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2021-04-05-accounts

ST MARY REDCLIFFE CHURCH LANDS CHARITY

TRUSTEE’S REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

Charity No. 211109

ST MARY REDCLIFFE CHURCH LANDS CHARITY

TRUSTEES REPORT

for the year ended 5th April 2021

CONTENTS Page
Trustee’s Report 1 – 15
Legal and administrative information 16
Statement of Trustee’s Responsibilities 17
Independent Auditor’s Report 18 – 19
Statement of Financial Activities 20
Balance Sheet 21
Statement of Cash Flows 22
Notes to the accounts 23 – 47

ST MARY REDCLIFFE CHURCH LANDS CHARITY

TRUSTEES REPORT

for the year ended 5th April 2021

The directors (“the Directors”) of SMRCLC Corporate Trustee Limited (“the Corporate Trustee”) on behalf of the Corporate Trustee are pleased to present this Trustee’s Report together with the financial statements of the St Mary Redcliffe Church Lands Charity for the year ended 5 April 2021.

The legal and administrative information set out on page 16 forms part of this Report. The Financial Statements comply with current statutory requirements, the charity’s governing documents, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards (FRS102) applicable in the UK and Republic of Ireland.

Objectives and Activities

The charitable purposes (i.e. Objects) of the Charity (called in this report “SMRCLC”), are (1) to maintain the fabric of the Church of St Mary Redcliffe Bristol (“the Church”), (2) to maintain the conduct of divine service therein and (3) such other good and charitable uses in the Parish of St Mary Redcliffe. Various subsidiary trust funds are also held with specific objects connected with the Church and are included in the annexed accounts.

The subject matter of the first two Objects are the legal responsibility of the St Mary Redcliffe Parochial Church Council (“the PCC”) and are also entirely within the control of the PCC. Many other activities of the PCC and uses to which the Church is put also fall within the third Object. SMRCLC therefore continues to function in close co-operation with the PCC and its objectives and activities comprise principally the funding of appropriate activities of the PCC. SMRCLC does not itself employ staff or carry on activities beyond such grant-making, save for the maintenance of its own properties and management of its investments. Having inherited a substantial endowment from the 16th Century onwards SMRCLC has not (at least in modern times) needed to raise additional funds and logically any new fund-raising for the first two Objects would be undertaken by the PCC.

In relation to the first of the Objects, a substantial part of SMRCLC’s funding of the PCC is grant funding for maintenance, repair and improvement of the Church which is a Grade 1 listed building of great historic and cultural value. The Directors consider requests for funding from the PCC in the light of the compulsory Quinquennial Inspection by the Church Architect and initiatives instituted by the PCC in conjunction with other funders.

Another substantial part of SMRCLC’s funding of the PCC, falling within the second of SMRCLC’s Objects, is grant funding for day-to-day costs of running the Church as a major Church of England Parish Church which is also a visitor attraction. Such grants include a 5-year block grant towards staff costs and ad hoc grants covering routine costs such as utility costs. SMRCLC also contributes substantially under this heading by the provision from its own property portfolio of office accommodation for the PCC and residential accommodation for church staff either at no cost or at a rent below market rental value.

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The scope of the third Object was previously considered by the Trustees to be very limited, but following legal investigation and discussion with the Charity Commission in 2017/18 it was established that the wording set out above correctly defined the Object and there were no additional limitations. This has enabled the Directors to support other types of PCC activity such as the present development project designed to provide improved community facilities.

The Directors confirm that, in relation to all SMRCLC’s activities, they have had due regard to the public benefit guidance published by the Charity Commission.

Strategies for achieving aims and objectives .

For the reasons outlined above, the fulfilment of SMRCLC’s objectives is closely linked with the duties and activities of the PCC. SMRCLC’s strategy has been to maintain sufficient levels of income and reserves to enable it to support the PCC in those of its activities which are compatible with SMRCLC’s Objects, as outlined above and particularly to encourage the PCC to ensure that the Church and its environs are kept in good repair by way of an ongoing planned programme of repair work, and to retain and maintain those of its own properties as can be used for offices of the PCC and residential accommodation for church staff. In recent years a greater proportion of income has been applied towards staff costs and the running costs of the Church than was historically the case, but the Directors believe that it remains appropriate to retain substantial reserves to reflect the high cost of both planned and unplanned repairs to a building such as the Church, and bearing in mind that the capital cannot be expended.

SMRCLC’s investment policy has been to delegate management of the portfolio to an appropriate investment manager (currently Smith & Williamson Investment Management LLP) with the objective of maintaining a balance between income and growth over a longer term horizon, but subject to an ethical investment policy with regard to developing ESG factors. The Directors are actively considering a change to a Total Return investment strategy in accordance with the Charity Commission’s guidelines but a definite decision has not yet been made.

SMRCLC’s strategy includes recruitment, retention and training of a board of directors with the necessary skills and diversity appropriate to a charity of this nature and the employment of external professions where appropriate to enable it to fulfil its aims, manage its affairs, and comply with regulatory and legislative requirements in accordance with current best practice.

Public appeals are not normally made. Whilst donations or legacies are gratefully received, there is no public membership and SMRCLC does not actively regularly seek donations from the general public.

Measures of success .

The overriding measure of success is that the Church is maintained in good repair and functioning as a Parish Church and that the PCC are supported in carrying out charitable works within the parish.

SMRCLC’s expenditure on the Objects largely depends upon grants being taken up and applied by the PCC. SMRCLC gauges its success upon the proper management of the grant-making process in alignment with SMRCLC’s own strategy, and the PCC being satisfied with such

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process, rather than upon the actual sums disbursed in any year. This is achieved through constant liaison with the PCC through joint committees and ex-officio Directors.

Similarly, the investment performance largely depends upon the state of the investment market and the skill of the investment manager. SMRCLC gauges its success in this respect by the proper oversight of the appointment of the investment manager and frequent monitoring of its performance, as well as by the investment performance itself.

Achievements and Performance

Investment performance

Generation of income in accordance with the SMRCLC’s budget is key to its ability to make the budgeted grants. The income generated in the year from the investment portfolio and property rent amounted to £782,021 (2020 - £831,982). The reduction in income from the previous year can be attributed to the Covid19 pandemic but has not been as great as appeared likely earlier in the year.

Funding of Church maintenance and running costs and staff costs

Payment by SMRCLC of the Staff Grant, the separate Music Grant and the day to day running costs of the Church enabled the PCC to employ the staff needed for the Church activities during the year notwithstanding the physical closure of the church to the public for much of the year due to the Covid19 pandemic. Some fabric projects had to be postponed due to the lockdown but others were easier to progress during the closure of the church.

Projects

The second stage of the Church lighting project was completed during the year. The completion of RIBA stage 3 design for the development project was deferred but some related costs were funded.

In addition to the general maintenance and church running costs the following projects have taken place: -

Internal administration

As a charity with a history of over 400 years, an important element of SMRCLC’s achievements comprise the continued review and modernisation of its constitution and working practices to ensure compliance with the law and best practice and the most efficient conduct of its affairs and delivery of benefits in accordance with its Objects. In this respect, principal activities in the year have included:

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Financial Review

The principal funding sources are SMRCLC’s capital funds, which generate income and aim to create income and capital growth for the future.

Substantial funding for projects relating to the building is received by the PCC from partner organisations. Details of those organisations are set out elsewhere in this report.

