Charity registratlon number: 1132828 The Parochial Church Council Of St Paul's Church, Weston-super-mare Annual Report and Flnancial Statements for the Year Ended 31 December 2024 The Parochial Church Council Of St Paul's Church, Weston-super-mare Contents Reference and Administrative Details 1to2 Trustees, Report 3to9 Independent Examinerfs Report 10 Statement of Financial Activities 11 to12 Balance Sheet 13 Notes lo the Flnanclal Statements 14to30 The Parochial Church Councll Of St Paul's Church, We$tonwsuper-Mare Reference and Adminislrative Details Charity Reglstration Number 1132828 Principal Office The Parish Office st Paul's Church Walliscote Road Weston-super-mare BS23 1EF Diocase The Parish of St Paul's Weston-super-mare is part of the Diocese of Bath and Wells Independent Examiner P Lomax, FCA Westcotts (SW) LLP Tallford House 38 Walliscote Road Weston-sup8r-Mar8 North Somerset BS23 1 LP Trustees and officers The tnjstees and officers serving during the year and since the year end were as follows.. Chairman., Reverend C Philbrick Clergy: Reverend S Healey Church Wardens". P Bray (resign8d as Church Warden 15 May 2024) D Howard (appointed 15 May 2024) K Hayward (appointed 15 May 2024) Deanery Synod Representatives.. S McKechnie C Tratt Co-opted Member: A Thomas (Treasurer) Page 2 The Parochlal Church Councll Of St Paul's Church, Weston4uper-Mare Reference and Admlnlslralive Details Trustees and officers (con￿nued) Elected Members.. S McKechnie C Tratt (resigned 15 May 2024) F Pimm G Cromwell J Devereux E M Blyth J Williams K Todd (resigned 26 April 2023) F Tamuton D Rayner J Britton P A La Motta (resigned 27 April 2024) P Bray (appointed 15 May 2024) S Dean (appointed 15 May 2024) The charity is unincorporated, the goveming document of the charity is the PCC Powers Measure (1956) and Church Rep￿sentation rules. Members of the PCC are drawn from fv40 sources, thos8 elected at the Annual Parish Church Meeting, and those who are ex officio members. The following are ex officio members All Clergy licensed to the parish Deacons and Licensed Lay Workers licensed to th8 parish The churchwardens Any person on the electoral roll who is a member of deanery, diocesan or general synod Additional members may be co-opted onto the council by the PCC during the course of the year. The number of elected members on a PCC is governed by the Church Representation Rules and is based on the number of people on th8 electoral roll, but the APCM can determine (to take effect in a yearfs time) how many elected members a PCC shall have. Page 2 The Parochial Church Council Of St Paul's Church, Weston-super-mare Year4nd8d 31 December 2024 Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. Aims and Purposes The Parochial Church Coun¢ll of St Paul's West0n-super-Ma￿ (PCC) has the responsibility of cooperating with the incumbent. the Reverend Craig Philbrick, in promoting in the ecclesiastical parish the whole mission of the church pastoral, evangelistlc, S￿la1 and ecumenical. The PCC Is also specrfically responsible for the maintenance of the buildings of St Paul's Parish Church. Objectlves and Activifjes The PCC is committed to celebrating and sharing the good news of God's love and purposes revealed in Jesus Christ, enabling as many people as possible to worship and to become part of our parish communities. Our vision is to see the renewal of our town and lives restored in Jesus, name. The PCC aims to help people live out their lives of faith through the following: a) Provision of regular worship and teaching, open to all. b) Provision of sacred space for worship, prayer and contemplation as well as space for community activitles. c) Pastoral work, including care of the sick and bereaved d)Provlslon of Chrfstian acttvities for all ages. e) Promotion of Christianity through vocations, events, meetings, and the provision of media and literature. f) SupportlrvJ misslon partner charities in Ihe UK and overseas. When planning objectlves and aGtivities for the year, the Vlc2r, the Churchwardens and the PCC have considered the Ch8rfty Commission's guidan￿ on publlc benefrt and, in particular, the specificguldance on charfties for the advancement of religion. 