Park Bowling aub Age UK Sheffield Appletree Childcare Aspergers Children & Carers Together Assist Sheffield Back Up Trust The B17 Steam Locomotive Big Issue in the North British Liver Trust British Red Cross Broomhill Community Trust Care in Crosspool Causeway Charitable Services Cavendish Centre for Cancer Care Cathedral Archer Project Child Bereavement UK Christ Church Pttsmoor Classical Sheffield CLIC Sargent Crohn's & Colitis UK C.R.U.S.E. Cycling Without Agè Dance to Health Shèffield Daltic Trust Dial a Ride Club Dina Venue Limited Shelfield South Live at Home Ifom)erly Ecclesall Live at Homel Emmaus Families Action Support Isheffieldl Framework Housing Golddigger Trust Grow UK Happy Days Children's Chartty Haven House Project HF Trust Ignite Imaginations Light Peer Support Macmillian Cancer Support Manor Church and Community project Mary Ann Raw50n Trust for Wincobank 5¢hool Montgomery Theatre & Arts Centre More in Dore Motor Nenjrone Disease Open Hands Project Paces High Green s 3.0 2,5th) 2.000 3.000 1,500 51K) 3.000 4,000 1,919 3,000 300 3,000 3.000 5,000 1,000 330 5(K) 500 1,5 2,0 2,0(K) I,o(x) 500 2.000 2.500 2,OCrf) Carried forward 68.130 63.919 BHP LLP Page 43
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCourr5- Continued FOR THE Y&4R ENDED 31 DECEMBER 2023 22. Grants- General Charitable- continue(I 2023 2022 Brought fonard 68,130 63,919 Pitsmoor Adventure Playground PBC Foundat40n GCP Riverlinco Creative Ltd Roundabout Royal Society forthe Blind Sheffield Churches Council for Commurhity Care Share Psychotherapy ShefField Countryside ConseNation Trust Sheffield Family Holiday Fund Sheffield Methodist Church Sheffield Music Academy Sheffield One Choir Sheffield Women's Counsellin8TheraFry Semce ISWCTSI Sheffield Yoga for ME/CFS Sick Children's Trust (Sheffield Children's H05Pitall Spinal Injuries Association St Luke's Hospice St Vincent De Paul St Wilfrid's Centre stockbridge Chrisitan Centre Stopgap The Fumival The Meadows & White Willows Extra Care Theodora Childrens Charity Support Through Court United Women Affiliation Vida Sheffield Voluntary Action Sheffield Westwood120151 Ltd Work Ltd 3,000 2,500 2.998 3,000 4,000 2.5(K) 1.056 Total 114.684 121,419 23. Grant ¢ommltments 2023 2022 Grant commitments which would be met out ofthe unrestricted income, IEcclesia5tical partl, of future years arrM)unted to 131.8(M) 134,272 BHP LLP Page 44
SHEFFIELD CHURCH BURGESSES TRUST NOTES TO THE ACCOUNTS- continued FOR THE YEAR ENDED31 DECEMBER2023 24. Capital commitments 2023 2022 Property refurbishments 179.000 346,110 8HP LLP Page 45