Results

The net income for the year before other recognised gains, losses and transfers was £398,813 The surplus has arisen as the annual staff grant has been met from the specific reserve established in the accounts last year and a number of planned fabric projects were deferred.There were realised gains on the disposal of investments amounting to £200,915 and there were unrealised gains on the market value of the investments of £3,874,391. The investment properties fair values were re-valued at the year-end (on the basis specified in Note 1(e) to the accounts.) The net surplus for the year was £4,496,659, which was attributable as follows:

£ Unrestricted funds – surplus 547,807 Restricted funds – surplus 382,541 Endowment funds – surplus 3,566,311 4,496,659

The surplus on unrestricted funds of £547,807 was added to the brought forward reserves and the unrestricted funds of SMRCLC now stand at £2,709,742. This includes a designated ERF fund of £1,700,000, a lighting project designated fund of £2,655 and a staff reserve designated fund of

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£16,457 so the general unrestricted funds are £990,630 which are held as investments and as bank and cash deposits.

Reserves Policy

a) Unrestricted Funds

It is the policy of the Directors to maintain unrestricted reserves (excluding designated funds) at least sufficient to: -


Cover anticipated ad hoc grants for church expenses (not the
subject of existing grant commitments) for approximately 4 months
and an additional year of staff costs in the event of a substantial
fall in the charity’s income or the value of its investments.

cover one year’s costs of generating funds and governance
costs.

enable the charity to respond to emergency calls on its funds
for projects outside its restricted funds.
Total of above.		 Approximate value
£650,000
£120,000
£150,000
£920,000

The target range aimed for accumulated unrestricted reserves (excluding designated funds) is between £920,000 and £1,000,000. As in the previous financial year the target reserves are lower than was historically the case because the reserve which was maintained to cover staff salaries is now a grant commitment which is provided for in the accounts as a creditor (see Note 25), so the unrestricted reserves policy does not fully need to take the grant commitment into account.

The accumulated unrestricted reserves (excluding designated funds) at 5[th] April 2021 of £990,630 are within the target range of the policy.

b) Restricted Funds

In addition, SMRCLC aims to build up reserves to help meet the costs of major projected works over the next ten to fifteen years. The expected cost of these are at least £15 million and, therefore, partnership funding will be required. These projects include cleaning the exterior of the church and contributions to the new development project. The build-up of these reserves will normally be within restricted funds or designated funds.

First Lord Dulverton Fund

The accumulated income from First Lord Dulverton Fund provides reserves to be used for repairs to the external fabric of the Church. If the fund falls below a level set at £500,000 indexed in line with CPI from 5[th] April 2011 (which at 5[th] April 2021 was £584,416,) unrestricted funds should be used for external repairs provided this is available within the unrestricted reserves policy.

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Extraordinary Repair Fund (restricted)

The Extraordinary Repair Fund provides reserve funding for extraordinary repair, improvement or rebuilding of the fabric of the Church, the tombs, monuments, the glass in the windows and the church bells and all other fixtures and fittings in the Church.

Extraordinary Repair Fund ( designated )

The aim is to build up reserves within this fund for future major projects. Transfers will be made from unrestricted reserves in line with the unrestricted reserve policy.

Investment Policy

The Directors have agreed to give investment advisers, Smith & Williamson Investment Management LLP, discretionary investment management powers over SMRCLC’s investment portfolio, excluding its physical real estate assets and approximately £80,000 invested in the CBF Church of England Property Fund. The advisers’ fees are based on a percentage of capital value of the investments they manage. Smith & Williamson are instructed to exercise their delegated discretionary investment powers in accordance with SMRCLC’s investment policy and its objectives as follows:

Note: Any decisions involving buying or selling of investment real estate will be made by the Directors on the advice of the Investment Committee and Property Committee and the Hon Surveyor. All properties will be valued every year on the basis specified in Note 1(e) to the accounts).

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liquidity is necessary. A minimum of £500,000 shall therefore be held in cash in interest bearing accounts for such eventualities.

The Investment Committee has undertaken a review of potential risks, using the Charity Commission’s Guidance as a reference point. The primary risks are identified as financial losses on investments, loss of income and a lack of liquidity. The Directors mitigate against these risks by way of the following safeguards:

Ethical Investment Policy

The current Ethical Investment Policy was adopted in January 2020. This is in line with the current recommendations of the Church of England. The main points of the policy are:

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should ensure that no more than 1% of the portfolio is invested indirectly in assets that are or would be inadmissible for direct investment for ethical reasons.

In line with the investment policy, at the year end the real value of the quoted investment assets had increased by £3,394,932 to £16,446,214. The investment income generated for the year was £589,385. All investments conformed to the ethical investment policy.

Future Plans

Several projects are planned for next year including: -

SMRCLC is not currently committed to funding these major projects and plans may need to be adjusted in the light of the COVID-19 pandemic and lockdown as referred to in the following section.

In conjunction with SMRCLC and Canynges Society, the PCC is developing plans for major developments to the north and south of the Church to provide improved facilities and access for both the congregation and visitors. SMRCLC is committed to pay the PCC a fixed grant towards the design costs as referred to in the accounts, £58,170 of which was drawn down during the year . As a result of delays and changed circumstances brought about by the Covid19 pandemic aspects of the project are likely to be reviewed during the coming year which may affect the amount and timing of the funding by SMRCLC.

SMRCLC’s key objective for the future is to assist the PCC in ensuring that the building remains “fit for purpose” and in good order both as a parish church, a visitor attraction and a community facility.

The Directors may decide to adopt a Total Return investment policy during the coming year which may include a revision to the investment policy and ethical investment policy and the introduction of a distribution policy.

COVID-19

The current pandemic and lockdown during the year had some effect on the operation of SMRCLC, both directly and indirectly through its effect on the PCC which is SMRCLC’s principal beneficiary, although less effect than had been initially feared

Some additional grants were made to the PCC in respect of day to day expenses not covered by the PCC’s usual income and due to additional pandemic-related expenses

SMRCLC does not employ staff and has low overheads and the Directors do not have concerns as to its financial sustainability and ability to remain a going concern.

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SMRCLC’s income is derived from its investments including commercial property. The Directors have been closely monitoring the actual and likely future effect on income of the pandemic and consequent economic turmoil, with the assistance of SMRCLC’s investment advisers. The indications are that there will be a fall in income over at least the next two years but it is too early to say how great that fall will be.

There was at the beginning of the year a substantial fall in capital value due to the global stock market falls which has now largely recovered to pre-pandemic levels.

Employment

With effect from 1 September 2018 the employment of Church staff was transferred under TUPE to the PCC and SMRCLC entered into a funding agreement with the PCC under which SMRCLC pays the PCC an annual grant (indexed and adjustable in specified circumstances) towards the PCC’s staff expenses. The amount payable during this year was £212,854, of which £ 221,004 was paid on account during the year. The initial term of this agreement is 5 years from September 2018.

This funding agreement also obliges SMRCLC to make available free of charge residential accommodation being Flats 1b and 1c Colston Parade when required by the PCC for use by Church staff, subject to the PCC acting as intermediate landlord. Currently both flats are in use for these purposes.

Administrative staff of the PCC occupy the property 12 Colston Parade. This was previously under a lease to the PCC at a rent which did not represent market rental value. During the year SMRCLC agreed to waive existing unpaid rent and future rent due, pending agreement of a revised basis for occupation of this building. Meanwhile SMRCLC funds the repairs and running expenses of the building.

SMRCLC also lease to the diocese 2 Colston Parade as residential accommodation for the Associate Vicar and her family and Flat 1a Colston Parade as residential accommodation for a curate and her family. In one case the letting is at a peppercorn rent and in the other case the rent received from the diocese may be below open market rental value but represents the maximum that the diocese is prepared to pay and in both cases the provision of this accommodation falls within the objects of SMRCLC

The Directors, together with the Company Secretary, are the key management personnel of SMRCLC in charge of directing, running and operating SMRCLC on a day to day basis. All Directors give their time freely and no Director received remuneration in the year. Details of Directors expenses and related party transactions are disclosed in notes 8 and 24 to the accounts. The Company Secretary has been paid an honorarium as referred to in the accounts.