3. Achlevemenls and Perfomiance Introduction The year 2024 has been a remarkab18 period of grow(h and accomplishment for St Paul's, exemplifying our dedication to bringing hope to the community of Weston-super-Mar@. Guided by the Holy Spirit, we continue to pursue transformative change in our town and in indlvidual lives through Jesus Christ. Our focus has centred on fostering innovation and embracing a vision that transcends traditional boundartes. Through Initiatives like Vislon Sundays and strategic planning sessions, the Vicar and the Parochial Church Council (PCC) have18id the foundation for revitalising our mission. The strategic prlorlties Roots Down, Walls Down, and Bridges Out- underxore our commltment to deepening faith, fostering communlty eng8gement, and extsndlng servlce to the wlder community. Page 3 The Parochial Church Councll Of St Paul's Church, Weston•super-Mare Year4nded 31 December 2024 Trustees. Report (continued) a. Regular Worship and Teachlng Open lo All Worship Ser￿CeS at st Paul's have flourished throughout 2024, with th￿e services each Sunday drawing a combined weekly attendance of 310 indlviduals, Encounter, our 6pm evening service has grovm from 20 to 50 people weekly. Additionally, our Thursday Communion, Coffee, and Chat Service (Book of Common Prayer) has continued to thrive. welcoming around 25 attendees v￿ekIy. Weekty onllne services attracted 60-100 participants. Slgnificant participation In our Chrfslmas and Easter services - both in-person and online highlighted the town's spiritual hunger. Attendance of Christmas events, includlng Carols In the Pub, Carols by Candlelight, Midnight Communiun, and Christmas Day services was over 3,500 in total. Easter celebrations were equally inspiring, with over 700 attendees participating in events such as Palm Sunday, the Holy Week Experience, Good Friday Medltations, the Sunrise Service, and Easter Sunday Baptisms. b. Provlslon of Sacred and Community Spaces st Paul's buildings are Sn Constant use Ihroughout the week, supporting both worship and a variety of communty activities. Our spiritual foundation is sustained by prayer through initiatives like Encounter gatherings and dedlcated weeks of prayer, including the 40 Hours of Prayer initiative. Weekty int8rc8ssory meetings further solidify St Paul's role as a house of prayer in the community. We continue to provlde facilities for local agencies and groups, including the NHS BkK)d Bank, ESOL classes for North Somerset County Council, dance groups, concerts, birthday parties, arKI the local Horticultural Society. Additionally, we host and support Believers in Recovery, Weston HOspI￿Care and Compasslon UK. Community-focused initiatives like King's Table (a winter warm space providing hot meals) and Little Kings (summer holiday meals for families tWiC8 a w88k) have further relnforced our commitment to serling Ihe local community Page 4 The Parochial Church Councll Of St Paul's ChurGh, Weston-super-mare Yearonded 31 December 2024 Trustees, Report (continued) ¢. Pastoral Work: Care of the Slck and Bereaved Our weekly ministries offer dlverse support to the tOV4n of Weston, reaching over 6,000 people in 2024, an average of 174 people per week. This was a¢hieved through the following: Beloved.. A ministry offering food, fellowship, and support for women (35 per week) Inspire.. A creative hub providing arts, crafts, music, photography, and friendshlp for all ages. (35 per waek) Potterfs Wheel. A space for worshlp, reflection, and healing. (20 per week) Seniors Tea Party: Monthly gatherings for older individuals offerlng pastoral care, fun, and food (40 per month). Bereavement Café,. Meets twice a month for those gn'evlng the loss of a loved one to find healing in community. (20 per week) King's Table & Little Klng's: providing food, wamith and support for those in need of a meal during the winter and summer months. (50-70 per week) Small Groups.. Provldlng pastoral oare, support, and faith-bullding relationships. (100 per Wgek). Toddlers: A weekly meetlng space for parents and children to share life and have fun. (35 per week). The Lighthouse