2024-12-31-accounts

St Mary Redcliffe Church Lands Charity Trustee's Report and Financlal Statements for the Year Ended 31 December2024 Charity nurnber: 211109

st Mary Redcliffe Church Lands Charity Contents Ito14 Trustee's Teport 15 Legal and adrninistrative inforrnation 16 siatementof Trustee's Responsibllilies 17to20 Independent Auditor's Report 21to22 Statement of Financial Activitie5 23 Balance sheet 24 Statement of Cash Flows 25to48 Notes to the accounts

St Mary Redcliffe Church ￿ndS Charlty Trustee's feport For the year ended 31st December 2024 The diredors I'the Oirectors'l of SMRCLC Corporate Trustee Limited 1.the CorporaieTTUStee"l on bèhalf ol the Corporate Trustee are pleased to present the Trustee5' Report together vmth the financial statements of the St Mary Redcliffe Church Lands Charity for the year ended 31 December 2024. The legal and administrative information ser out on page 15 forms part of this Report. The Flnancial Statements comply with current statutory requirernellt5. the charl￿S Boverning documents, the Charities Act 2011 and Accounting and Reporting by Charities: siaternent of Recommended Practice applicable to chafltles preparing their accounts in accordance wirh the Financial Reporting Standards IFR51021 applicable In the UK and Republic of Ireland. Objertives and activities The charitable purpose5 li.e. Objects) of the Charity (called in this report "SMRCLC.), are111 to maintain the fabrlc of the Church of St Mary Redcliffe Bristol I"th2 church'l,121 to rnaintaln the conduct ol divine service therein and131 such other good and charitable uses in the Parish of St Mary Redcliffe. Various subsidiary trust funds are also held wlth specific objects connected with the Church and are included in the accounts. The subject rnatter of the first two Objects are the legal responsibility of the St Marv Redcliffe Parochial Chvrch Council I'the PCC"l and are also eTrtlrely within the control of the PCC. Many other activities ol the PCC and uses to which the Church Is put 2150 fall withln the third Object. SMRCLC therefore continues to function in close Co-operation with the PCC and its objectives and activitie5 comprise principally the Funding of appropriate artivities ol the PCC. SMRCLC does not iiself employ staff or carry on activities beyond such grant-makin& save for the m8intenance of its own properties and management of its investments. Having inherited a substantlal endowrnent frorn the 16th Century onward5 SMRCLC has not lat least in modern times) needed to raise additional funds and logically anv new fund-raising for the first two Objects would be undertaken by the PCC. In relation to the first of the Objects, a substanilal pari of SMRCLC'5 funding of the PCC 15 grant fundlng for maintenance, repair and improvement of the Church which is a Grade i listed building of great historic and cultural value. The Directors consider requests for fundinE from the PCC in the light ol the cornpulsory Quinquennial Inspection by the Church Architect and initiatlves instltuted by the PCC In conjunction with othei fullders. In 2022. 3 20-year Inspeition ¥eglme was implemented wth the church Architert. This has enabled accurate forecasting of long-term maintenance items in additlon to those short and medium terrn item5 ¢overed by the Quinquennial Inspection. Another substantial part of SMRCLCS fvnding of the PCC, falling wlthin tFLe second of 5MRCLCs Oblecls, is grani fundine for day-to-day costs of running the Church as a major Church of En8land Parish Church which is also a vi51tor attraction. Such grants include a 4-year block grant towards staff costs and ad hoc grants covering routine costs such as utility Costs. SMRCLC 8150 contributes substantially under this heading by the provlsion from its own property portlolho of office accommodation for the PCC and residential accommodation for church staff either at no cost or at a rent below market rental value. Page I

