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2023-12-31-accounts

St Mary Redcliffe Church Lands Charity

Trustee's Report and Financial Statements

for the Year Ended 31 December 2023

Charity number: 211109

St Mary Redcliffe Church Lands Charity

Contents

Trustees' report 1 to 14
Legal and administrative information 15 to 16
Statement of Trustee's Responsibilities 17
Independent Auditors' Report 18 to 21
Statement of Financial Activities 22 to 23
Balance Sheet 24
Statement of Cash Flows 25
Notes to the accounts 26 to 49

St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

The directors (“the Directors”) of SMRCLC Corporate Trustee Limited (“the Corporate Trustee”) on behalf of the Corporate Trustee are pleased to present the Trustees' Report together with the financial statements of the St Mary Redcliffe Church Lands Charity for the year ended 31 December 2023.

The legal and administrative information set out on page 15-16 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 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. Last year a 20-year inspection regime was implemented with the Church Architect. This year it has further enabled accurate forecasting of long-term maintenance items in addition to those short and medium term items covered by the Quinquennial Inspection.

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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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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.

The Directors of the corporate trustee have completed the final draft of a formal SMRCLC Vision Statement and Strategy Statement; It is hoped that this will be finalised and adopted formally at the Annual Business Meeting in June 2024 or shortly thereafter.

SMRCLC’s investment policy has been to delegate management of the portfolio to an appropriate investment manager (currently Evelyn Partners) 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 professionals 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.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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. Once the updated strategy statement is adopted then success will include implementation of any additional targets contained in that strategy.

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 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 £927,476 (2022 - £909,238).

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. Some fabric projects were delayed.

Projects

Much of the funding planned for major projects in the year has been carried forward due to delays in the projects resulting from the pandemic and other causes. The South Porch cleaning was carried out in 2023. A major refurbishment project for the residential properties was started in 2023 and this should be completed in 2024.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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:

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.

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.

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.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

Results

The net income for the year before other recognised gains, losses and transfers was £259,479 (2022 £357,801). The surplus has arisen as the annual staff grant has been met from the specific reserve established in the accounts in previous years, a number of planned fabric projects were delayed, and some Project 450 payments were also paid from the specific reserve established in the accounts in previous years. There were realised gains on the disposal of investments amounting to £183,405 and there were unrealised gains on the market value of the investments of £170,325. The investment properties fair values were re-valued at the year-end (on the basis specified in Note 1 to the accounts.) The net surplus for the year was £612,648, which was attributable as follows:

£
Unrestricted funds 316,676
Restricted funds 27,537
Endowment funds 268,435
612,648

The surplus on unrestricted funds of £316,676 was added to the brought forward reserves and the unrestricted funds of SMRCLC now stand at £3,695,433. This includes a designated ERF fund of £1,701,000 so the general unrestricted funds are £1,994,433 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: -

ent to: -
Approximate value
• Cover anticipated ad hoc grants for church expenses (not the subject of
existing grant commitments) for approximately 4 months and the
anticipated cost of a new salary grant to run for a four-year period
starting on 1st January 2024 in the event of a substantial fall in the
charity’s income or the value of its investments. £1,150,000
• cover one year’s costs of generating funds and governance costs. £350,000
• enable the charity to respond to emergency calls on its funds for
projects outside its restricted funds. £500,000
Total of above £2,000,000

The target range aimed for accumulated unrestricted reserves (excluding designated funds) is between £1,500,000 and £2,000,000.

The accumulated unrestricted reserves (excluding designated funds) at 31 December 2023 was £1,994,433 and are within the target range of the policy.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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 5th April 2011 (which at 31 December 2023 was £709,239) unrestricted funds should be used for external repairs provided this is available within the unrestricted reserves policy.

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, Evelyn Partners, discretionary investment management powers over SMRCLC’s investment portfolio, excluding its physical real estate assets and approximately £111,000 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. Evelyn Partners are instructed to exercise their delegated discretionary investment powers in accordance with SMRCLC’s investment policy and its objectives as follows:

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

In the period ending 31 December 2023 the Directors have commenced investigation into a range of potential ‘Alternative Investments’ which may diversify the portfolio, whilst remaining within risk and liquidity constraints. The aim is to generate similar returns to the existing portfolio whilst also delivering social impact in line with the third of the Objects. This will be further developed in 2024 and beyond.