Choir.. Offers local people the opportunity to sing and be a part of the church community through concerts, church v￿rshIp events. (30 per week) We held 8 funerals, baptized 8 thildren, and welGomed 12 adults through baptism. d. Chn'stian Activltles for All Ages St Paul's Youth: Engaging 11-18-year-olds with actlvltles that build relationships and Introduce them to faith. St Paul's Youth is currently providing Provision for 18 young people who attend regularly between our small group 'Chaos', Friday Night Youth and our Sunday Morning Sessions. St Paul's 24 has 11 regular childrèn. St Paul's Kids: Helping children begin thelr faith joumey and exp8rience God's love. Wlth 25 chlldren regularfy att@nding Holiday Clubs.. 2 five day programs for childr8n aged &k11, exploring faith through cr8atiV8 activities each year reaching 60 children at each. Young Adults Ministry: Significant growth has been observed in this area, with 15 individuals aged 1 ￿30 attending weekly. This represents a 1000/0 increase over the past year. The group gathers for Bible study and prayer on Monday evenings and connects with the wider congregation through the Sunday evening Encounter service. The ministry h8s also helped bridge the gap for older youth transitioning into young adulthood Page 5 The Parochlal Church Council Of St Paul's Church, Weslon4uper-Mare Year-ended 31 December 2024 Trustees. Report Icontlnued) Mums, Alpha has been Nnning for 13 we8ks with a conslstent attendance. Two of these mums are now exploring baptlsm. This group is going to continue and develop into a Small Group. e. Promoting Christianity through Vocations, Events, and Media Vocations: In 2024, thre8 former members were ordained Prlest. We continue to support those dlsceming ordination and lay ministry roles and offer placements for ordinands, fostering a culture of vocational development. Alpha Courses: Three Alpha courses have been offered throughout the year. The SHAPE course VRS successfully (x)mpleted by 12 of our community. Community Events: Nearly 200 people participated in wreath-making WOTkshops. Medla and Communlcallon: Our social media pres8nce (Fac8book, Instagram, and YouTube) has grown, with a combined audience of l 0,700 individuals. Weekly live streamed services attract 6(k100 viewers. A weekly newsletter reaches over 360 people, while the Season's Brochure, published three times annually, has a distributlon of 500 ¢oples, expected to rise to 700 in 2025. f. Supportlng Charltles In the UK and Overseas St Paufs continues to support mlsslon partners through prayer and financial assistance, including.. Alpha Intematlonal Alpha Middle East (Lebanon and Levant) Christians Against Poverty (Destiny Church) Compassion Intematlonal Fuslon Movement Grace Foundation (Edith's Dream) (Mbengwl, Cameroon) Lockiro Deanery Synod Movement (Pease(lown St John PCC) Open Doors Weston-super-mare Foodbank Page 6 The Parochial Church Council Of St Paul's Church, Weston•super-Mare year￿nded 31 Decemb8r 2024 Truslees, Report (continued) Financlal Revlew We have 8 relatively positive financial outcome for the year, notwithstanding the contlnulng impact of inflation on expenditure, in particular utilities and food (xjsts for hospltality. Faced ￿th substantial experKliture on the roof and stonework which will begin in early 2025, we reluctantty negotiated wilh the Diocese a reduction in our 2024 contribution to the Common Fund of £30.000, in order to retain sufficient reserves to facilitate our architects beginning the tender process for the works, During the year the church generated a total deficit of £35,101, split behveen the funds as: deficit of £66,722 in Unrestricted funds. surplus of £22,005 in Restrlcted funds. surplus of £9,616 in Endowment funds. As at th8 y8ar-8nd total funds held w8r8 £670.707, split b8twe8n funds as. £485,854 was held in Unrestricted funds. £47,544 was held in Restricted funds. £137,309 was held in Endowment funds. Fund Structure We created a new Restricted Fund for transactions relating to a generous grant of £15,000 from Th8 Rusty Bucket Christian Resource Centre for the launch of our new Stud8nt and Young Adult work. Income Unrestricted