Associated Organisations

SMRCLC works closely with the PCC and the Canynges Society to fund the maintenance repair and running of the Church building and the charitable activities of the PCC. SMRCLC has in the past received grants from Temple Ecclesiastical Charities (TEC) and the PCC but during this year

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agreed that the TEC grant should henceforth be paid to the PCC and that the grant from the PCC should no longer be paid.

The PCC (registered charity number 1134120) cooperates with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It is also responsible for the maintenance and repair of the church buildings. It includes ex officio members, plus members elected to the PCC and to the Deanery Synod.

The incumbent and the two churchwardens are members of the PCC and have the right to be exofficio Directors of SMRCLC. The Directors previously took legal advice as to whether there was an unacceptable risk of conflict of interest from the presence of ex-officio Directors who were also members of the PCC. The advice was that the risk was not inherently unacceptable because of the very close alignment between the objects of SMRCLC and those of the PCC. A conflicts policy was adopted by the Directors during the previous year which specifically addresses this aspect and this has been implemented successfully during the current year.

The Canynges Society (registered charity number 242231) has objects to raise funds to support the church of St Mary Redcliffe, to make grants towards restoration, upkeep, improvement and adornment of the church’s fabric and of extensions thereto, and to accumulate funds in order to make grants for major restoration works which may become necessary.

Whilst there is some commonality of personnel between SMRCLC and the associated organisations, SMRCLC and associated organisations are not subject to common control.

Risk Management

The Directors acknowledge their responsibility to identify, assess and manage risks. The Risk & Compliance committee have an overriding remit to oversee risk management. The committee has prepared a risk assessment which is reviewed at regular intervals. Individual committees are tasked with reviewing and addressing key risks in their operational areas.

The principal risks facing the charity are identified below, together with a summary of plans and strategies for managing and mitigating those risks:

Financial Risk

Landlord Risk

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Legal Risk

Church Development Project

Insurable risk

Governance

Throughout the year SMRCLC has been governed under the constitution adopted in 2018 and outlined in the Governing Documents section below. SMRCLC remains an unincorporated charity with one corporate trustee, being a trust corporation. The Corporate Trustee is a company limited by guarantee registered at Companies House. The Directors are the directors and members of the Corporate Trustee. The responsibilities of trusteeship in the Charity are carried out by the Directors through their position in the Corporate Trustee.

The principal governing documents are the administrative provisions adopted in February 2018 as supplemented by the Articles of Association of the Corporate Trustee. A revised Directors’ Manual has been prepared to reflect these changes.

Committees

SMRCLC has five working committees: the Standing Committee, the Investment Committee, the Grants Committee , the Risk & Compliance Committee and the Property Committee. Since the end of the accounting year the P450 Committee has been set up as an subcommittee of the Grants Committee. In addition there are joint liaison committees reporting to both the PCC and SMRCLC in respect of insurance and Church fabric.

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There is also a Project Board, led by the PCC, established to take the strategic lead in the proposed development at St Mary Redcliffe Church. This Board has representatives of the PCC, SMRCLC, and Professional Advisers and gives regular updates to both the PCC and SMRCLC.

Recruitment, Induction and Training of Directors

Director recruitment has been actively addressed both through direct contacts and through the employment of an executive search agency with the aim of increasing the diversity of the Board and recruiting for future succession planning purposes.

During the year under review there were the following new Director appointments:

Clemence Chatelin Susan Hayward Jessica Jones Orville Lynch Oliver Willmott

All of whom were appointed on 6 September 2020.

All new Directors attended induction meetings and were supplied with the notes from the Directors’ training seminar given to the existing Directors the previous year by a specialist charity lawyer and with a copy of the new Directors’ manual.

Simon Goodman retired as director on 19 October 2020.

Related Parties

There have been no material transactions between SMRCLC and any related parties, apart from those noted in Note 24 to the Accounts.

Governing Documents

SMRCLC was set up in 1588 and 1591 under Letters Patent granted by Queen Elizabeth I. A number of orders issued by the Charity Commission during the 20th Century govern the management of SMRCLC and these were supplemented in 2018 by further Charity Commission orders and schemes to give effect to the new constitution.

More specifically:

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  1. By trustees’ resolution dated 5 February 2018, a schedule of new administrative provisions for SMRCLC was adopted. This included provision for the vicar and churchwardens of the Church to become ex-officio trustees.

  2. By trustees’ resolutions dated 5 February 2018, the Alice Gullick, William Frayne, Susan Hooper, and Guinea Street charities which had been linked charities with SMRCLC were merged with SMRCLC as restricted funds of SMRCLC and the Williams Bequest charity was transferred by SMRCLC to the PCC.

  3. By Charity Commission Scheme dated 7 March 2018 the First Lord Dulverton Fund which had been a linked charity with SMRCLC was merged with SMRCLC as a restricted fund of SMRCLC.

  4. By Charity Commission Order dated 22 March 2018 taking effect on 6 April 2018 the previous incorporated trustee body “The Trustees of St Mary Redcliffe Church Lands Charity” was dissolved, the Corporate Trustee was appointed as trustee of the Charity with trust corporation status, and all property, rights and liabilities of the previous trustee body was vested in the Corporate Trustee. The Articles of Association of the Corporate Trustee partially supersede the administrative provisions referred to in paragraph 1 above while the Corporate Trustee is sole trustee.

  5. By Deed of Retirement dated 6 April 2018 all existing trustees other than the Corporate Trustee resigned.

The Charity is a registered charity no. 211109.

Directors

Fifteen Directors served as directors of the Corporate Trustee during the year. The full Board met four times in the year (by video conference as a result of Covid19 restrictions). The Chairman and Vice-Chairman of the Corporate Trustee continued in office.

The Chairman of the Corporate Trustee undertakes the day to day management of SMRCLC; the Vice-Chairman chairs any Directors’ meeting at which the Chairman is not present. New Directors (other than ex-officio Directors) are appointed by the existing Directors in accordance with the Articles of the Corporate Trustee. Directors normally serve for a term of 5 years which can be renewed twice. There is some flexibility in the length of term and overall length when circumstances justify it.

The Directors as at 6 April 2020 were:

J B Dunn - Chairman D Schnurr - Vice-Chairman P Anning - Treasurer S C Goodman R W G James R Dawes K Brown E Shanahan (ex-officio) Rev Canon D Tyndall (ex-officio)

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Richard Wallace (ex-officio)

In accordance with Charity Governance Code (5.7.4) those Directors who had served as trustee and/or director for more than 9 years as at 6 April 2020 are listed below:

S Goodman - 11 years R W G James – 11 years

In all cases the relevant Trustees and/or Directors continued to play an important and active role during their period of appointment and their co-trustees/directors considered that it was in the interests of the Charity that they continued as Trustees/Directors during the period of their appointment.

The Directors as at the date of approval of this Report are:

J B Dunn - Chairman D Schnurr - Vice-Chairman

R W G James R Dawes Rev Canon D Tyndall (ex-officio) R Wallace – ex-officio K Brown P Anning – Treasurer C Chatelin S Hayward J Jones O Lynch O Willmott

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LEGAL AND ADMINISTRATIVE INFORMATION

for the year ended 5 April 2021

Professional Advisers

Solicitor

J Pyrke Gregg Latchams 7 Queen Square BRISTOL BS1 4JE

Accountant

S Burnside Burnside 61 Queen Square BRISTOL BS1 4JZ

Stockbroker I Richley Smith & Williamson Portwall Place BRISTOL BS1 6NA

Honorary Surveyor

N Cussen Chartered Surveyor 8 Pembroke Vale BRISTOL BS8 3DN

Architect M Chantrey Benjamin & Beauchamp Architects The Borough Studios The Borough WEDMORE BS28 4EB

Bankers

CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4TA

Auditor Burton Sweet The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton BRISTOL BS48 1UR

Insurance Broker

M Livings Marsh Commercial Castlemead Lower Castle Street BRISTOL BS1 3AG

Principal Office The Parish Office 12 Colston Parade Redcliffe BRISTOL BS1 6RA

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Statement of Corporate Trustee’s Responsibilities

