2021-12-31-accounts

Trustee's report		1to14
Legal and administrative	information	15to16
Statement ofTrustee's	Responsibilities
independent Auditors'	Report	18to22
Statement of Financial	Activities	23to 24
Balance sheet		2S
Statement of Cash Flows		26to 27
Notes to the accounts		28to 54

					9months
					ended 31	Year
		Iinrestricted	Restrfcted	Endowment	December	ended 5
	Note	funds f	funds f	funds f	2021	April 2021 f
Income from:
Donations and legacies	2					13,500
Quoted investments	3	406,257	55,873		462,130	589,385
Investment properties	4	147,440			147,440	192,636
Total Income		553,697	55,873		609,570	795,521
Expenditure on:
Raising funds
investment management
costs	5	(26,728)	(4,354)	(35,459)	(66,541)	(63,920)
Charitable acti vities
Maintaining fabric and
facilities ofSt Mary
Redcliffe Church	6	(183,916)		(7,613)	(191,529)	(332,788)
Total expenditure		(210,644)	(4,354)	(43,072)	(258,070)	(396,708)
Gains/losses on
investments	10	71,689	143,945	1,050,852	1,266,486	4,074,513
Net Income/
(expenditure)	8	414,742	195,464	1,007,780	1,617,986	4,473,326
Gains/losses on
revaluation offixed assets						23333
Transfer between funds	9	(5,729)	636	5,093
Net movement In funds		409,013	196,100	1,012,873	1,617,986	4,496,659
Reconciliation offunds
Fund balances brought
forward	18	2,709,742	1,827,250	19,737,517	24,274,509	19,777,850
Fund balances carried
forward		3,118,755	2,023,350	20,750,390	25,892,495	24,274,509

	Balance sheet asat31Dec	ember 202	1
			31December
			2021	5April 2021
		Note	6	6
Fixed assets
Fixed asset properties		11	1,497,388	1,015,000
Investment properties		12	5,290,000	5,780,000
Quoted Investments		13	18,262,760	17,000,965
			25,050,148	23,795,96S
Current assets
Debtors			10,264	19,367
Cash at bank and in	hand		1,438,982	1,220,618
			1,449,246	1,239,985
Current liabilities
Creditors: Amounts	falling due within one year	15	(463,892)	(302,798)
Net current assets			985,354	937,187
Total assets less current liabilities			26,035,502	24,733,152
Creditors: Amounts	falling due after more than one year	16	(143,007)	(458,643)
Total net assets			25,892,495	24,274,509
The funds ofthe charity:
Unrestricted funds		17,18	3,118,755	2,709,742
Restricted funds		17,18	2,023,350	1,827,250
Permanent endowment		17,18	20,750,390	19,73'7,517
Tote Ifunds			25,892,495	24,274,509

Statement ofCa	sh Flows forthe Period from	6April 2021	to31Decembe	r 2021
			9months
			ended 31	Year ended 5
			December	April
			2021	5April 2021
			6	6
Cash flows from operating	activities
Net income			1,617,986	4,496,659
Adjustments for non-cash	items
Dividends, interest and rents from investments		3,4	(609,570)	(782,021)
(Gains)/Losses on investments			(1,266,307)	(4,076,990)
Depreciation		11	7,612	(19,834)
Gains on property revaluations				(23,333)
			(250,279)	(405,519)
Working capital adjustments
Decrease in debtors		14	9,103	19,790
Increase in creditors		15	21,351	39
Decrease in provisions for	liabilit!es	16	(175,893)	(241,046)
Net cash flows from operating activities			(395,718)	(626,736)
Cash fkrws from investing	activities
Dividends, interest and rents from investment		3,4	609,570	782,021
Proceeds from sale of investments			1,696,767	1,562,436
Increase in cash held on long term deposits			(15)	(671)
Purchase of investments		13	(1,374,426)	(1,777,045)
Net cash flows from investing activities			931,896	566,741
Net increase/(decrease) in	cash and cash equivalents		536,178	{59,995)
Cash and cash equivalents	at 6April		1,348,432	1,408,427
Cash and cash equivalents	at 31December		1,884,610	1,348,432