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 to the accounts.

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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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

In line with the investment policy, at the year end the real value of the quoted investment assets had increased by £1,463,028 to £17,731,180. The investment income generated for the year was £707,571. 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 (except as mentioned below).

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 at Note 21 in the accounts, of which £35,757 was drawn down during the year. As a result of delays and changed circumstances brought about by the Covid19 pandemic, aspects of the project have been reviewed during the year which has resulted in delay in drawing down of some of the original grant and the incurring of some additional costs in connection with the review.

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.

The Directors are planning to formulate, with external professional assistance, a Property Strategy comprising an overarching strategy relating to all SMRCLC’s real estate assets. This will include consideration by the Investment Committee of the balance of investments between stock market and property investments.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

Post COVID-19 Impact

Whilst the health impacts of the pandemic have largely faded, its effects are still being felt. The Church is once again fully open and visitors and the congregation has returned. The principal effect was further delay in various projects and delay in drawdown of grants due to a reduction in the availability of specialist contractors needed by the church which has been exacerbated by higher costs.

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.

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. In the event, income levels during the 12 months have been on target.

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 paid the PCC an annual grant (indexed and adjustable in specified circumstances) towards the PCC’s staff expenses. The initial term of this agreement was 5 years from September 2018. During the year it was jointly agreed between SMRCLC and the PCC to extend the agreement by four months so that it would tie in with the respective charities’ year ends. This funding agreement has now expired.

The initial funding agreement also obliged 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 under a lease which allowed for occupation at a pepper corn rent where the PCC are responsible for internal decoration and repair and the SMRCLC fund the structural building repairs. A block grant is made to PCC to contribute towards the 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 is available as residential accommodation for a curate although there was no curate in post during the year. The property therefore underwent refurbishment during this period. In the case of 2 Colston Parade the letting is at a peppercorn rent.

Following the expiry of the initial staff funding agreement, SMRCLC & the PCC are negotiating a follow on agreement with broadly similar terms to run for a period of four years with effect from 1st January 2024. It is proposed that the initial grant will be for £250,000 in the first year with similar indexing provisions to the first agreement and the continued provision of residential and commercial property as before.

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 7 and 19 to the accounts. The Company Secretary has been paid an honorarium as referred to in the accounts. During 2023 the Directors will be reviewing the need to further support the Company Secretary with an Operations Officer as many Directors are in full time employment and therefore have limited time to devote to the day-to-day running and operating of SMRCLC. The process will include any necessary succession planning.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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.

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 ex-officio Directors of SMRCLC. During the current year the Incumbent chose to exercise this right but the churchwardens chose not to. 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 has been adopted by the Directors which specifically addresses this aspect and this has been implemented successfully during the 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.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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

Legal Risk

Church Development Project

Insurable risk

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

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 Directors’ Manual has been prepared to reflect these changes which is subject to continuous updating.

Committees

SMRCLC has five working committees: the Standing Committee, the Investment Committee, the Grants Committee, the Risk & Compliance Committee and the Property Committee. There are two ad-hoc sub-committees, the Project 450 Sub-Committee and the proposed Staff Grant Sub-Committee which was set up as an ad hoc committee during 2023. In addition there are three joint liaison committees where Directors sit on behalf of SMRCLC with the PCC, in respect of Church fabric, insurance and outreach (in specific regard to the third of the Objects.)

There is also a Project 450 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 periodic updates to both the PCC and SMRCLC.

Recruitment, Induction and Training of Directors

No new directors were appointed in the accounting period and no directors retired. On 31st January 2024, Fiona Leeming was appointed a director.

A directors’ training session took place on 29th February 2024. This included training on the following Topics:

The legal form of charity - corporate trusteeship. The charities objects. Members and directors of the company. Duties of directors - governance. Liability for the Charity’s operations. Management and reduction of risk. Trust confidence and reputation. Conflicts of interest. Regulation of Charities.

Mr Richard James resigned as a director on 3rd April 2024.