Income of £361,339 (2023: £341,591) was slightly above our budget projections of £358,000 for the year. Restricted income was £20,294 (2023: £19,596). We were also very grat8ful for grant assistance from Tesco for our King's Table and Little King's projecls amounting to £1.125. W8 also r8(%ived the £15,000 grant from Rusty Bucket mentioned previously. Included within Restricted incom8 was a profit on disposal of £2,545 In respect of recovering £38,173 from North Somers8t County Council in resp8Ct of a payrnent made under a Section 106 commitment in respect of the abandoned Quay Project, which had weviously been included in fixed assets. Expenditure Unrestricted expenditure amounted to £392,433 (2023.. £414.￿9). These figures include a non-cash deprectation charge of £32,681 (2023: £40,153) as we depreciate the residual 8ssets (mainly car park). The overall level of unrestricted expenditure was retained within the projected budget tot81, notwithstanding increased inflationary pressure and staff restructuring costs. Recrultment of suitable new staff contlnues to be challenglng and 8 number of positions hav8 been unfilled for periods of time. Parish Sharelcommon Fund - As previously menlloned, we pald a reduced contribution to the Diocesan Common Fund amounting to £88,664 (2023: £107,353) Page 7 The Parochial Church Council Of St Paul's Church, Weston-super-mare Year*nded 31 De¢ember 2024 Trustees. Report (con￿nued) FabrlclBulldlngs - Following the Quinquennial Inspection (QI) of the church bullding commissioned in June 2023, we instructed our archltects to begin the process of securing tenders for the extensive repair to stonework and replacement of rainwater gutters and some roof coverings incurring fees to date of £17,515. Biomass boiler - this has ccffltinued to suffer a series of breakdowns and malfunctions causing periods when no heating was available. The total cost of repairing and maintaining the boiler this year was in excess of £7,800. Restricted Fund expenditure amounted to £33,414 (2023: £16,897), ma1nly reflecting expenditure replacing the floor in the hall, £11,417; remedial work to the electrical intrastructure, £3,960,. replacement fire door, £1,593; all charged to the Restricted Fabric Fund There was also expendlture of £11,204 charged to the Student and Young Adult Grant fund. Looking Forward - 2025 We have undertaken substantial restructuring over the past 3 years in the light of changing circuTnstances. Th8 gap b8tW88n our present and projected levels of Income and expenditure has b88n substantially reduced y8ar by year, funded in the short tem from reserves. The PCC have approved a budget deficit on unrestricted funds amounting to -£11,000 (2023.. -£65,000) for 2025 whilst we look to further inGrease our income flows and reslructure our expenditure. The Diocesan Common Fund basis of contrlbution has been revised and is now known as Benefi Share. Our contribution has been requested at £139,206 for 2025 and now fully includes the costs of both our clergy posts. The 2023 Quinquennial Inspectlon of the bulldlngs confimied the arrears of maintenance and the necessity for substantial expenditure on Ihe roof, stonework and windows of the church building. Following a tender process, we have accepted a tender of approximately £190,000 plus fees, with work to commence in May 2025. We are very grateful for the faithful giving by the St Paul's church famlty and we wlll contlnue to encourage this. The recently introduced Parish Givlng Scheme has been well supported and Is now our preferred route for regular donors and both onllne and contactless giving. Reserves Policy Our revlsed pollcy Is to maintain a reduced balance of free resenies (net current ass8ts). equival8nt to two months of our budgeted, general fund expenditure plus an additional one month's salary costs. For 2024 this amounts to £73,000 (2023: £83,000). This provision will be held to smooth out any fluctuation in our cash flow requirements and to also meet any emergency or disruption to our expected income. We currently have frea reserves of £129,533, an excess of £56,533 These excess funds will be fully expended over the short temi