State	ment	ofCash Flows forthe P	eriod from 6April 2	021to 31Dece	mber 2021
			At 6Apdl		31December
Analysis ofchanges		in net funds	2021	Cash flows	2021
			6	6	6
Cash at bank (excluding over 90day accounts)			1,220,618	218,364	1,438,982
Investments	-cash	and cash
equivalents			127,814	317,814	445,628
			1,348,432	536,178	1,884,610
			At 6April
Analysb ofchanges		in net funds	2020	Cash Rows	5Aprg 2021
			6		6
Cash at bank accounts)	(excluding over 90day		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

			9months
			ended 31
			Deosmber
	Unrestricted f	Restricted f	2021 f
Grants from other organisations:
St Mary Redcliffe Parochial
Church Council
Sundry donations
			Veer ended 5
	Unrestricted f	Restdcted f	April 2021 f
Grants from other organisatfons:
StMary Redcliffe Parochial
Church Council	(5,000)	18,000	13,000
Sundry donations		500	500
	(5,000)	18,500	13,S00

Incom	e from quoted investments
				9months
				ended 31
				December
		Unrestricted f	Restricted f	2021 E
Dividend	income	405,714	55,859	461,573
Interest	receivable		14	557
		~66,257	55,673	462,236
				Year ended 5
		Unrestricted f	Restricted f.	April 2021 f
Dividend	Income	492,821	60,830	553,651
Interest	receivable	32,221	3,513	35,734
		525,042	64,343	589,385

						9months
						ended 31
						December
			Unrestricted	Restricted	Endowment	2021
			f	f	f	f
Investment	property	rents	147,440			147,440
						Year ended
			Unrestricted f	Restricted	Endowment	5April 2021 f
Investment	property	rents	192,636			192,636

						9months
						ended 31
						December
			Unrestricted	Restricted	Endowment	2021
			f		f	f
Expenditure	on properties		23,564			23,564
Porffolio investment		management
fees			3,164	4,354	35,459	42,977
			26,728	4,354	35,459	66,541
						Year ended 5
			Unrestricted E	Restricted E	Endowment f	April 2021 f
Expenditure	on properties		13,454			13,454
Portfolio investment		management
fees			3,783	5,142	41,541	50,466
			17,237	5,142	41,541	63,920

CharRable a	ctivities-fy	ralntalnl	ng	fabric and facilit	ies ofStMary	Reddiffe Church
							9months
							ended
							31Deoamber
			Note	Unrestricted	Ilestricted	Endowment	2021
					E		f
Grants payable	toStMary
Redcliffe PCC:
Fund PCC staff costs			23	(16,944)			(16,944)
Direct costs:
	Church	repairs		53,877			53,877
	Church expenses			69,860		7,613	77,473
Staffsupport		grants		26,185			26,185
Support and governance		costs	7	50,938			50,938
				183,916		7,613	191,529
			Note	Unrestricted	Restricted	Endowment	Year ended 5 April 2021
					f	f	f
Grants payable	to St Mary
Redcllffe PCC:
Fund PCC Staff costs			23	6,786			6,786
Direct costs:
	Church	repairs		116,414	500		116,914
	Church expenses			119,243	793	(19,834)	100,202
Staffsupport		grants		51,585			51,585
Support and governance		costs	7	57,301			57,301
				351,329	1,293	(19,834)	332,788

Analysis ofgoverna	nce and support costs
			9months
			ended 81
			December	Year ended 5
		Note	2021	April 2021
			6
Support costs
	Office costs		18,041	18,404
Finance	function costs		26,297	32,597
Governance costs
Auditor's	remuneration	8	6,600	6,300
			50,938	57,301

Transfers	between funds
					9months
					ended 31
					December
		Unrestricted	Restricted	Endowment	2021
		f	f	f		k
Transfers:
Extraordinary	Repair Fund	(750)	750
Alice Gullick	Fund	114	(114)
Recoupment	orders:
Re:11Redcliffe Parade West		(2,281)		2,281
Re:11Redcliffe Parade West (2007)		(2,812)		2,812
		(5,729)	636	5,093
					Year	ended 5
		Unrestricted f	Reslr)cted	Endouenent	April 2021 f
Transfers:
Extraordinary	Repair Fund	(1,000)	1,0M
Alice Gullick	Fund	111	(111)
Recoupment	orders:
Re:11Redcliffe Parade West		(3,042)		3,042
Re:11Redcliffe Parade West		(3,750)		3,750
(2007)
		(7,681)	889	6,792