The Churchwardens have the right to be appointed as ex-officio directors of SMRCLC but both chose not to take up those appointments for now.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

Related Parties

There have been no material transactions between SMRCLC and any related parties, apart from those noted in Note 19 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:

  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

Fourteen Directors served as directors of the Corporate Trustee during the year. The full Board met four times in the year (by using both video conference and in person). Mr Daniel Schnurr was elected to The Chair in June 2022 and Mr John Dunn and Mr Oliver Willmott were elected as Co-Vice-Chairs of the Corporate Trustee at that date.

The Chair of the Corporate Trustee undertakes the day to day management of SMRCLC; the Co-Vice-Chairs chair 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.

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St Mary Redcliffe Church Lands Charity

Trustees' report

For the year ended 31st December 2023

The Directors as at 1 January 2023 were:

D Schnurr - Chair J Dunn - Vice-Chair O Willmott - Vice Chair P Anning - Treasurer C Caton R W G James R Dawes K Brown C Chatelin S Hayward J Jones O Lynch M Pate O Willmott Rev Canon D Tyndall (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 1 January 2023 are listed below:

R W G James - 14 years R Dawes - 11 years D Schnurr - 10 years

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

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

D Schnurr - Chair J B Dunn - Vice-Chair O Willmott - Vice-Chair R Dawes Rev Canon D Tyndall (ex-officio) K Brown P Anning - Treasurer C Chatelin S Hayward J Jones O Lynch C Caton M Pate F Leeming

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St Mary Redcliffe Church Lands Charity Legal and administrative information Principal Office The Parish Office 12 Colston Parade Redcliffe Bristol BS1 6RA Solicitor J Pyrke Shakespeare Martineau 6 Queen Square Bristol BS1 4JE Investment Adviser I Richley Evelyn Partners Portwall Place Bristol BS1 6NA Auditor Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Western Road Flax Bourton Bristol BS48 1UR

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St Mary Redcliffe Church Lands Charity Legal and administrative information Accountant E Corrigan Corrigan Accountants Limited First Floor 25 King Street Bristol BS1 4PB Honorary Surveyor N Cussen Chartered Surveyor 8 Pembroke Vale Bristol BS8 3DN Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4TA Insurance Broker R Nutt Marsh Commercial Castlemead Lower Castle Street Bristol BS1 3AG

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St Mary Redcliffe Church Lands Charity

Statement of Trustee's Responsibilities

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 (or other relevant accounting period) 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 orders of the Directors on .................... and signed on its behalf by:12 June 2024

......................................... ......................................... D J E Schnurr J B Dunn Director Director

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St Mary Redcliffe Church Lands Charity

Independent Auditor's Report to The Corporate Trustee (and its directors) of St Mary Redcliffe Church Lands Charity

Opinion

We have audited the financial statements of St Mary Redcliffe Church Lands (the 'Charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, the Cash Flow Statement, and Notes to the accounts, 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).

In our opinion the financial statements:

Basis for 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 trustees’ 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 trustees with respect to going concern are described in the relevant sections of this report.

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St Mary Redcliffe Church Lands Charity

Independent Auditor's Report to The Corporate Trustee (and its directors) of St Mary Redcliffe Church Lands Charity

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 of the other information. 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 of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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.

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St Mary Redcliffe Church Lands Charity

Independent Auditor's Report to The Corporate Trustee (and its directors) of St Mary Redcliffe Church Lands Charity

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.

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:

Our audit procedures in relation to fraud 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 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.

Page 20

St Mary Redcliffe Church Lands Charity

Independent Auditor's Report to The Corporate Trustee (and its directors) of St Mary Redcliffe Church Lands Charity

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/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, 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.

......................................

Burton Sweet Limited, Chartered Accountants and Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date:.............................12 June 2024