as we undertake the refurbishment and repalrs required following the Quinquennial Inspection. We hold £91,242 in designated Fabric Fund towards these costs. The PCC will closely monitor the cash flow position thrC￿gh the coming year arbd should reserves temporarily dip below the £73,000 level, proFosals wll be brought fon#vard to restore this over the next 2-3 years. Thes8 r8S8rv8s are held on short term deposit accounts wlth banks and buildlng socleties. This poliGy will be r8viewed in 12 months, time Pag8 8 The Parochial Church Councll Of St Paul's Church, Weston-super-mare Yearond8d 31 December 2024 Truslees, Report (continued) Volunleers -'The Congrggatlon, The Clergy and PCC would like to extend our heartfelt gratitude to all members of the congregatlon for their unwavering dedication and contributions of time, skills and finan￿ to our shared mission. Your selflessness and commitment have been instrumental in the positive impact we have made in the lives of those we seNe. Together, we remain steadfast in our resolve to bring hope to the people of our town, guided by the grace of our Lord Jesus Chrlst. Future Plans We are formulating a Five-year Strategy which will outline a comprehensive roadmap for the church's evolution into a transgenerational force for positive change in Weston-super-mare. Emphasising aspects such as discipleshlp programs, youth and family engagement, communication improvement, facility renovation, church planting and a culture of generosity, the strategy envisions a vlbrant and flourishing church community by 2029. While St Paul's continues to experience growth and vitality, several thalleng8s require our attention as we strive lo meet the evolving needs of our expanding congregation. Safeguarding - rem8ins paramount and we are commttled to creating a safe environment for all members. Our Parish Safeguarding Officer (PSO) and Vicar have diligently worked lo enhance our safeguarding systems, addressing histori(al issues and implementing improvements. Additionally. our Safer Recruitment Officer has received support to streamline recrultm8nt processes, ensurfng that all individuals serving in our church ar8 properfy vetted and trained. Bulldlngs- we recognise the Importan￿ of optimising our physical space to align with th8 vision of the church. A comprehensive site review has been conducted, identFfying areas in need of repair and opportunities for reimagining our facilities. This initiative is crucial in creating a welcoming and functional environment that suppcffts our mission and ministry. Diverslty- as part of our commitment to growth and inclusivity, we aim to make our church more accessible and appealing to younger and more diverse demographics. We aspire to provide a supportive environment where young adults can explore their faith joumey and deepen th8ir relationship with Jesus Christ. Through intentional outreach and prayer, w8 seek to engage and empower individuals of all ages and backgrounds in our community. Central to thls vision is a st8adfast commitment to prayer, r8cognising God's leading and guidance as integral to our mission. Page g The Parochlal Church Councll Of St Paul's Church, Weston4uper-Mare Year-ended 31 December 2024 Trustees. Report (contlnued> 7. Structuro, Governanco and Management The method of appolntrnent of PCC members Is set out in the Church Representatlon Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Churchwardens are elected for a one year term. PCC Members and Deanery Synod Representatives are elected for a temi of three years, unless replacing a memb8r who has retired part-way through thelr term of office. The PCC met on seven occasions in 2024. Safeguarding in the parish is part of the responsibility of PCC members. While it is everyone's responsibility to promote a culture of Safeguarding in our parish, as trustees, the PCC have responsibilty to ensure that all policies and procedures are in place and up to date. The PCC is complying with their duty under Section 5 of the Safeguarding and Clergy Discipline Measur8 2016 and has complied with its duty to hava 'due regard. to the House of Bishops, guidance in relation to