0dalns/(los	ses) on i	nvest	ments
							9months
							ended 31
							December
				Unrestricted f	Restricted	Endowment	2021f
Realised gains/(losses)		on		25,208	65,716	360,941	45L865
investments
				25,208	65,716	360,941	451,865
Unrealised	gains/(losses)		on	46,481	78,229	689,734	814,444
investments
Unrealised	gains/(losses)		on
investment	property	revaluations
Exchange rate gain/(loss)			on US			177	177
Dol!ars
				46,481	78,229	689,911	814,621
Total gains/(losses)				71,689	143,945	1,050,852	1,266,486
							Year ended 5
				Unmstricted f	Restricted f	Endowment f	April 2021 E
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			(793)	(793)
Dollars
				185,859	283,497	3,404,242	3,873,598
Total gains/(losses)				211,376	305,244	3,557,893	4,074,513

Fair value
At6April 2021			1,015,000
Transfers from investment	properties		490,000
At 31December 2021			1,505,000
Depreciation
Charge forthe year			7,612
At 31December 2021			7,612
Net book value - Fair value	less deprecbrtlon
At 31December 2021			1,497,388
At 5April 2021			1,015,000
Fixed asset properties:
		2021	2021
1Colston Parade 8 Garage	(Flats 18& 1C)	436,700	440,0M
2Colston Parade		570,688	575,000
51Redcllff Hill		490,000
		1,497,388	1,015,000

Fair value
At 6April 2021and 31December 2021		5,780,000
Transfer to fixed asset properties		(490,000)
At 31December 2021		5,290,000
hlet boofc value
At 31December 2021		5,290,000
At 5April 2021		5,780,000
	Fair value at
	31December	Fair value at
	2021	5April 2021
	6	6
Investment properties
2 Colston Parade (Flat 1A)	220,000	220,000
Portwall Lane, 2 Canynge Street and 69-75StThomas Street	4,565,000	4,565,000
63-645t Thomas Street	505,000	505,000
51Redcliff Hill		490,000
	5,290,000	5,780,000

Market value	at opening date
Additions
Disposals at opening book value
Net unrealised	investment gains

Period from 6	Year from 6April
April 2021to31	2020to5April
December 2021	2021
16,446,214	13,051,282
1,374,426	1,777,045
(1,244,905)	(1,359,837)
814,445	2,977,724
17,390,180	16,446,214
445,628	127,814
426,952	426,937
18,262,760	17,000,965
13,964,273	13,780,837

15Creditors: amounts falling due within one	year
	31December
	2021 f	5April 2021
Trade creditors	8,680	1,609
Other creditors	15,660	88,095
Accruals	41,090
Deferred income	45,625
Grant cornrnitrnents	352,837	213,094
	463,892	302,798

						31December
						2021	5April 2021
						f	f
Grant commitments						143,007	458,643
17Analysis	ofnet assets between		funds
					Net	Provisions	Total 31
				Quoted	Current	for	December
			Property	Investments	Assets	Uablllties	2021
			f	f		f	f
Endowment	funds (Note 1$)
Church Lands			6,685,888	13,804.594	(30,366)		20,460,116
First Lord Dulverton		(Capita))		74,208			74,208
William Frayne				89,541			89,541
Susan Hooper				1,079			1,079
Alice Gullick	Bequest			4,374			4,374
Guinea Street Trust				19,572			19,572
Revaluation	reserve		101,500				101,500
			6,787,388	13,993,368	(30,366)		20,750,390

								Net	Provisions	Total 31
							Quoted	Current	for	December
						Property	Investments	Assets	Liabilities	2021
						6		f	E	E
Restricted funds (Note				18)
Extraordinary		Repair Funds					857,818	54,779		912,597
First Lord Dulverton			(Revenue)				960,792	101,797		1,062,589
Organ Repair		Fund						25,964		25,964
Guinea Street Trust								509		509
Other funds								21,691		21,691
							1,818,610	204,740		2,023,350
Unrestricted		funds (Note 18)
General							1,165,698	729,789	(495,844)	1,399,643
Designated	ERF						1,285,083	414,917		1,700,000
Ughting project designated					fund			2,655		2,655
Staff reserve		designated		fund				16,457		16,457
							2,450,781	1,163,818	(495,844)	3,118,755
						6,787,388	18,262,759	1,338,192	(495,844)	25,892,495