The Corporate Trustee, acting by the Directors, is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Corporate Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of SMRCLC and of the income and expenditure of SMRCLC for that period. In preparing these financial statements, the Corporate Trustee is required to:

The Corporate Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of SMRCLC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and SMRCLC’s governing documents. It is also responsible for safeguarding the assets of SMRCLC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Corporate Trustee (and its Directors) are aware:

By order of the Directors

John Dunn Dan Schnurr

Date 27 September 2021

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INDEPENDENT AUDITOR’S REPORT

TO THE CORPORATE TRUSTEE (AND ITS DIRECTORS) OF ST MARY REDCLIFFE CHURCH LANDS CHARITY

Independent auditor’s report to the Corporate Trustee (and its Directors) of St Mary Redcliffe Churchlands Charity

Opinion

We have audited the financial statements of St Mary Redcliffe Church Lands Charity (the “Charity”) for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to St Mary Redcliffe Church Lands Charity Corporate Trustee (and its Directors) in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of the Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, the financial statements:

Basis of opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the St Mary Redcliffe Church Lands Charity Corporate Trustee (and its Directors) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the St Mary Redcliffe Church Lands Charity Corporate Trustee (and its Directors) with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. St Mary Redcliffe Church Lands Charity Corporate Trustee (and its Directors) are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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 fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities to the Corporate Trustee (and its Directors)

As explained more fully in the Corporate trustees’ responsibilities statement, St Mary Redcliffe Church Lands Charity Corporate Trustee (and its Directors) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

18

ST MARY REDCLIFFE CHURCH LANDS CHARITY

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors of the Corporate Trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Burton Sweet Limited Chartered Accountants and Statutory Auditor

Date: 27 September 2021

19

ST MARY REDCLIFFE CHURCH LANDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2021

Note
Income from:
Donations and legacies
2
Quoted investments
3
Investment properties
4
Total income
Expenditure on:
Raising funds
Investment management costs
5
Charitable activities
Maintaining fabric and facilities
of St Mary Redcliffe Church
6
Total expenditure
Net income/(expenditure)
before gains and losses
on investments
Net gains/(losses) on investments
10
Net income/(expenditure)
8
Net gain on revaluation of fixed assets
11
Transfers between funds
9
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
at 6 April 2020
Fund balances carried forward
at 5 April 2021		 Unrest-
Rest-
Endow-
Total
Total
ricted
ricted
ment
2021
2020
£
£
£
£
£
(5,000)
18,500
-
13,500
5,500
525,042
64,343
-
589,385
626,500
192,636
-
-
192,636
205,482
712,678
82,843
-
795,521
837,482
17,237
5,142
41,541
63,920
95,204
351,329
1,293
(19,834)
332,788
319,083
368,566
6,435
21,707
396,708
414,287
344,112
76,408
(21,707)
398,813
423,195
211,376
305,244
3,557,893
4,074,513
(2,832,036)
555,488
381,652
3,536,186
4,473,326
(2,408,841)
-
-
23,333
23,333
-
(7,681)
889
6,792
-
-
547,807
382,541
3,566,311
4,496,659
(2,408,841)
2,161,935
1,444,709
16,171,206
19,777,850
22,186,691
2,709,742
1,827,250
19,737,517
24,274,509
19,777,850

All of the Charity's operations are classed as continuing.

The notes on pages 23 – 47 form part of these accounts. See Note 21 for fund accounting comparative figures. Within unrestricted funds there are designated funds of £1,719,112 (2020: £1,719,112) - see Note 20.

20

ST MARY REDCLIFFE CHURCH LANDS CHARITY

BALANCE SHEET

for the year ended at 5 April 2021

Notes
Fixed assets
Fixed asset properties
11
Investment properties
12
Quoted investments
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: Amounts falling due within one year
15 (a)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
15 (b)
Total net assets
The funds of the charity:
Permanent endowment
16 & 18
- funds under endowment
- revaluation reserve on fixed asset properties
Restricted
16 & 19
Unrestricted
16 & 20		 2021
2020
£
£
1,015,000
971,833
5,780,000
4,883,333
17,000,965
13,870,292
23,795,965
19,725,458
19,367
39,157
1,220,618
1,015,683
1,239,985
1,054,840
(302,798)
(302,759)
937,187
752,081
24,733,152
20,477,539
(458,643)
(699,689)
24,274,509
19,777,850
19,636,017
16,093,039
101,500
78,167
19,737,517
16,171,206
1,827,250
1,444,709
2,709,742
2,161,935
24,274,509
19,777,850

The notes on pages 23 – 47 form part of these accounts.

27/09/2021

Approved by the board on and signed on its behalf by:

John Dunn Director

Paul Anning Director

21

ST MARY REDCLIFFE CHURCH LANDS CHARITY

STATEMENT OF CASH FLOWS

for the year ended 5 April 2021

Notes
Net cash used in
operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Increase in cash held on long term deposits
Purchase of investments
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents carried forward		 2021
2020
£
£
(626,736)
(603,104)
782,021
831,982
1,562,436
3,712,659
(671)
(1,158)
(1,777,045)
(3,652,525)
566,741
890,958
(59,995)
287,854
1,408,427
1,120,573
1,348,432
1,408,427

Reconciliation of net income/(expenditure) in funds to cash flow from operating activities

2021 2020
£ £
Net income/(expenditure) 4,496,659 (2,408,841)
Deduct dividends, interest and rents from investments (782,021) (831,982)
Deduct gains/Add losses on investments (4,076,990) 2,832,604
Add depreciation of fixed asset property (19,834) 7,667
Deduct gains on property revaluations (23,333) -
Decrease/(increase) in debtors 19,790 (20,304)
(Decrease)/Increase in creditors 39 42,690
(Decrease)/Increase in provisions for liabilities (241,046) (224,938)
(626,736) (603,104)
Analysis of changes in net funds
At 6 April Cash flows At 5 April
2020 2021
Cash at bank (excluding over 90 day accounts) 1,015,683 204,935 1,220,618
Investments - cash and cash equivalents 392,744 (264,930) 127,814
1,408,427 (59,995) 1,348,432
At 6 April Cash flows At 5 April
2019 2020
Cash at bank (excluding over 90 day accounts) 730,698 284,985 1,015,683
Investments - cash and cash equivalents 389,875 2,869 392,744
1,120,573 287,854 1,408,427

22

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021

1 ACCOUNTING POLICIES

(a) Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity is a public benefit entity.

The directors have carefully considered whether there are any material uncertainties that would affect the Charity’s ability to continue as a going concern, particularly given the impact of the current Covid-19 pandemic. The Charity’s professional investment advisers have projected the anticipated income from the endowment for the year ahead and this is being regularly monitored. The planned grants for the year ahead have been discussed with the Charity’s principal beneficiary, St Mary Redcliffe Church PCC, and can be met in full from income and reserves. Charity expenditure is being regularly monitored against the budget. The directors are therefore satisfied that SMRCLC remains a going concern.

(b) Fund structure

The charity has the following funds:

Permanent endowment funds

These funds are where the capital value must be maintained, but the income generated by the funds can be utilised according to the restrictions, if any, associated with each endowment.

Restricted funds

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

Unrestricted funds

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

Designated Funds

These are unrestricted funds which have been designated by the trustees for specific purposes within the objects of the charity. They do not form part of the free unrestricted funds. If circumstances change the Directors may designate part or all these funds to a new purpose or return them to free unrestricted funds.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

23

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

1. ACCOUNTING POLICIES (continued)

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Grants and donations have been included as income in the period in which they are receivable. They are credited to unrestricted or restricted funds in accordance with the donor's wishes.

Legacies are recognised on a case by case basis following grant of probate when the personal representative advises the charity that the gift will be made and the amount involved can be reliably quantified.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual basis.