Page 21

St Mary Redcliffe Church Lands Charity

Statement of Financial Activities for the Year Ended 31 December 2023

Unrestricted Unrestricted Unrestricted Restricted Endowment Endowment
funds funds funds 2023 2022
Note £ £ £ £ £
Income from:
Sundry income 2 15,998 - - 15,998 -
Quoted investments 3 617,954 89,617 - 707,571 667,720
Investment properties 4 203,907 - - 203,907 241,518
Total Income 837,859 89,617 - 927,476 909,238
Expenditure on:
Raising funds
Investment management
costs 5 (207,397) (5,402) (46,613) (259,412) (84,351)
Charitable activities
Maintaining fabric and
facilities of St Mary Redcliffe
Church (315,331) (76,771) (16,483) (408,585) (467,086)
6
Total expenditure (522,728) (82,173) (63,096) (667,997) (551,437)
Gains/losses on investments 8,221 20,209 324,739 353,169 (1,140,263)
Net income/ (expenditure) 323,352 27,653 261,643 612,648 (782,462)
Transfer between funds (6,676) (116) 6,792 - -
Gains/losses on revaluation of
fixed assets - - - - 143,334
8
Net movement in funds 316,676 27,537 268,435 612,648 (639,128)
Reconciliation of funds
Fund balances brought
forward 14 3,378,757 1,975,602 19,899,008 25,253,367 25,892,495
Fund balances carried
forward 14 3,695,433 2,003,139 20,167,443 25,866,015 25,253,367

Page 22

St Mary Redcliffe Church Lands Charity

Statement of Financial Activities for the Year Ended 31 December 2023

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

The notes on pages 26 - 48 form part of these accounts.

See Note 17 for fund accounting comparative figures.

Within unrestricted funds there are designated funds of £1,701,000 (2022: £1,719,112) - see Note 14. Income and expenditure by fund is shown in Note 14.

There are no recognised gains or losses other than the results for the year as set out above.

Page 23

St Mary Redcliffe Church Lands Charity

Balance Sheet as at 31 December 2023

2023 2022
Note £ £
Fixed assets
Fixed asset properties 8 1,609,189 1,625,672
Investment properties 9 5,406,667 5,406,667
Quoted investments 10 18,073,121 16,731,869
25,088,977 23,764,208
Current assets
Debtors 11 56,707 51,919
Cash at bank and in hand 15 963,258 1,927,446
1,019,965 1,979,365
Current liabilities
Creditors: Amounts falling due within one year 12 (242,927) (490,206)
Net current assets 777,038 1,489,159
Total net assets 25,866,015 25,253,367
The funds of the charity:
Unrestricted funds 13, 14 3,695,433 3,378,757
Restricted funds 13, 14 2,003,139 1,975,602
Permanent endowment 13, 14 20,167,443 19,899,008
Total funds 25,866,015 25,253,367
The notes on pages 26 - 48 form part of these accounts.

Approved by the board on .................... and signed on their behalf by:12 June 2024

......................................... .........................................
D J E Schnurr P Anning
Director Director

Page 24

St Mary Redcliffe Church Lands Charity

Statement of Cash Flows for the Year Ended 31 December 2023

2023 2022
Note £ £
Net cash flow from operating activities 16 887,583 694,736
Cash flows from investing activities
Dividends, interest and rents from investment 3, 4 911,478 909,238
Proceeds from sale of investments 3,999,083 3,520,741
(Increase)/decrease in cash held on long term deposits 10 (3,702) 228,206
Purchase of investments 10 (5,108,382) (3,659,910)
Net cash flows from investing activities (201,523) 998,275
Net (decrease)/increase in cash and cash equivalents (1,089,106) 303,539
Cash and cash equivalents at 1 January 2,192,417 1,884,610
Change in cash and cash equivalents due to exchange rate
movements 16 (561) 4,268
Cash and cash equivalents at 31 December 1,102,750 2,192,417

Cash flow restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. ln practice this restriction has not had any effect on group cash flows for the year.

Page 25

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

1 Accounting policies

Legal form and status

The charity is a public benefit entity as defined by FRS102.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a ‘true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.

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 war in Ukraine. 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.

Page 26

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

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.

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.

Page 27

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Expenditure

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

Tangible fixed asset and investments

Tangible fixed assets and investments comprise of land and buildings. Fixed assets properties are residential properties which are not let on commercial terms as they are occupied by people in furtherance of the Charity's objectives.

These properties are carried at revalued amounts being the fair value at the date of revaluation less any subsequent accumulated depreciation and 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.