safeguarding. Safeguarding policies ar8 r8viewed regularly to ensure that they are up to date and in line with the Diocesan Guidelines and the parish Is using the Church of England's Safeguarding Dashboard to rnonitor its progress in good safeguardlng practice. The Parish Safeguarding Officer is appointed annually at the Annual Parochial Church Meeting. AII PGC members are now required to be DBS checked and undertake Basic Safeguardlng training. Deanery Synod - We have I￿0 lay parish representatives on Deanery Synixl together with our Vicar and licensed clergy. Deanery Synod provides the PCC with an important link between the parish and the wider structures of the Church. The annual report was approved by the trustees of the charity on .,.,.,.............. and signed on its behalf by: Reve d C Philbrick Chaimian Page 10 The Parochial Church Council Of St Paul's Church, Weston.super.Mare Independent Examinerfs Report to the trustees of The Parochial Church Council Of St Paul's Church, weston-super.mare I report to the trustees on my examination of the accounts of The Parochial Church Coundl Of St Paul's Church, Weston-super-Mar8 for th8 year ended 31 December 2024. Responslbilities and basis of roport As the charity trustees of The Par￿hla1 Church Council Of St Paul's Church, Weston-super-mare you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act,). I report In respect of my examlnation of the The Parochial Church Council Of St Paul's Church, Weston- super-mare's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commlssion under section 145(5) 19 Funds Balan¢6 at Balance at other 31 1 January Incomlng Resources recognised December 2024 resources expended Transfers gainsl(losses) 2024 Unrestrlcled fvnds General Unrestricted funds 174,766 359,491 (350,994) (53,730) 129,533 Designated D8Slgnat8d - Fixed Asset Fund Designated - Fabnc Fund 327,810 1,848 (32,681 } (31,898) 265,079 50,000 377,810 91.242 356 321 1.848 Total unrestricted funds 552 576 392 433 485,854 Restrlcted funds Restricted - Quay Restn'cted - V4Sllnspire Restricted - Church Plants Restrict8d - King's Table Restricted - Vicarfs Discretionary Fund Restricted - Student & Young Adult Granl Fund 5,585 2,545 (16,978) 35,628 26,780 236 (236) 7.540 7,540 3,920 2,749 (3,802) 2,867 8.258 (1,697} 6,561 25.539 20.294 33,917 35,628 47,544 Endowment fvnds Expendable Endowment 127,693 127 693 9,616 137,309 9,616 137,309 Total funds 705 808 381,633 426,350 9,616 670,707 Page 26 The Parochial Church Council Of St Paul's Church, Weston-super-mare Notes to the Flnanclal Stalements for the Year Ended 31 December 2024 (continued) Balance at Balance at Other 31 1 January Incoming Resources recognlsed Decombor 2023 resources expended Transfers gainsl{Ios5es} 2023 Unrestricted funds General Unrestricted funds 624,999 341,591 (374,258} {417,566) 174,766 Deslgnated Designated - Inspire FoySe Deslgnated - Martin Lewis grant Designated - Fixed Asset Fund Designated Fund Brought forward 647 (250) (397) 248 (248) {40,153) 367.963 327.810 50,000 417,566 50,000 377,810 895 40,651 Totsl unrestricted funds 625,894 341,591 414.909 552,576 Restnctad funds Restricted - Quay Restricted - V4Sllnsplre Restricted - Church Plants Restrfcted - Inspire Quartet Restricted - Allchurches Restricted - King's Table Restrfcted - Energy grant R&s￿¢ted - CF Restricted - Little Kings Restricted - Vicarfs Discretionary Fund 10,575 19 {5,009) 5,585 797 {561) 236 7,540 7,540 729 (729) 471 (471) 1,953 4,647 (2.680> 3,920 775 (775) (3,000> 3,000 2,305 (2,305) 9,625 19,596 1,367 8,258 25,539 22,840 Page 27 The Parochial Church Council Of St Paul's Church, Weston-super-mare Notes to the Financial Statements for the Year Ended 31 DeGember 2024 {continued) Balance at Balance at other 31 1 January Incoming Resources recognlsed December 2023 resources expended Transfers galnslllosses) 2023 Endowment funds Expendable Endowment 122,481 5,212 127,693 127 693 Total funds 771215 361187 431,806 5,212 705,808 20 Analysls of net assets between funds Unrestricted funds Genoral Endowment funds Expendable Total funds at 31 Decembor 2024 Rostricted funds Tangible fixed assets Fixed asset investments Cu￿ent assets