All support costs and governance costs are allocated against the one charitable activity of the charity: maintaining the fabric and facilities of St Mary Redcliffe Church.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

24

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

1 ACCOUNTING POLICIES (continued)

(e) Tangible fixed asset and Investments

Fixed asset properties

Land and buildings are carried at revalued amounts at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The valuation of the properties is considered every year by the Charity to ensure that the carrying value is not materially different from the fair value, with a professional valuation being obtained every fifth year.

Quoted investments

Quoted investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Investment properties

Investment properties are initially measured at cost and subsequently measured at fair value. The valuation of the investment properties is considered every year by the Charity to ensure that the carrying value is not materially different from the fair value, with a professional valuation being obtained every fifth year.

Valuation

The properties have been professionally valued during the year ended 5 April 2021. The next valuation is due in the year ended 5 April 2026.

(f) Depreciation

Depreciation is calculated to write off the cost or valuation of fixed assets, less any residual value, over their expected useful lives as follows: Land - 0% Buildings- 2% straight line

25

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

2 DONATIONS AND LEGACIES

Grants from other organisations:
St Mary Redcliffe Parochial
Church Council
Sundry donations
Prior year
Grants from other organisations:
St Mary Redcliffe Parochial
Church Council
Sundry donations		 2021
Unrestricted
Restricted
Total
£
£
£
(5,000)
18,000
13,000
-
500 500
(5,000) 18,500 13,500
2020
Unrestricted
Restricted
Total
£
£
£
5,000
-
5,000
-
500 500
5,000 500 5,500

3 QUOTED INVESTMENT INCOME

Dividend income
Interest receivable
Prior year
Dividend income
Interest receivable		 2021
Unrestricted
Restricted
Total
£
£
£
492,821 60,830 553,651
32,221 3,513 35,734
525,042 64,343 589,385
2020
Unrestricted
Restricted
Total
£
£
£
554,052 69,942 623,994
2,005 501 2,506
556,057 70,443 626,500

26

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

4 INVESTMENT PROPERTY INCOME

Investment property rents
Prior year
Investment property rents
INVESTMENT MANAGEMENT COSTS
Expenditure on let property
Portfolio investment management fees
Prior year
Expenditure on let property
Portfolio investment management fees		 Unrest-
Rest-
Endow-
2021
ricted
ricted
ment
Total
£
£
£
£
192,636
-
-
192,636
192,636
-
-
192,636
Unrest-
Rest-
Endow-
2020
ricted
ricted
ment
Total
£
£
£
£
205,482
-
-
205,482
205,482
-
-
205,482
Unrest-
Rest-
Endow-
2021
ricted
ricted
ment
Total
£
£
£
£
13,454
-
-
13,454
3,783
5,142
41,541
50,466
17,237
5,142
41,541
63,920
Unrest-
Rest-
Endow-
2020
ricted
ricted
ment
Total
£
£
£
£
42,733
-
-
42,733
-
5,463
47,008
52,471
42,733
5,463
47,008
95,204

5 INVESTMENT MANAGEMENT COSTS

27

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

6 CHARITABLE ACTIVITIES - MAINTAINING FABRIC AND FACILITIES OF ST MARY REDCLIFFE CHURCH

Note
Grants payable to St Mary
Redcliffe PCC:
Fund PCC staff costs
25
Project 450
25
Direct costs:
Church repairs
Church expenses
Staff support grants
Support and governance costs
7
Prior year
Note
Grants payable to St Mary
Redcliffe PCC:
Fund PCC staff costs
25
Project 450
25
Direct costs:
Church repairs
Church expenses
Staff support grants
Support and governance costs
7		 Unrest-
Rest-
Endow-
2021
ricted
ricted
ment
Total
£
£
£
£
6,786
-
-
6,786
-
-
-
-
116,414
500
-
116,914
119,243
793
(19,834)
100,202
51,585
-
-
51,585
57,301
-
-
57,301
351,329
1,293
(19,834)
332,788
Unrest-
Rest-
Endow-
2020
ricted
ricted
ment
Total
£
£
£
£
34,668
-
-
34,668
-
-
-
-
100,384
500
-
100,884
103,761
489
7,667
111,917
26,502
-
-
26,502
45,112
-
-
45,112
310,427
989
7,667
319,083

28

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

7 SUPPORT AND GOVERNANCE COSTS

SUPPORT AND GOVERNANCE COSTS
Note
Support costs
Office costs
Finance function costs
Governance costs
Auditor's remuneration
8		 2021
2020
Total
Total
£
£
18,404
17,550
32,597
21,190
6,300
6,372
57,301
45,112

Note

St Mary Redcliffe Church Lands Charity considers its key management personnel comprise the Directors of SMRCLC Corporate Trustee Ltd. The total employment benefits, including pension contributions of the key management personnel were £Nil (2020 - £Nil). None of the Directors or persons connected to the directors receive fees or reimbursed expenses in respect of their directorship. The value of waived expenses were not considered significant.

All support and governance costs were from unrestricted funds for both 2020 and 2021.

8 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS

Net income/(expenditure) before transfers for the year is stated after charging:

Auditor’s remuneration including VAT - current year
Auditor’s remuneration including VAT - prior year under accrual		 2021
2020
£
£
6,300
6,000
-
372
6,300
6,372

29

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

9 TRANSFERS BETWEEN FUNDS

Transfers:
Extraordinary Repair Fund
Alice Gullick Fund
Recoupment orders:
Re: 51 Redcliff Hill
Re: 11 Redcliffe Parade West
Re: 11 Redcliffe Parade West (2007)
Prior year depreciation
Prior year
Transfers:
Extraordinary Repair Fund
Alice Gullick Fund
Recoupment orders:
Re: 51 Redcliff Hill
Re: 11 Redcliffe Parade West
Re: 11 Redcliffe Parade West (2007)
Prior year depreciation		 Unrest-
Rest-
Endow-
ricted
ricted
ment
2021
Funds
Funds
Funds
Total
£
£
£
£
(1,000)
1,000
-
-
111
(111)
-
-
-
-
-
-
(3,042)
-
3,042
-
(3,750)
-
3,750
-
-
-
-
-
(7,681)
889
6,792
-
Unrest-
Rest-
Endow-
ricted
ricted
ment
2020
Funds
Funds
Funds
Total
£
£
£
£
(1,000)
1,000
-
-
109
(109)
-
-
(4,487)
-
4,487
-
(3,042)
-
3,042
-
(3,750)
-
3,750
-
12,167
-
(12,167)
-
(3)
891
(888)
-

In the previous year, fixed asset properties held by the endowment funds suffered a £12,167 depreciation charge. The depreciation was accounted for in error as unrestricted expenditure, instead of as endowment expenditure. As a result, a £12,167 transfer from the endowment fund to the general unrestricted fund has been made to rectify this.