Prior year comparative	Prior year comparative
						Net	Provisions
					Clouted	Current	for	Total 5
				Property f	Investments f	Assets E	Uabilities f	April 2021 f
Endowment funds (Note 18)
Church Lands				6,693,500	12,778,029			19,471,529
First Lord Dulverton	(Capital)				64,679			64,679
William Frayne					78,007			78,007
Susan Hooper								940
Alice Guigck Bequest					3,811			3,811
Guinea Street Trust					17,051			17,051
Reva!uati on reserve				101,500				101,500
				6,795,000	12,942,517			19,737,517
Restricted funds (Note		18)
Extraordinary Repair	Funds				784,024	28,948		812,972
First Lord 0ulverton	(Revenue)				891,924	74,699		966,623
Organ Repair Fund						25,964		25,964
Qtherfunds						21,691		21,691
					1,675,948	151,302		1,827,250
Unrestricted funds (Note 18)
General					1,168,349	494,018	(671,737)	990,630
Designated ERF					1,214,151	485,849		1,700,000
Lighting project designated			fund			2,655		2,655
Staff reserve designated		fund				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

18Funds
				Unrealised
				(lossesj/	Gains/
				gains on	(losses)	Transfers	Balance
		Balance	Net	Investments	on Saks	and	at 31
		at6April	income/	and	of	Recoupment	December
		2021	(Expenditure)	Property	Investments	Orders	2021
		E		E	6	E	E
Unrestricted funds
General		990,630	343,053	46,481	25,208	(5,729)	1,399,643
Unrestricted
designated funds
Designated ERF		1,700.000					2,700,000
Lighting project
designated fund		2,655					2,655
Staff reserve
designated fund		16,457					26,457
		1,719,112					1,719,112
Total Unrestricted
funds		2,709,742	343,053	46,481	25,208	(5,729)	3,118,755
Restricted funds
Extraordinary	Repair
Fund		812,972	22,299	42,573	31,647	3,107	912,598
1st Lord Dulverton		966,623	26,240	35,656	34,069		1,062,588
Guiriea Street	Trust		509				S09
Alice Gulhck			114			(114)
William Frayne			2,329			(2,329)
Susan Hooper			28			(28)
Organ Repair Fund		25,964					25,964
Other		21,691					21,691
Total restricted	funds	1,827,250	51,519	78,229	65,716	636	2,023,350

No	tes tothe	accounts for	the Period f	rom 6April	2021to31	December 2	021
				Unrealism
				(losses)/	Gains/
				gains on	(losses)	Transfers	Balance
		Balance	Net	Investments	on Sales	and	at31
		at6April	Income/	and	of	Recoupment	December
		2021 f	(Expenditure)	property f	Investments 6	orders E	2021 6
Endowment	funds
Permanent
Church Lands		19,471,529	(43,072)	665,625	360,941	5,093	20,460,116
First Lord Dulverton
(Capital)		64,679		9,529			74,208
W Frayne		78,007		11,534			89,541
5 Hoopar		940		139			1,079
A Gullick Bequest		3,811		563			4,374
Guinea Street Trust		17,051		2,521			19,572
Revaluation	reserve
on fixed asset
properties		101,500					101,500
Totai endowment
funds		19,737,517	(43,072)	689,911	360,941	5,093	20,750,390
Total funds		24,274,509	351,500	814,621	451,865	-	25,892,495