Current liabilitigs 265,079 265,079 137,310 278,954 10.636 137,309 231,410 10.636 47,544 Total net assets 47,544 137,309 670,707 Unrestricted funds General Endowment funds Expendable Total funds at 31 De￿mber 2023 Restricted funds Tangible fixed assets Fixed asset investments Current assats Current liabilities 327,810 327,810 127,694 269,160 18,856 127,693 228,621 3,856 40,539 15.000 Total net ass8ts 552,576 25,539 127,693 705 808 21 Relatgd party transactions There were no related party transactlons in the year, this is not including trustee remuneration and expenses which was detailed In Note 11. Page 28 The Parochial Church Council Of St Paul's Church, Weston.super-Mare Notes lo the Financial Statemenls for Ihe Year Ended 31 December 2024 {conllnued) 22 Descriptlon of restricled funds Quay - Residual balance of funds ralsed for The Quay project, fund now re-purposed arKI is belng Lrtilised for related expenditure on Church hall. V4S/lnspire - This represents furKls fortraining and1rf8 skills. Church Plants - Funds prevlously ralsed for a Church planting Inltiative which will be revitalised in near future. Klng's Table - Winter Warmspace and hot meal provision. Vicarfs Discretionary Fund: Small grants and gifts for those in need of hope and encouragement, Rusty Grant Fund - to linancially support the development of our Young Adult and Student rnlnistry. 23 Description ot designated lunds Fixed Asset Fund: To bring clear distinction between unrestricted fixed and cuffant assets. Fabric Fund: Provision for anticipat&J mwntenance costs. 24 Reasons tor Iransters behveen lunds Year-ended 31 December 2024 Transfers frorn Unrestricted General funds to Designated funds.. £3,730 from Unrestricted General funds to Deslgnated Fixed Asseis funds, to assist with bringing clear distinction between unrestricted fixed and current assets. £50,000 from Unrestricted General funds to Designated Fabric FurKI as provision for anticipated maintenance costs. Transfers from Designated funds to Flestrlcted funds: £35,628 from the Designaled Fixed Assets furKI to Flestricied Quay Fund due to the refund of a fixed asset item previously pald out of restricied funds. Page 29 The Parochlal Church Councll Of St Paul's Church, Weston.super.Mare Notes to the Financial Ststements for the Year Ended 31 Decernber 2024 (conllnued) 24 Reasons tor transfers between funds {contlnued) r4r)ded 31 D Transfers from Designated funds to Unrestricted funds: £397 from Designated Inspire Foyle Fund lo Unrestrlcted Funds following removal of designation. Transfers from Unrestrlcted funds to Deslgnated funds: £367,963 Irom unrestrict￿ funds to Designat￿ Fixed Assets funds, to bring clear distinction between unrestricted fixed and currant assets. £50,000 from the General fund to Deslgnated Fabric Fund as provlslon for antlclpated malntenance costs. 25 Descrlpllon of endowment funds At the year*nd the PCC hekl investments in trust on their behalf in relation to the Church of the Good Shepherd and Church Hall chai7ty. Investments held following the sale of the Good Shepherd Church and Hall on 31 st August 1977 and the gift 01121131hs of the pr￿eedS of sale and of the Buildlng FurKI, to Worle Parish towards the building of St Mark's Church. The remaining 1113th of Ihese proceeds arKI Fund was directed by the Charty Commissioners lo be held on trust to accumulate Ihe income, leaving the capital and accumulated income untouched. The value of these at the year-end was as follows: Value at Value at 31 Dec 31 Dec 2024 2023 End Df accumulation period M&G Charibond {270 units) M&G Charibond {294 units) M&G Charifund (348 units) 11,258 11,156 12,258 12,148 113,793 104,389 137,309 127,693 151h July 2040 22￿ July 2040 15th July 2040 Subsequent to the year-end, the trustees resolved to rdease and spend the capital of the above endowment funds under section 282-284 01 the Charities Act 2011 . Thls was approved by the Charities Commission on 1 P April 2025. The charity recovered £141 ,466 In respect of this thereafter, These funds will be utilised solety for the urgent repairs to roof, wlndows and masonry of St Paul's Church, Walliscote Road, Weston-super-mare. Page 30