30

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

10 GAINS/(LOSSES) ON INVESTMENTS

GAINS/(LOSSES) ON INVESTMENTS
Unrest- Rest- Endow-
ricted ricted ment 2021
Funds Funds Funds Total
£ £ £ £
Realised gains/(losses) on 25,517 21,747 153,651 200,915
investments
25,517 21,747 153,651 200,915
Unrealised gains/(losses) on 185,859 283,497 2,508,368 2,977,724
investments
Unrealised gains/(losses) on - - 896,667 896,667
investment property revaluations
Exchange rate gain/(loss) on US Dollars - - (793) (793)
185,859 283,497 3,404,242 3,873,598
Total gains/(losses) 211,376 305,244 3,557,893 4,074,513
Prior year Unrest- Rest- Endow-
ricted ricted ment 2020
Funds Funds Funds Total
£ £ £ £
Realised gains/(losses) on (7,425) (11,607) 211,868 192,836
investments
(7,425) (11,607) 211,868 192,836
Unrealised gains/(losses) on (182,335) (277,017) (2,566,086) (3,025,438)
investments
Unrealised gains/(losses) on - - - -
investment property revaluations
Exchange rate gain/(loss) on US Dollars - - 566 566
(182,335) (277,017) (2,565,520) (3,024,872)
Total gains/(losses) (189,760) (288,624) (2,353,652) (2,832,036)

31

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

11 FIXED ASSET PROPERTIES
2021
2020
£
£
VALUE
Fair value brought forward
991,667
1,216,667
Revaluation
23,333
-
Transfer to Investment Property
-
(225,000)
Fair value carried forward
1,015,000
991,667
DEPRECIATION
Balance brought forward
19,834
12,167
Charge for the year
-
9,917
Removed on revaluation
(19,834)
-
Removed on transfer
-
(2,250)
Balance carried forward
-
19,834
NET BOOK VALUE - Fair value less depreciation
1,015,000
971,833
Fair value at Fair value at
2021
2020
£
£
Fixed Asset Properties
1 Colston Parade & Garage (Flats 1B & 1C)
440,000
416,667
2 Colston Parade
575,000
575,000
51 Redcliff Hill (ground floor & 1st floor)
-
-
1,015,000
991,667		 2021
2020
£
£
991,667
1,216,667
23,333
-
-
(225,000)
1,015,000
991,667
19,834
12,167
-
9,917
(19,834)
-
-
(2,250)
-
19,834
1,015,000
971,833
1,015,000
991,667

The last property valuation was undertaken on 06.04.2021 by ETP Property Consultants of 91-93 Alma Road Bristol BS8 2DP.

As this is a year where there has been a full professional valuation, the carrying value has been restated to reflect the valuation. This is in accordance with the accounting policy for Tangible Fixed Assets and Investments disclosed in Note 1 to the accounts. Next year, where there will not be a full professional valuation, freehold properties will be valued at fair value less accumulated depreciation.

1 Colston Parade is split into 3 flats of which one is rented out and two are occupied by vergers. So one third of the value is classed as investment property and two thirds as fixed asset property.

51 Redcliff Hill is made up of four floors of which only two floors used to be rented out. In the previous year the whole property was rented out, therefore, the part of the flat that was held in Fixed Assets was transferred to Investment Properties. 2 Colston Parade is occupied by a member of clergy and is a fixed asset property.

32

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

12 INVESTMENT PROPERTIES
Fair value brought forward
Revaluation
Transfer from Fixed Asset Properties
Fair value carried forward
Investment Properties
1 Colston Parade (Flat 1A)
Portwall Lane, 2 Canynge Street
and 69-75 St Thomas Street
63-64 St Thomas Street
51 Redcliff Hill		 2021
2020
£
£
4,883,333
4,658,333
896,667
-
-
225,000
5,780,000
4,883,333
Fair value at Fair value at
2021
2020
£
£
220,000
208,333
4,565,000
3,800,000
505,000
425,000
490,000
450,000
5,780,000
4,883,333

The last property valuation was undertaken on 06.04.2021 by ETP Property Consultants of 91-93 Alma Road Bristol BS8 2DP.

1 Colston Parade is split into 3 flats of which one is rented out and two are occupied by vergers. So one third of value is classed as investment property and two thirds as fixed asset property.

51 Redcliff Hill is made up of four floors of which only two floors used to be rented out. In the previous year the whole property was rented out, therefore, the part of the flat that was held in Fixed Assets was transferred to Investment Properties.

13
QUOTED INVESTMENTS
Market value at 6 April 2020
Additions at cost
Disposals at opening book value
(proceeds £1,562,436 gain £202,599)
Net unrealised investment gains/(losses)
Investment cash and cash equivalents
Investment cash on deposit
Market value at 5 April 2021 / 2020
Historical cost at 5 April 2021 / 2020		 2021
2020
£
£
13,051,282
15,944,020
1,777,045
3,652,525
(1,359,837)
(3,519,824)
2,977,724
(3,025,439)
16,446,214
13,051,282
127,814
392,744
426,937
426,266
17,000,965
13,870,292
13,780,837
13,635,696

33

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

14
DEBTORS
Other debtors
Rental income
Prepayments
15
CREDITORS
(a)
Amounts falling due within one year:
Trade creditors
Other creditors
Deferred income
Grant commitments
25
(b)
Amounts falling due after one year:
Grant commitments
25		 2021
2020
£
£
12,526
24,252
1,000
11,000
5,841
3,905
19,367
39,157
2021
2020
£
£
1,609
8,159
88,095
34,828
-
166
213,094
259,606
302,798
302,759
2021
2020
£
£
458,643
699,689
458,643
699,689

34

16

ST MARY REDCLIFFE CHURCH LANDS CHARITY NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Endowment Funds (Note 18)
Church Lands
First Lord Dulverton (Capital)
William Frayne
Susan Hooper
Alice Gullick Bequest
Guinea Street Trust
Revaluation reserve
Restricted Funds (Note 19)
Extraordinary Repair Fund
First Lord Dulverton (Revenue)
Organ Repair Fund
Other funds
Unrestricted (Note 20)
General
Designated ERF
Lighting project designated fund
Staff reserve designated fund		 Net Provisions
Quoted
Current
for
Total
Property
Investments
Assets
Liabilities
2021
£
£
£
£
£
6,693,500
12,778,029
-
-
19,471,529
-
64,679
-
-
64,679
-
78,007
-
-
78,007
-
940
-
-
940
-
3,811
-
-
3,811
-
17,051
-
-
17,051
101,500
-
-
-
101,500
6,795,000
12,942,517
-
-
19,737,517
-
784,024
28,948
-
812,972
-
891,924
74,699
-
966,623
-
-
25,964
-
25,964
-
-
21,691
-
21,691
-
1,675,948
151,302
-
1,827,250
-
1,168,349
494,018
(671,737)
990,630
-
1,214,151
485,849
-
1,700,000
-
-
2,655
-
2,655
-
-
16,457
-
16,457
-
2,382,500
998,979
(671,737)
2,709,742
6,795,000
17,000,965
1,150,281
(671,737)
24,274,509

35

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

ST MARY REDCLIFFE CHURCH LANDS CHARITY NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

Endowment Funds (Note 18)
Church Lands
First Lord Dulverton (Capital)
William Frayne
Susan Hooper
Alice Gullick Bequest
Guinea Street Trust
Revaluation reserve
Restricted Funds (Note 19)
Extraordinary Repair Fund
First Lord Dulverton (Revenue)
Organ Repair Fund
Other funds
Unrestricted (Note 20)
General
Designated ERF
Lighting project designated fund
Staff reserve designated fund		 Net Provisions
Quoted
Current
for
Total
Property
Investments
Assets
Liabilities
2020
£
£
£
£
£
5,776,999
10,184,211
-
-
15,961,210
-
51,846
-
-
51,846
-
62,512
-
-
62,512
-
753
-
-
753
-
3,054
-
-
3,054
-
13,664
-
-
13,664
78,167
-
-
-
78,167
5,855,166
10,316,040
-
-
16,171,206
-
659,321
(2,496)
-
656,825
-
719,264
38,671
-
757,935
-
-
8,258
-
8,258
-
-
21,691
-
21,691
-
1,378,585
66,124
-
1,444,709
-
1,168,850
233,268
(959,295)
442,823
-
1,006,818
693,182
-
1,700,000
-
-
2,655
-
2,655
-
-
16,457
-
16,457
-
2,175,668
945,562
(959,295)
2,161,935
5,855,166
13,870,293
1,011,686
(959,295)
19,777,850