st Mary Redcliffe church Lands Charlty Trustee's report For the year ended 31st December 2024 The scope of the third Object was previously tonsidered by the Trustees to be very limited but following legal investigation and discussion with the Charity Commission in 2017118 it was established that the wordlrjg set out above correctly defined the Object and there were no additional limitationk This has enabled the Dirertors to SUPPOTI Other types of PCC octivity such as the present development Project designed to provide improved community facilities. The Directors confirm ihat, in relation to all SMRCLes activities, they have had due regard to ihe public benefit guidance published by the Charity Commlssion. Strategies for achievlng aims and objertives For the rea50n5 Outlined above, the fullilment of 5MRCLCs objectives is closely linked with the dutie5 and activitles of the PCC. SMRCLCS strategy has been to maintain sufficient levels of income and reserves lo enable it to support the PCC in those of its actlvitie5 which are eompatible wlth SMRCLCS Objects. as outlined above and particularly to encourage the PCC to ensure that the Church and its envlrons are kept in good repair by way of an ongoinE planned programme ol repalr WDrk. and to retaln and maintèln those of its OWN properties as can be used for offices ol the PCC and residential accornmodation for church staff. In recent years a greater proportion of income has been applled towards staff costs and the runninB Costs of the Church than was historically the case, but the Directors believe that it rem3lns appropriate to retain substantial reserves to reflect the high cost of both planned and unplanned repairs to a bulldin¥ such a5 the Church, and bearing in mlnd that the capital cannot be expended. The Directors of the corporate trustee have finalised the SMRCLC Ifision Statement and Strategy Statement,. Thls was adopted formally at the Directors, Meeting in December 2024. A strategy diagram has also been prepared for potEntial framing and placement within the Church building. SMRCLC'5 investment policy has been to delegate management of the portfolio to an appropriate investment manager Icurrently Evelyn Partners) with the objective ol maintaining a balance between income and growth over a longer term horizon, but subjett to an ethical investment policy with regard to devÈlopln8 ESG factors. The Directors are actively considering a change to a Total Return investment strategy in accordance with the Charltv Commission'5 guidelines but a definite decision has not yet been made. SMRCLtrs strategy includes reciuitment. reiertion and tTaillinB of a board gf dirertors with the necessary skills and diversity appropriate to a charity of this nature and the ernployment of external professionals where appropriate to enable it to fulfil its aims, manage its affairs, and comply Mth regulatory and legislaflve requirernents in accordance with currènt best practice. Page 2

St Mary Redcliffe Churth Lands Charity Trustee's report For the ye3r ended 31st December 2024 Mea5ure5 gf suc¢ess The overriding measure o15uccess 15 that the Church is maintained in 8ood repalr and functioning as a Parish Church and that the PCC are supported in carrying out charitable works within the paTish. Once the updated strategy statement is operaring then success will include implementation ol any additlonal tsrgets contained in that 5trategv. SMRCLC'S expenditure on the Objects largely depends upon Brants bein8 taken up and applied by the PCC. SMRCLC gauges its suctes5 upon the proper management of the grant-making process In alignment with SMRCLCS own 5trateEy, and tbe PCC being satisfied with such process, rather than upon the actual sums disbursed in any year. This is achieved through constant liaison wlth the PCC through joint committees and ex-officio Direcrors. Similarly, the investment performance largely depends upon the state ol the investment market and the skill of the investment rnanager. SMRCLC gauges its SUC¢È5s In thls respect by the proper oversight of the appointrnent of the investment manager and frequent monitoring of its performance, as well as by the invesiment performance itself. Achievements and perfoTmance Inve￿ment erformance Generation of Incorne in accordance with the SMRCLC'S budget is key to its ability to make the budgeied grants. The income generated in the year from the investment portfollo and property rent arnou￿ted to £984,477 12023 . E927,4761. An additional lease premiurn of £1,100,161 was generated from the new lease on 63 St Thomas Street. This has been treated a5 3 capital receipt and added to the Endowment Fund. Fundin of Church mainEenance and runnin 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 ernploy the staff needed for the Church actI￿tIeS during the year. Some fabric projects were delayed. Pro The rnajor fabric proleci SUPPOrted in 2024 was the repair of the South Ambulatory Roof. There were a nurnber of smaller works rarried out such a5 the refurbishmenr of the Church gates and floor repairs, all of which wÈre hlghlighied as requirlng early attention in the last Quinquennlal Inspection. The refurbishment tsf ihe West Window and installation of PV cells on the Church roof were delayed until 2025. A major refurbishment project ftrr the residential propertie5 Was started in 2023 and was completed in early 2025. Page 3