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 element 0% Buildings element 2% straight line

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 as advised by the Investment Managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Investment properties are those let out on commercial terms. They 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.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 28

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2 Sundry income

Unrestricted Restricted 2023
£ £ £
Sundry income 15,998 - 15,998
15,998 - 15,998
Unrestricted Restricted 2022
£ £ £
Sundry income - - -
- - -

3 Income from quoted investments

3 Income from quoted investments
Unrestricted Restricted 2023
£ £ £
Dividend income 609,316 83,002 692,318
Interest receivable 8,638 6,615 15,253
617,954 89,617 707,571
Unrestricted Restricted 2022
£ £ £
Dividend income 581,394 77,733 659,127
Interest receivable 5,739 2,854 8,593
587,133 80,587 667,720
4 Investment property income
Unrestricted Restricted Endowment
2023
£ £ £ £
Investment property rents 203,907 - -
203,907
Unrestricted Restricted Endowment
2022
£ £ £ £
Investment property rents 241,518 - -
241,518

Page 29

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

5 Investment management costs

Unrestricted Restricted Endowment 2023
£ £ £ £
Expenditure on properties 203,443 - - 203,443
Portfolio investment management
fees 3,954 5,402 46,613 55,969
207,397 5,402 46,613 259,412
Unrestricted Restricted Endowment 2022
£ £ £ £
Expenditure on properties 26,146 - - 26,146
Portfolio investment management
fees 4,289 5,947 47,969 58,205
30,435 5,947 47,969 84,351
Charitable activities - Maintaining fabric and facilities of St Mary Redcliffe Church
Unrestricted Restricted Endowment 2023
Note £ £ £ £
Grants payable to St Mary
Redcliffe PCC:
Fund PCC staff costs 21 - - - -
Church repairs 35,114 76,771 - 111,885
Church expenses 195,815 - 16,483 212,298
Staff support grants 32,041 - - 32,041
Support and governance costs 7 52,361 - - 52,361
315,331 76,771 16,483 408,585
Unrestricted Restricted Endowment 2022
Note £ £ £ £
Grants payable to St Mary
Redcliffe PCC:
Fund PCC Staff costs 21 86,808 - - 86,808
Church repairs 103,948 - - 103,948
Church expenses 153,801 - 15,050 168,851
Staff support grants 56,499 - - 56,499
Support and governance costs 7 50,980 - - 50,980
452,036 - 15,050 467,086

6 Charitable activities - Maintaining fabric and facilities of St Mary Redcliffe Church

Page 30

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

7 Analysis of governance and support costs

Analysis of governance and support costs
2023 2022
£ £
Support costs
Office costs 22,788 23,805
Finance function costs 22,071 19,915
Governance costs
Auditor's remuneration 7,502 7,260
52,361 50,980

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 (2022 - £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 2022 and 2023.

Page 31

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

8 Fixed asset properties

8 Fixed asset properties
£
Fair value
At 1 January 2023 1,648,334
At 31 December 2023 1,648,334
Depreciation
At 1 January 2023 22,662
Charge for the year 16,483
At 31 December 2023 39,145
Net book value - Fair value less depreciation
At 31 December 2023 1,609,189
At 31 December 2022 1,625,672
Fixed asset properties:
2023 2022
£ £
1 Colston Parade & Garage (Flats 1B & 1C) 483,334 483,334
2 Colston Parade 625,000 625,000
51 Redcliff Hill 540,000 540,000
1,648,334 1,648,334

A valuation was undertaken in 2022 by N Cussen, chartered surveyor and property consultant of 8 Pembroke Vale, Bristol, BS8 3DN. This year, no full valuation was undertaken. Freehold properties are valued at fair value less accumulated depreciation.

This is in accordance with the accounting policy for tangible fixed assets and investments disclosed in Note 1 to the accounts.

1 Colston Parade is split into 3 flats of which one is rented out and the two are occupied by vergers. So one third of the value is classed as investment property and two thirds as fixed asset property. 2 Colston Parade is occupied by a member of the clergy and is a fixed asset property.

51 Redcliff Hill is used as the Parish Office at £Nil rent.

Page 32

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

9 Investment properties

9 Investment properties
£
Fair value
At 1 January 2023 5,406,667
At 31 December 2023 5,406,667
Net book value
At 31 December 2023 5,406,667
At 31 December 2022 5,406,667

A valuation was undertaken in 2022 by N Cussen, chartered surveyor and property consultant of 8 Pembroke Vale, Bristol, BS8 3DN. This year, no full valuation was undertaken.