36

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

18 PERMANENT ENDOWMENT FUNDS - CURRENT YEAR

Church Lands
First Lord Dulverton (Capital)
W Frayne
S Hooper
A Gullick Bequest
Guinea Street Trust
Revaluation reserve
TOTAL CAPITAL FUNDS		 Balance
Net
Unrealised
Unrealised Gains/(losses)
Transfers &
at
Income/
(losses)/gains
(losses)/gains
on Sales of
Recoupment
Balance at
05.04.20 (Expenditure)
on Investments
on Property
Investments
Orders
05.04.21
£
£
£
£
£
£
15,961,210
(21,707)
3,371,583
-
153,651
6,792
19,471,529
51,846
-
12,833
-
-
-
64,679
62,512
-
15,495
-
-
-
78,007
753
-
187
-
-
-
940
3,054
-
757
-
-
-
3,811
13,664
-
3,387
-
-
-
17,051
78,167
-
-
23,333
-
-
101,500
16,171,206
(21,707)
3,404,242
23,333
153,651
6,792
19,737,517

PERMANENT ENDOWMENT FUNDS - PRIOR YEAR

Church Lands
First Lord Dulverton (Capital)
W Frayne
S Hooper
A Gullick Bequest
Guinea Street Trust
Revaluation reserve
TOTAL CAPITAL FUNDS		 Balance
Net
Unrealised
Unrealised Gains/(losses)
Transfers &
at
Income/
(losses)/gains
(losses)/gains
on Sales of
Recoupment
Balance at
05.04.19 (Expenditure)
on Investments
on Property
Investments
Orders
05.04.20
£
£
£
£
£
£
18,360,991
(54,675)
(2,556,652)
-
212,434
(888)
15,961,210
55,562
-
(3,716)
-
-
-
51,846
66,981
-
(4,469)
-
-
-
62,512
807
-
(54)
-
-
-
753
3,272
-
(218)
-
-
-
3,054
14,641
-
(977)
-
-
-
13,664
78,167
-
-
-
-
-
78,167
18,580,421
(54,675)
(2,566,086)
-
212,434
(888)
16,171,206

37

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

18 ENDOWMENT FUNDS (continued) NOTES

Church Lands

The income from this fund is for the maintenance and upkeep of the Church and all other Objects of the Charity.

First Lord Dulverton Fund

This was set up in 1935 and the income is to be accumulated and can be used to defray the cost of exterior repairs to the fabric of the Church. A Charity Commission Scheme dated 7 March 2018 amalgamated this fund with the Church Lands endowment fund as a restricted fund to be used only for exterior repairs to the fabric of the Church.

William Frayne’s and Susan Hooper’s Charities

William Frayne’s charity was set up in 1881 and Susan Hooper’s charity in 1914. By trustee's resolutions under section 268 Charities Act 2011 dated 5 February 2018 and confirmed by the Charity Commission as taking effect on 14 April 2018, this fund was amalgamated with the Church Lands charity; in the case of William Frayne as a restricted permanent endowment for the maintenance of the fabric of the Church; and in the case of Susan Hooper released from the permanent endowment but to be applied towards the maintenance of the fabric of the Church. The annual income is transferred to the Extraordinary Repair Fund under a Charity Commission Order dated 12 August 1986.

Alice Gullick Bequest

This was set up in 1952. By trustee's resolution under section 268 Charities Act 2011 dated 5 February 2018 and confirmed by the Charity Commission as taking effect on 14 April 2018, this fund was amalgamated with the Church Lands charity, released from the permanent endowment but to be applied towards the maintenance of the fabric of the Church.

Guinea Street Trust

This was set up in 1926. By trustee's resolution under section 268 Charities Act 2011 dated 5 February 2018 and confirmed by the Charity Commission as taking effect on 14 April 2018, this fund was amalgamated with the Church Lands charity, as a restricted permanent endowment for the benefit of the inhabitants of the Parish of Redcliffe including the repair of the Church.

38

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

19 RESTRICTED FUNDS

Extraordinary 1st Guinea Organ
Repair Lord Street Alice William Susan Repair
Fund Dulverton Trust Gullick Frayne Hooper Fund Other Total
£ £ £ £ £ £ £ £ £
Balance as at
5.4.2020 656,826 757,934 - - - - 8,258 21,691 1,444,709
Income received in the year
Income from investments 26,129 31,781 499 111 2,283 27 - - 60,830
Interest receivable - 3,513 - - - - - - 3,513
Grants and donations - - - - - - 18,000 500 18,500
26,129 35,294 499 111 2,283 27 18,000 500 82,843
(Losses)/Gains on investments
Unrealised (losses)/gains on
investments 117,445 166,052 - - - - - - 283,497
Realised gains/(losses) on
sale of investments 11,660 10,087 - - - - - - 21,747
129,105 176,139 - - - - - - 305,244
Balance carried forward
to the next page 812,060 969,367 499 111 2,283 27 26,258 22,191 1,832,796

39

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

19 RESTRICTED FUNDS (continued)

Extraordinary 1st Guinea Organ
Repair Lord Street Alice William Susan Repair
Fund Dulverton Trust Gullick Frayne Hooper Fund Other Total
£ £ £ £ £ £ £ £ £
Balance brought forward
from the previous page 812,060 969,367 499 111 2,283 27 26,258 22,191 1,832,796
Expenditure in the year
Maintenance projects - - - - - - (294) (500) (794)
Charitable expenses - - (499) - - - - - (499)
Investment management (2,398) (2,744) - - - - - - (5,142)
fees
(2,398) (2,744) (499) - - - (294) (500) (6,435)
Transfers 3,310 - - (111) (2,283) (27) - - 889
Balance as at
5.4.2021 812,972 966,623 - - - - 25,964 21,691 1,827,250

Transfers

During the year the following transfers were made:

40

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

19 RESTRICTED FUNDS (continued) PRIOR YEAR

PRIOR YEAR
Extraordinary 1st Guinea Organ
Repair Lord Street Alice William Susan Repair
Fund Dulverton Trust Gullick **Frayne ** Hooper Fund Other Total
£ £ £ £ £ £ £ £ £
Balance as at
5.4.2019 749,889 888,113 - - - - 8,258 21,691 1,667,951
Income received in the year
Income from investments 29,530 37,549 489 109 2,238 27 - - 69,942
Interest receivable 351 150 - - - - - - 501
Grants and donations - - - - - - - 500 500
29,881 37,699 489 109 2,238 27 - 500 70,943
(Losses)/Gains on investments
Unrealised (losses)/gains on
investments (112,200) (164,817) - - - - - - (277,017)
Realised gains/(losses) on
sale of investments (11,464) (143) - - - - - - (11,607)
(123,664) (164,960) - - - - - - (288,624)
Balance carried forward
to the next page 656,106 760,852 489 109 2,238 27 8,258 22,191 1,450,270

Balance carried forward to the next page

41

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

19 RESTRICTED FUNDS (continued) PRIOR YEAR

PRIOR YEAR
Extraordinary 1st Guinea Organ
Repair Lord Street Alice William Susan Repair
Fund Dulverton Trust Gullick **Frayne ** Hooper Fund Other Total
£ £ £ £ £ £ £ £ £
Balance brought forward
from the previous page 656,106 760,852 489 109 2,238 27 8,258 22,191 1,450,270
Expenditure in the year
Maintenance projects - - - - - - - (500) (500)
Charitable expenses - - (489) - - - - - (489)
Investment management (2,545) (2,918) - - - - - - (5,463)
fees
(2,545) (2,918) (489) - - - - (500) (6,452)
Transfers 3,265 - - (109) (2,238) (27) - - 891
Balance as at
5.4.2020 656,826 757,934 - - - - 8,258 21,691 1,444,709

Transfers

During the year the following transfers were made:

42

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

19 RESTRICTED FUNDS (continued)

Extraordinary Repair Fund

This was set up during 1986/87 for the purpose of providing for the extraordinary repair, improvement or rebuilding of the fabric of the church, the tombs, monuments, the glass in the windows and the church bells and all other fixtures and fittings therein.