St Mary Redcliffe church Lands Charity Trustee's report For the year ended 31st December 2024 Intefnal admlnistration As a charlty with a history of over 400 years, an important element of SMRCLC'S achievements comprlse the continued review and modeTni5ation of its constitution and working practices to ensure compliance with the law and best practice and the most efficient conduci ol its affairs and delivery of benefits in accordance with its object5. In this respect. principal acllvlties in the ye3r have included.. Commencement of works on the North Ambul¥tory roof to be completed before Rush Sunday 2025. Further progre5S towards renewal of the inteTrnedl3te tenancies between SMRCLC and the Dioce* of the flat and house occupied by Diocesan employees. Further work to complete the registraiion of title to SMRCLC properties which were previously tjniegistered. Valuable specialisl skills ol the dlrectors being utilised by the charity through the vaTlous committees including the re￿ntty appointed director of the corporate trustee and co-opted comrnittee members. The development of a land strategy Teview process, including dlscu5sions with the Investment Committee and external advisers (via Hon Suroeyor and colleagues ol ihe Property Cornmitteel to generate a proposed scope of work for a wide ranging strategic review of our investment and operational real-estate and other land holdings. Overseeing the annual insurance renewal for both SMRCLC and PCC in conjunction with the PCC. The continued appointment of a Chartered Building Surveyor to survey all the charit¢s residentlal property and the Parish office, overseeing of the contracior and full project management during the works Iwhich wlll continue into early 20251. The selection of a new Hon. Suwveyor to provide ad-hoc assistance with SMRCLC land and PTopertles. The completion of a new Staff Grant for the PCC'S employment of Church Staff, signed on 315t March 2025. Flnancial review The principal fvnding SQUTces are SMRCLCS capital funds, which generate income ond alm to create Incorne and capital growth for the future. Publlc appeals afe not normally made. Whilst donations or legacies are gratefully Tettived, there Is no publlc mernbership and SMRCLC doe5 nor actively regularly seek donationsfrom the general publlc. Substantial fundlng for projects relating to the bullding is received by the pcc frorn partner organisations. Details ol those org3nis3rions are set out elsewhere in this report. Page 4

St Mary Redcliffe Church Lands Charity Trustee's report For the year ended 31st December 2024 Re5uIt5 The net deficit for the year before other recognised gains, 105ses and transfer5 was £1733,910I12023 £259,479). The deficit has arisen after a year of Strong income. This was offset by the c05t of the new four year Staff Grant Agreement (note 8.1 There were realid Bains on the di5P05al of investments amountinE to £905.776 and there were unrealised losses on the rnarket value of the Investments of £300.942. The investment properties fair values were re-valued at the yearnd lon the basis specified in Nole I to ihe accounis.) The net surplus lor the year was £1,371.084, whlch was attributable as follows: Unrestricted funds Restricted funds Endowment funds 1711.1941 126,591 1.955,687 The deficit on unrestricted funds of £711,194 was deducted from the brought foiward reserves and the unrestricted fvnds of SMRCLC now stand at £2.984,239. This includes a designated ERF fund OF £1,702,000 so the general unrestricted funds are £1,282,239 which are held as investments and a5 bank and cash dep051t& Reserves Policy a) Unrestrirted Funds It is the policy of the Diredors to maintain unrestricted reserves (excluding designated funds) at least sufficient to: Approxlmate value Cover anticlpated ad hoc grants for church expenses (not the subject of existing grant commitrnentsl for approximately 4 months in the event of a substantial lall in the chariry's income or the value of its investrnents. • cover one yearfs costs of generating funds and governance costs. • enable the charity to respond to emergency calls on itsfunds for projects outside St5 re￿rICted funds. Total of above 500,000 250,000 £soo,oc 1,250,000 The target range ahmed for accumulated unrestricted reserves (excluding deslgnated fundsl is betweEn £1,250.000 and £1,500,0(K). The accurnulated unreslricted reserves lexcluding designated funds) at 31 December 2024 wa5 £1,282.239 and are within the target range of the policy. Page 5