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

Fair value at Fair value at
31 December 31 December
2023 2022
£ £
Investment properties
1 Colston Parade (Flat 1A) 241,667 241,667
Portwall Lane, 2 Canynge Street and 4,565,000 4,565,000
69 - 75 St Thomas Street
63 - 64 St Thomas Street 600,000 600,000
5,406,667 5,406,667

Page 33

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

10 Quoted investments

10 Quoted investments
2023 2022
£ £
Market value at opening date 16,268,152 17,390,180
Additions 5,108,382 3,659,910
Disposals at opening book value (3,815,679) (3,498,998)
Net unrealised investment gains 170,325 (1,282,940)
17,731,180 16,268,152
Investment cash and cash equivalents 139,493 264,971
Investment cash on deposit 202,448 198,746
Market value at closing date 18,073,121 16,731,869
Historical cost at closing date 15,363,987 14,071,284
11 Debtors
2023 2022
£ £
Rental income 51,865 43,885
Prepayments 4,842 4,591
Other debtors - 3,443
56,707 51,919

12 Creditors: amounts falling due within one year

12 Creditors: amounts falling due within one year
2023 2022
Note £ £
Trade creditors 20,128 301
Accruals 34,615 46,675
Grant commitments 21 188,184 443,230
242,927 490,206

Page 34

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

13 Analysis of net assets between funds

Net Provisions Provisions Provisions
Quoted Current for
Property Investments Assets Liabilities 2023
£ £ £ £ £
Endowment funds (Note 14) 7,015,856 14,910,096 (1,758,509) - 20,167,443
Restricted funds (Note 14) - 1,705,576 297,563 - 2,003,139
Unrestricted funds (Note 14)
General - 248,292 1,934,325 (188,184) 1,994,433
Designated - 1,209,157 491,843 - 1,701,000
- 1,457,449 2,426,168 (188,184) 3,695,433
7,015,856 18,073,121 965,222 (188,184) 25,866,015
Prior year comparative
Net Provisions
Quoted Current for
Property Investments Assets Liabilities 2022
£ £ £ £ £
Endowment funds (Note 14) 7,032,339 12,914,638 (47,969) - 19,899,008
Restricted funds (Note 14) - 1,689,093 286,509 - 1,975,602
Unrestricted funds (Note 14)
General - 925,797 1,177,078 (443,230) 1,659,645
Designated ERF - 1,202,341 516,771 - 1,719,112
- 2,128,138 1,693,849 (443,230) 3,378,757
7,032,339 16,731,869 1,932,389 (443,230) 25,253,367

Page 35

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

14 Funds

14 Funds
Unrealised
(losses)/ Gains/
gains on (losses) Transfers Balance
Balance at Net Investments on Sales and at 31
1 January income/ and of Recoupment December
2023 (Expenditure) Property Investments Orders 2023
£ £ £ £ £ £
Unrestricted funds
General 1,659,645 315,131 11,676 (3,455) 11,436 1,994,433
Unrestricted designated
funds
Designated ERF 1,700,000 - - - 1,000 1,701,000
Lighting project
designated fund 2,655 - - - (2,655) -
Staff reserve designated
fund 16,457 - - - (16,457) -
1,719,112 - - - (18,112) 1,701,000
Total Unrestricted funds 3,378,757 315,131 11,676 (3,455) (6,676) 3,695,433
Restricted funds
Extraordinary Repair
Fund 891,630 45,224 9,477 10,303 22,404 979,038
1st Lord Dulverton 1,035,289 (40,819) (11,428) 11,857 - 994,899
Guinea Street Trust 1,028 519 - - - 1,547
Alice Gullick - 116 - - (116) -
William Frayne - 2,375 - - (2,375) -
Susan Hooper - 29 - - (29) -
Organ Repair Fund 25,964 - - - - 25,964
Other 21,691 - - - (20,000) 1,691
Total restricted funds 1,975,602 7,444 (1,951) 22,160 (116) 2,003,139