Prior year	c	omparativ	es
					Unrealised
					(losses)/	Gains/
					gains on	(losses)	Transfers
			Balance	Net	Investments	on Sales	and	Balance
			at6April	income/	and	of	Recoupment	at5April
			2020 f	(Expenditure) E	Property E	Investments 6	Orders	2021 E
Unrestricted		funds
General			442,823	555,488			(7,681)	990,630
Unrestricted
designated	funds
Designated		ERF	1,700,000					1,700,000
Lighting project
designated		fund	2,655					2,655
Staff reserve
designated		fund	16,457					16,457
			1,719,112					1,719,112
Total Unrestricted
funds			2,161,935	555,488			(7,681)	2,709,142

				unreal ised
				(losses)/	Gains/
				gains on	(losses)	Transfers
		Balance	Net	Investments	on Sales	and	Balance
		at6April 2020 f	income/ (Expenditure) f	and Property	of Investmems f	Recoupment Orders f	at 5Aprff 2021 f
Restricted funds
Extraordinary	Repair
Fund 1st Lord Dulverton		656,826 757,934	23,731 32,550	129,105 176,139		3,310	812,972 966,623
Alice Gullick			111			(111)
William Frayne Susan Hooper			2,283 27			(2,283) (27)
Organ Repair Fund		8,258	17,706				25,964
Other		21,691					21,691
Total restricted funds		1,444,709	76,408	305,244		889	1,827,250
Endowment funds
Permanent
Church Lands		15,961,210	(21,707)	3,371,583	153,651	6,792	19,471,529
First Lord Dulverton
(Capital)		51,846		12,833			64,679
W Frayne		62,512		15,495			78,007
5 Hooper		753		187			940
A Gulllck Bequest		3,054		757			3,811
Guinea Street Trust		13,664		3,387			17,051
Revaluation reserve
on fixed asset
properties		78,167		23,333			101,500
Total endowment
funds		16,171,206	(21,707)	3,427,575	153,651	6,792	19,737,517
Total funds		19,777,850	610,189	3,732,819	153,651		24,274,509

19Statement ofFinancial	19Statement ofFinancial	Activities	for	the year ended	5th April 2021	5th April 2021
			Unrestricted		Restricted	Endowment	Total
				funds f	funds f	funds f	5April 2021 f
Income from:
Oonations and legacies				(5,000)	18,500		13,500
Quoted investments				525,042	64,343		589,385
Investment properties				192,636			192,636
Total Income				712,618	82,843		795,521
Expenditure on:
Raising funds
Investment management	costs			(17,237)	(5,142)	(41,541)	(63,920)
Charitable activities
Maintaining fabric and facilities ofSt
Mary Redciiffe Church				(351,329)	(1,293)	19,834	(332,788)
Total Expenditure				(368,566)	(6,435)	(21,707)	(396,708)
Gains/losses on investment		assets		211,376	305,244	3,557,893	4,074,513
Net Income/ (expenditure)				555,488	381,652	3,536,186	4,473,326
Gains/losses on revaluation		offixed
assets						23,333	23.333
Transfers betweenfunds				(7,681)	889	6,792
Net movement in funds				547,807	382,541	3,566,311	4,496,659
Reconciliation offunds
Total funds brought forward				2,161,935	1,444,709	16,171,206	19,117,850
Total funds carried forward				2,709,742	1,827,250	19,731,517	24,274,509
Income and expenditure	by	fund isshown		ln note 18,

				9months
				ended 81
				December
				2021f
Grants/Income	from	PCCto St Mary Redcliffe Church	Lands Charity
Grant for upkeep offabric					(5,000)
Rent for51Redcliff Hill					(6,000)
					(11,000)
Grants/Payments	for PCCfrom St Mary Redcliffe Church Lands
Charity
Grant for choir	expenses
Grant for music	scholarships
Staff grant, including		future commitments			6,786
					6,786

Council
						Tofund
					Tofund staff	fabric project	31December
					costs	450	2021Total
					E	E	E
As at 6April		2021			529,907	141,830	671,737
Committed		and charged to expenditure		in year	(16,944)		(16,944)
Paid in year					(158,949)		(158,949)
As at31December 2021					3540]4	141)830	495,844
Short-term		grant commitment			211,007	141,830	352,837
Long-term	grant commitment		over 1year		143,007		143,007
Total grant		commitment			354,014	141,830	495,844
						Tofund
					Tofund staff	fabric project	5Aprg 2021
					costs	450	Total
					E	E	f
As at 6April		2020			759,295	200,000	959,295
Committed		and charged to expenditure		in year	6,786		6,786
Paid in year					(236,174)	(58,170)	(294,344)
As at5April		2021			529907	141)830	671,737
Short-term		grant commitment			213,094		213,094
Long-term	grant commitment		over 1year		316,813	141,830	458,643
Total grant		commitment			529,90I	141,830	671,737