St Mary Redcliffe Church Lands Charity Trustee's report For the year ended 31st December 2024 b} Re5tsieted Funds In addition. SMRCLC alrns to build up reserves to help meet the Cost5 of major prolected works over the next ten to fifteen years. The expected c05101 these are at least £15 million and, therefore, partnershlp funding will be required. These projects include cleanlng the exterior of the church and contributions to the new developrnent project. The build-up of these reserves will norrnal￿ be within restTicied funds or designated fund5. First Lord Dulverton Fund The accumulated income from First lord Dulverton Fund provides reserves to be used for repalrs to the external fabric of the Church. 11 the fund fa115 below a level set at £500,000 indexed in Ilne with CPI from 5th April 2011 (which at 31 Decernber 2024 was £727,510) unrestricted fund$ should be used IOT external repalrs provided this is available within the unrestricted reserves PDIicv. Extraordinary Repair Fund (restrlctedl The Extraordinary Repair Fund prowdes reserve funding for extraordinary repair, improvement or rebuilding ol the fabric ol the Church. the tombs, monument5, the glass in the wlndows and the churth bells and all other fixtures and fittings in the Church. Extraordinary Repaw Fund (de51gnated} The aim is to build up reserves within this fund for future major projectk Transfers will be made from unrestricted reseNes in line with the unrestricted reserve policv. Investment Policy The Directors have agreed io elve investment advisers, Evelyn Partners, discretionary Investment managernent powers over SMACLCS investment portlollo, excluding its physical re81 estate assets and approximately £234,792 investod 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 PartneTS are instrurted to exer¢Sse their delegated discretionary investment powers in accordance Wlth SMRCLC'S investment policy and its objectives as follows.. The invesiment policy of SMRCIC is to seek to produce the oprimum total return from its investment portfolio so that ihe real value of the asser5 is maintained by investing In a diversified portfolio of 5Ultable investments, while generating a sustainable and growing income stream. The Direciofs w15h to take sufflcient risk to generate a return that maintains the real value of the investments over the long terrn. The Directors require the investment manager ¢0 adopt a responslble approach to investlng. Incorporating ESG IEnvlronmental, Social and Governance) con5ideraticns Sn their investment process and actively engaEins with companies a5 well as voting on the Charity's behalf. Page 6

st Mary Redcliffe Church Lands Charity Trustee's report For the year ended 31st December 2024 In the period ending 31 December 2024 the Directors have commenced investlgation into a range ol potential 'Alternative Inve5tmentg which may diversifv the portfolio, whilst rernainlng within risk a￿d liquidity con5traiTht% The aim is to generate similar Teturns to the existing portfolio whilst also delivering social impact in line with the third of the Objects. For now, no 5Ultable Investment opportunities have been identified. but this p0551ble diversification Strategy will be kept under revlew. Note.. Any decision5 involving buylnB or selling ol investment real estate will be made by the Dlredors on the advice of the Investment Comrnittee and Property Committee and the Hon Surveyor. All propertie5 will be valued every year on the basi5 Specified in Note I to the Èccovnts. The Dlrectors do not antlclpate any extraordinary expenditure at this stage, but If this should change, wll advise the investment manager a¢coidinEly. The Charit¢s expenditure can generally be forecast, but unexpected repairs are sometimes urgent, so an elernent of liquidity is necessary. A minimum of ESOO,OC() shall therefore be held in cash In interest bearing 3tcounts for such eventU31ities. The Investment Committee ha5 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, Ios5 of Income and a lack of liquidSty. The txrectors mitlEate aBainst these risks by way of the following safeguards: Regular performance monitgring. Assessment of perforrnance against relevant indices. including 8 bespoke benchmaTk Index. Obtaining proper professional investment advice. An adequate reserves policv. Due consideration ol diverslty, prudence and liquidity criteria. Ethical Invesiment Policy The current EthScal Investment Policy was adopted in january 2020. This is in Ilne with the curfenl recornmendations of the Church of England. The main points ¢1 the policy are: The Directors and the appointed investment rnanager will first consider the business case lor investment andlor divestment, and secondly whether there is afj ethical dimension that should be considered. Direct investments In companies that generate more than IO% of their revenue from the following adlvities Should be avolded.. al Gambling; bl The Production andlor sale of toba¢co.' l The production andlor sale of alcohol,. Page 7