The Fund was approved by the Charity Commissioners on 12 August 1986 and established by the proceeds from the disposal of 8,077 income shares belonging to the William Frayne Charity, and £35,489.70 under the Will of Cora Winifred Ayers deceased.

The fund is to be maintained by the following transfers:

a) the yearly sum of not less than £1,000 out of the income of the Unrestricted Fund.

b) the yearly income of the William Frayne and Susan Hooper charities in so far as it is not required for application in accordance with the provisions of the respective charities.

First Lord Dulverton Fund

This was set up in 1935 and the income is to be accumulated and can be used to defray the cost of exterior repairs to the fabric of the Church.

Organ Repair Fund

This fund was set up with a grant from the St Mary Redcliffe Organ & Music Trust and is for future repairs of the Harrison & Harrison Organ.

Other fund

A legacy of £20,000 was received in the previous years which was restricted for the use of repairs to the fabric of the Church.

43

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

20 UNRESTRICTED FUNDS - CURRENT YEAR

General
Designated Funds
Designated ERF
Lighting project designated fund
Staff reserve designated fund
Total Designated Funds
TOTAL UNRESTRICTED FUNDS		 Net
Transfers &
Balance at
Income/
Recoupment
Balance at
06.04.20
Expenditure
Orders
05.04.21
£
£
£
£
442,823
555,488
(7,681)
990,630
1,700,000
-
-
1,700,000
2,655
-
-
2,655
16,457
-
-
16,457
1,719,112
-
-
1,719,112
2,161,935
555,488
(7,681)
2,709,742

NOTE

As noted in the Charity's accounts over the last five years, a Designated ERF fund has been built up and held in anticipation of major expenditure including cleaning of the exterior of the church and contribution to the other aspects of the development project involving new buildings to the north and south of the church. The development project is continuing to the design stage but has not yet reached the point where expenditure from these reserves is required A designated fund had been set up for SMR CLC commitment to Phase 1 of the lighting project.

A staff reserve designated fund had been set up to cover long term absence, long term sick pay, redundancy etc. for staff currently funded by SMR CLC.

UNRESTRICTED FUNDS - PRIOR YEAR

General
Designated ERF
Lighting project designated fund
Staff reserve designated fund
Total Designated Funds
TOTAL UNRESTRICTED FUNDS		 Net
Transfers &
Balance at
Income/
Recoupment
Balance at
05.04.19
Expenditure
Orders
05.04.20
£
£
£
£
218,302
224,524
(3)
442,823
1,700,000
-
-
1,700,000
3,126
(471)
-
2,655
16,891
(434)
-
16,457
1,720,017
(905)
-
1,719,112
1,938,319
223,619
(3)
2,161,935

44

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021

21 FUND ACCOUNTING FIGURES FOR YEAR ENDED 5 APRIL 2020

Income from:
Donations and legacies
Quoted Investments
Investment properties
Total income
Expenditure on:
Costs of raising funds
Investment management costs
Charitable activities
Maintaining fabric and facilities
of St Mary Redcliffe Church
Total expenditure
Net income/(expenditure) and net
movement in funds before gains
and losses on investments
Net gains/(losses) on investments
Net income/(expenditure)
Net gain on revaluation of fixed assets
Transfers between Funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
at 6 April 2019
Fund balances carried forward
at 5 April 2020		 Unrest-
Rest-
Endow-
Total
ricted
ricted
ment
2020
£
£
£
£
5,000
500
-
5,500
556,057
70,443
-
626,500
205,482
-
-
205,482
766,539
70,943
-
837,482
42,733
5,463
47,008
95,204
310,427
989
7,667
319,083
353,160
6,452
54,675
414,287
413,379
64,491
(54,675)
423,195
(189,760)
(288,624) (2,353,652) (2,832,036)
223,619
(224,133) (2,408,327) (2,408,841)
-
-
-
-
(3)
891
(888)
-
223,616
(223,242) (2,409,215) (2,408,841)
1,938,319 1,667,951 18,580,421 22,186,691
2,161,935 1,444,709 16,171,206 19,777,850

45

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

22 CONTINGENT LIABILITIES

There are no contingent liabilities at the year end.

23 RELATED PARTY TRANSACTIONS

There have been no transactions between the St Mary Redcliffe Church Lands Charity and any related parties, except those with the PCC noted below. The aggregate value of donations received from Directors and related parties was £Nil. (2020 - £Nil)

Whilst there is some commonality of personnel between St Mary Redcliffe Church Lands Charity and the associated organisations (for example several Directors have been elected to the PCC), St Mary Redcliffe Church Lands Charity and associated organisations are not subject to common control.

2021 2020
£ £
Grants/Income from PCC to St Mary Redcliffe Church Lands Charity
Grant for upkeep of fabric (5,000) 5,000
Rent for 51 Redcliff Hill (6,000) 6,000
(11,000) 11,000
Grants/Payments to PCC from St Mary Redcliffe Church Lands Charity
Grant for choir expenses - 13,200
Grant for music scholarships - 7,600
Staff grant, including future commitments 6,786 34,668
6,786 55,468

St Mary Redcliffe Church Lands Charity has made payments on behalf of the PCC for Church repairs and expenses of £217,649 (2020 - £215,050). There is also shared use of the office space and staff.

24 COMMITMENTS

All major commitments, where contracts have been signed but the work has not been started, are included in the accounts.

46

ST MARY REDCLIFFE CHURCH LANDS CHARITY

NOTES TO THE ACCOUNTS

for the year ended 5 April 2021 (continued)

25 GRANT COMMITMENTS

Grants to St Mary Redcliffe Parochial Church Council

As at 6 April 2020
Committed and charged to expenditure in year
Paid in year
As at 5 April 2021
Short-term Grant Commitment
Long-term Grant Commitment over 1 year
Total Grant Commitment		 To fund
To fund
fabric
staff
project
costs
450
£
£
759,295
200,000
6,786
-
(236,174)
(58,170)
529,907
141,830
213,094
-
316,813
141,830
529,907
141,830		 Total
£
959,295
6,786
(294,344)
671,737
213,094
458,643
671,737
Prior year
As at 6 April 2019
Committed and charged to expenditure in year
Paid in year
As at 5 April 2020
Short-term Grant Commitment
Long-term Grant Commitment over 1 year
Total Grant Commitment		 To fund
To fund
fabric
staff
project
costs
450
£
£
930,631
200,000
34,668
-
(206,004)
-
759,295
200,000
220,036
39,570
539,259
160,430
759,295
200,000		 Total
£
1,130,631
34,668
(206,004)
959,295
259,606
699,689
959,295

St Mary Redcliffe Parochial Church Council has as its objectives "to cooperate with the incumbent in promoting in the ecclesiastical parish the whole mission of the church, pastoral, evangelistic, social and ecumenical".

It achieves this through the provision of divine service at the church, which requires the fabric of St Mary Redcliffe to be maintained.

In order to advance its charitable objects, the charity committed to provide the following grants to St Mary Redcliffe Parochial Church Council during the year.

Staff cost grant

In September 2018 the staff of the charity were transferred under the TUPE regulations to St Mary Redcliffe Parochial Church Council.

In 2018 the charity signed a funding agreement with St Mary Redcliffe Parochial Church Council to fund the staff costs for 5 years. An annual base staff cost of £206,000 was provided for in the funding agreement with provisions for this figure to increase.

The total cumulative grant commitment was recalculated this year to reflect changes in staff costs. The total grant commitment over five years was calculated as £1,092,254 (£1,085,468 in 2020). The remaining commitment at the year end is £529,907.

Fabric Project 450

The St Mary Redcliffe Parochial Church Council have launched Project 450. This project is a long term development with several phases.

In 2018 the charity committed to pay grant funding of £220,000 towards this project, of which £20,000 has been paid in a prior year.

Work continued during the year ended 5 April 2021 and there was a movement of £58,170 in the provision this year.

47