Page 36

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Unrealised
(losses)/ Gains/
gains on (losses) Transfers Balance
Balance at Net Investments on Sales and at 31
1 January income/ and of Recoupment December
2023 (Expenditure)
Property		 Investments Orders 2023
£ £ £ £ £ £
Endowment funds
Permanent
Church Lands 19,370,679 (63,096) 144,560 164,699 6,792 19,623,634
First Lord Dulverton
(Capital) 65,580 - 6,021 - - 71,601
W Frayne 79,131 - 7,393 - - 86,524
S Hooper 954 - 89 - - 1,043
A Gullick Bequest 3,866 - 361 - - 4,227
Guinea Street Trust 17,297 - 1,616 - - 18,913
Revaluation reserve on
fixed asset properties 361,501 - - - - 361,501
Total endowment funds 19,899,008 (63,096) 160,040 164,699 6,792 20,167,443
Total funds 25,253,367 259,479 169,765 183,404 - 25,866,015

Page 37

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Transfers

During the year the following transfers were made:

Recoupment transfers are made each year in relation to work on 11 Redcliffe Parade West from the Unrestricted Fund to the Endowment Fund amounting to £6,792 (2022: £6,792). These will have been repaid by 5 April 2047.

Prior year comparatives

Prior year comparatives
Unrealised
(losses)/ Gains/
gains on (losses) Transfers Balance
Balance at Net Investments on Sales and at 31
1 January income/ and of Recoupment December
2022 (Expenditure) Property Investments Orders 2022
£ £ £ £ £ £
Unrestricted funds
General 1,399,643 346,180 (68,464) (10,038) (7,676) 1,659,645
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 3,118,755 346,180 (68,464) (10,038) (7,676) 3,378,757

Page 38

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Unrealised
(losses)/ Gains/
gains on (losses) Transfers Balance
Balance at Net Investments on Sales and at 31
1 January income/ and of Recoupment December
2022 (Expenditure)
Property		 Investments Orders 2022
£ £ £ £ £ £
Restricted funds
Extraordinary Repair
Fund 912,598 36,019 (62,367) 1,977 3,403 891,630
1st Lord Dulverton 1,062,588 35,583 (44,424) (18,458) - 1,035,289
Guinea Street Trust 509 519 - - - 1,028
Alice Gullick - 116 - - (116) -
William Frayne - 2,374 - - (2,374) -
Susan Hooper - 29 - - (29) -
Organ Repair Fund 25,964 - - - - 25,964
Other 21,691 - - - - 21,691
Total restricted funds 2,023,350 74,640 (106,791) (16,481) 884 1,975,602
Endowment funds
Permanent
Church Lands 20,460,116 (63,019) (1,081,471) 48,261 6,792 19,370,679
First Lord Dulverton
(Capital) 74,208 - (8,628) - - 65,580
W Frayne 89,541 - (10,410) - - 79,131
S Hooper 1,079 - (125) - - 954
A Gullick Bequest 4,374 - (508) - - 3,866
Guinea Street Trust 19,572 - (2,275) - - 17,297
Revaluation reserve on
fixed asset properties 101,500 - 260,001 - - 361,501
Total endowment funds 20,750,390 (63,019) (843,416) 48,261 6,792 19,899,008
Total funds 25,892,495 357,801 (1,018,671) 21,742 - 25,253,367

Page 39

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Transfers

During the prior year the following transfers were made: - £1,000 was transferred from the Unrestricted fund to the Extraordinary Repair Fund for the future repairs to the fabric of the church.

Unrestricted Funds

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.

Page 40

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Restricted Funds

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 transfer:

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

Restricted funds for the use of repairs to the fabric of the Church.

Page 41

St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

Endowment Funds

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.

Revaluation reserve on fixed asset properties

This fund represents historic revaluations of fixed asset properties combined with write backs of depreciation.

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

15 Analysis of changes in net funds
At 1 January 31 December
2023 Cash flows 2023
£ £ £
Cash at bank 1,927,446 (964,188) 963,258
Investments - cash and cash 264,971 (125,479) 139,492
equivalents
2,192,417 (1,089,667) 1,102,750
At 1 January 31 December
2022 Cash flows 2022
£ £ £
Cash at bank 1,438,982 488,464 1,927,446
Investments - cash and cash
equivalents 445,628 (180,657) 264,971
1,884,610 307,807 2,192,417