st Mary Redcllffe Church Lands Charity Tyustee's report For the year ended 31st December 2024 dl High interest rate lendin el Tar sands alld thermal coal,. fl The production and/or sale OF civillan firearrn5 and arrmunition,. gl The production andlor $81e of weapon systems, components, 5UPPOrt Systems and services. Direct investment in companies wlth any tie to cluster rnunitionsor landmines should be avoided. Direct investment in cornpanies that are in breach of the UN Global Compact should be avoided. In addition. direct investment in companies th3t generate more than 3% of iheir Tevenue from adult entertainment and pornography should be avoided. It Is recognised that collective investment funds can hold manv different investments, which we can only rnonitoi on a best endeavours basis. The appointed investment man3ger should ensure that no more than 1% of the porifolio is invested Indirectly in assets that are or would be inadmissible for direct investment for ethical reasons. In line wlth the investment policy, ar the year end the real value of the quoted investment assets had increased by £1,647,020 to £19,378,200. The investment income generated for the year was £678.300. All investments conformed to the ethical invesiment policv. Future Plans Several projects are planned for next year includinE:_ The relurbi5hment of the West Window. Repair work to The ChuTch Spire. DevelopinE a plan for photovoltaic cellsto be installed on the main roof. Participatlon in a heatinB group to develop a new and innovative sustainable, environmentally friendly solution to heat the Church usine a hybrid solution of emerging green technologies. This has come to the fore after the failure of one of the two Church gas fired commercial boilers. SMRCLC is not Currently committed to funding these major projects (except a5 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 acces5 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 8 in the accounts. As a result ol delays and changed circumstances brought about by the Covid19 pandemic. aspect5 of the Project have be¢n reviewed during the yeÈr which has resulted in delay ill drawing down of some of the original grant. 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 visitOT attraction and a comrnunity facility. The Directors are keeping under review the adoption of a Total Return investment policy. which rnay include a revision to the investment pollcy and ethical investrnent poliq and the introduction of distribution policy. Page 8

st Mary Redcliffe Church Land5 ChBrity Trustee's report For the year ended 31st Detrmber 2024 The Directors are plannine to formulate, with external professional assistance, a Land Strategv compri5it)8 a review of all SMRCLC'S Teal estate assets. This vrill include consideration by the Investment Committee of the balance of investments between stock market and property investments. LongTerm Staff Costs Agreement With effect from I 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 whlch SMRCLC paid the PCC an annual grant (indexed and adjustable in specified circumstances) towards the pcC5 siaff expenses. The Initial term of this agreement was 5 years frorn September 2018. It was subsequently agreed between SMRCLC and the PCC to extend the aÉreement by four months so that it would tie In with the respectlve charities, year ends. This funding agTeement has now expired. The inltial funding agreement also obliged SMRCLC to make available free of charge residential accommodation being Flats Ib and Ic Co15ton Parade when required by the pcc for use by Church staff, subject io the PCC acting as intermediate landlord. Currently both flats are in use lor these purp05es. Adrnini5trative staff of the PCC occupy the property IZ Colston Parade under a lease which allowed fof occupatlon at a pepper corn rent where the PCC are responsible for internal decoration and repair and the SMRCLC fund the structurol 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 Colsion Parade as residential accommodation for the Associate Vicar and her family and Flat la Colston Parade is available as iesidential accornmodation for a curate although there was no curate in post during the year. The property was therefore eommerclally let during the year. 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 have negotiated a follow on agreement with broadly simllar terms to run for a period ol four years with effect from 1st January 2024. This was signed on 31st March 2025. The first yearfs grant was £250.OCrf) lor 2024 with similar indexing provisions to the first agreement and the continued provision of residential and commercial property as before. The Directors, together Wlth the Company Secretèryt are the key management personnel of SMRCLC in charge of directin& running and tsper3ting SMRCLC on a day to day basis. All DITector5 give their time freely and no Director received Temuneration in the year. Details of Directors expenses and related party transactions are disclosed in nore5 7 and 21 to the accounts. The Vestry Clerk has been paid an honorarium as referred to in note 23 to the accounts. During 2025 the Dirertors 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 ol SMRCLC.The Pro￿$5 will include any necessary succession planning. Associated Organisatlons SMRCLC works Closely with the PCC and the Canynges Society to fund the rnaintenance, repair and iunning of the Church building and the charitable activities of the PCC. The pcc (registered charity number 11341201 cooperares with the incumbent in promoting In the ecclesiastical parish the whole mission of the church. pastoral, evangelistic, social and ecumenical. It is 150 responsible for the maintenance and repair of the church buildlng5. It includes ex oflicio members, plus members elected to the PCC and to the Deanery Synod. Pa8e 9

St Mary RedclifFe Churth Lands Charlty Trustee's report For the year ended 31st December 2024 The Incumbent and the two cburchwardens 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 righi but the churchwardens chose not to. The Directors previously took legal advice as to whether there wa5 an unacceptable risk of conflici of interest from the presence of ex-officio Directors who were also rnembers of the PCC. The advice was that the rlsk wa5 not inherently unacceptable because of the very close alignment between the objecrs of SMRCLC and those ol the PCC. A conflicts pollcy has been adopted by the Directors which specifically addresses thls aspect and thi5 ha5 been implemented successfully during the year. The Canynges Soriety Ireglstered charity number 2422311 has objects to raise funds to support the church of 51 Mary Redcliffe, to make granis towards re510ratlon, upkeep. improvement and adornment of the cburch's fabric and ol extensions thereto, and to accumulate funds in ordeT to rnake granlS for major restoration works which may become necessary. Whi15t there is some commonality of personnel between SMRCLC and the associated organisations, SMRCLC and associated organisation5 are not subject to common control. Rlsk Management The Directors acknowledge their responsibility to identify, assess and rnanage risks. The Risk & Compliance committee have an overrlding remit to oversee risk management. The cornrnlttee has prepared a risk asse5smont which is reviewed at regular intervals. Individual committees are tasked with reviewing and addressing key risks in their operational areas. Page 10

St Mary Red¢liffe Church Lands Charity Trustee's report For the year ended 31st December 2024 The principzl risk5 facing the charity are identified below, together wirh a surnmary of plans and strategies for managing and mitigating those risk5'. Financial Risk Fraud mitigated by a secure on-line banking system wlih 'double lo¢V ensuring payrnents can only be made wilh the Sanction of two authorised slgnatorieslreleasers. All invoice5 are #uthorised lor payment separately by the Company Secretary, and the Treasurer and the Charity ernploys qualified external accountants to ensure flnancial probity. Investment Los5e5- risks are mitigated by way ol a balanced portfolio with a wide spread of investments. High risk investment5 are avoided, and the portfolio Is managed by external investment advisers. landlord Risk The Charits/s residential property porrlolio 15 Inspected regularly, regular maintenance Is carried out Bs required and all necessary safety checks undertaken and certlficates obtained within required tlmescales. The Directors have appointed extern21 property agent5 to manage the properties on their behalf and ensure landlord responsibilities and obligation5 are complied with. Legal Risk Regular trusteeldirector trainlng and attendants at brielinES. Monitoring and dissemination of Charity Commission briefings. Employment ofappropriate consultants and rnonitoring of their performance. flegular updating of DirectOTg Manu31. Control conflicts of interest by careful applicatson of confllcts policv. Employment of company secretary to oversee main regulatory cornpliance. Church Development and Major Projects le.g., Lighting, Heating, etc.) Oversee funding decision5 wlth appropriately skilled dirertor5 andlor external advisers. Insurable risk Appropriate insurance5 are maintained by SMRCLC and these are reviewed and renewed annually in consultation with the PCC. with the advice of independent insurance brokeis. Page 11