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

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

2023 2022
Note £ £
Cash flows from operating activities
Net income/(expenditure) 612,648 (639,128)
Adjustments for non-cash items
Dividends, interest and rents from investments 3, 4 (911,478) (909,238)
(Gains)/losses on investments (353,730) 1,261,198
(Gains) on exchange rates 561 (4,268)
(Gains) on investment property revaluations - (116,667)
Depreciation 8 16,483 15,050
(Gains) on fixed asset property revaluations - (143,334)
(635,516) (536,387)
Working capital adjustments
Increase in debtors 11 (4,788) (41,655)
Increase in creditors 12 7,767 90,276
Decrease in grant commitments 21 (255,046) (206,970)
Net cash flows from operating activities (887,583) (694,736)

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

17 Statement of Financial Activities for the year ended 17 Statement of Financial Activities for the year ended 17 Statement of Financial Activities for the year ended 17 Statement of Financial Activities for the year ended 17 Statement of Financial Activities for the year ended 31 December 2022 2022
Unrestricted Restricted Endowment
funds funds funds 2022
£ £ £ £
Income from:
Quoted investments 587,133 80,587 - 667,720
Investment properties 241,518 - - 241,518
Total Income 828,651 80,587 - 909,238
Expenditure on:
Raising funds
Investment management costs (30,435) (5,947) (47,969) (84,351)
Charitable activities
Maintaining fabric and facilities of St
Mary Redcliffe Church (452,036) - (15,050) (467,086)
Total Expenditure (482,471) (5,947) (63,019) (551,437)
Gains/losses on investment assets (78,502) (123,272) (938,489) (1,140,263)
Net income/ (expenditure) 267,678 (48,632) (1,001,508) (782,462)
Gains/losses on revaluation of fixed
assets - - 143,334 143,334
Transfers between funds (7,676) 884 6,792 -
Net movement in funds 260,002 (47,748) (851,382) (639,128)
Reconciliation of funds
Total funds brought forward 3,118,755 2,023,350 20,750,390 25,892,495
Total funds carried forward 3,378,757 1,975,602 19,899,008 25,253,367
Income and expenditure by fund is shown in note 14.

There are no recognised gains or losses other than the results for the year as set out above.

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

18 Contingent liabilities

There are no contingent liabilities at the year end (2022: £Nil).

19 Related party transactions

There have been no transactions between the St Mary Redcliffe Church Lands Charity and any related parties, except those with the Parochial Church Council (PCC) noted below. The aggregate value of donations received from Directors and related parties was £Nil (2022 - £Nil).

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

St Mary Redcliffe Church Lands Charity has made payments on behalf of the PCC for Church repairs and expenses of £324,183 (2022: £272,799) and to fund staff costs of £Nil (2022: £86,808).

20 Commitments

At the year end, there was a commitment to pay £52,960 to contractors in respect of building repair works. The trustees consider there to be sufficient free reserves in order to meet this commitment.

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

21 Grant commitments

1 Grant commitments
To fund
To fund staff fabric project Other fabric
2023 costs 450 and facilities Total
£ £ £ £
As at 1 January 2023 224,222 141,830 77,178 443,230
Committed and charged to
expenditure in year - - 356,224 356,224
Paid in year (224,222) (35,757) (351,291) (611,270)
As at 31 December 2023 - 106,073 82,111 188,184
Short-term grant commitment - 106,073 82,111 188,184

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

To fund
To fund staff fabric project Other fabric
2022 costs 450 and facilities Total
£ £ £ £
As at 1 January 2022 354,014 141,830 45,625 541,469
Committed and charged to
expenditure in year 86,808 - 329,298 416,106
Paid in year (216,600) - (297,745) (514,345)
As at 31 December 2022 224,222 141,830 77,178 443,230
Short-term grant commitment 224,222 141,830 77,178 443,230

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St Mary Redcliffe Church Lands Charity

Notes to the accounts for the Year Ended 31 December 2023

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. During 2022, it was agreed by SMRCLC & SMRCPCC that the 5 year staff cost grant would be extended on the same terms by 4 months, to expire on 31st December 2023. This was to coincide with the respective charities’ year ends. The total cumulative grant was reviewed in line with the terms of the agreement in the usual way and the total cumulative grant commitment for the 5 years and 4 months was calculated as £1,240,766 (£1,153,958 as at 31 December 2022.)

The remaining commitment at the year end is £Nil (2022: £224,222).

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 £78,170 has been paid in previous years. A further £35,757 was paid during the year for architect’s fees.

Other fabric and facilities

These relate to routine quarterly grants made to cover fabric costs and other runnings expenses.

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