St Mary Redcliffe Church Lands Charity Trustee's report For the year ended 31st December 2024 Governance Thfoughout the year SMRCLC has been governed upder the constitulion adopted in 2018 and outlined in the GoverninE Doeuments section below. SMRCIC remains an unincorporated charlty with one corporate Irusree, being a trust corporation. The Corporate Tru51ee is a cornpary limited by guarantee registered at Companies House. The Directors are the directors and members of the Corporate Trustee. The responsibilities of irusteeship in the Charity are carried out by the Directors through their position in the Corporate Trustee. The principal goveTning documents are the administrative provisions adopted in February 2018 as supplemented by the Articles of As50Clation of the CorporaiÈ Trusiee. A Directors. Manual has been prepared to reflect these changes whith is subject to continuous updating- Committees 5MRCLC has five working comrnitiees: the Standlng Cornmiltee. the Investment Committee, the Granrs Committee. the Risk & Compliance Committee and the Propeny Committee. There are ad-hoc sub-committees, formed. os required which in this period in this period included a Staff Grant Sub-committee which set up as an ad hoc committee durin8 2023. In addition there are three jolnt liaison committees where Directors sit on behalf of 5MRCLC with the PCC. in re5pecr of Church fabric, insurance and a qu8rtÈrly Joint Liaison rneeiing attended by the Vitar and church Wardens for the PCC anil the chairrnan and Vice Chairman ol SMRCLC. There 15 a150 a Project 450 Board, led by the PCC. established to take the strategic lead in the proposed developrnent at St Mary Redcliffe Church. This Board bas representatives of the PCC, SMRCLC, and Professional Advisers and give5 perSodic updates to both the PCC and SMRCLC. RecrustmenL Induction aTrd Training ol Directors One new director was appointed in the accounting period and one diredor retlTed. On 315t January 2024. Fiona Leerning was appointed a director and Mr Richard james retlred as a director on 18th May 2024. The Churchwardens have the riEht to be appointed as ex-officio director5 01 SMRCLC but both chose not to take up those appointments for now. Related Partles ThÉre have been no material transact10ft5 between SMRCLC and any relatèd parties. apart from ih05e noted in Note 21 to the Accounts. fjoverning Documents SMRCLC was set up in 1588 and 1591 under Letter5 Patent granted by Queen Elizabeth l. A number of orders issued by the Charily Comrnission during the 20th Century goverfi the management of SMRCLC and these were supplemented in 2018 by further Charity CoMmi￿10n order5 and schemes to give effect io rhe new constitution. More specifically: Page 12

st Mary Redcliffe Church Lands Charity Trustee's report For the year ended 31st December 2024 l. By trustees, resolution dated 5 February 2018, 8 Schedule of new administratlve provisions for SMRCLC was adopted. This included provision for the vicar and churchwardens of the Church to become ex-offlcio trustees. 2. By trustee￿ resolutions dated 5 February 2018, the Alice Gullick, William Frayne, Susan Hooper, and Guinea Street charities which had been linked charitie5 Wlth SMRCLC were merged with SMRCLC as restricted funds ol SMRCLC and the Williams Bequest charity was transferred by SMRCLC to the PCC. 3. By ChaTlty Commission Scheme d3ted 7 March 2018 tho First Lord Dulverton Fund which had been linked charity with SMRCLC was merEed with SMRCLC a5 a restricted fund of SMRCLC. 4. By Charity Commission Order dated 22 Maich 2018 taking effect on 6 April 2018 the previous incDrporated trustee body "The Trustees of St Marv Redcliffe Church lands Charitv, was dlssolved, the Corporate Trustee was appoinied as trustee of the Charity wlth trust corporation status, ond all property. right5 8nd liabilities of the previous trustee body was vested In the CorporateTrustee. The Articles of Association of the Corporate Trustee partially Supersede the administrative provisions Teferred to in paragraph l above while the CorporateTrustee is sole trustee. 5. By Deed of Retirement dated 6 April 2018 all existing trustees other than the CorpoTate Trustee resigned. The Charlty is a registered charity no. 211109. Dirertors Fifteen 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-Chair5 of the CorpoTateTrustee at that date. The chalr of the Corporate Trustee undertakes the day to day man3gement of SMRCLC,. the Co-Vice-Chair5 chair any Directors. meeting at which the Chairman is not PTesent. New Directors (other than ex-officio Directors) are appointed by the existing Director5 In accordance with the Articles of the Corporate Trustee. Directors normally serve for a term Df 5 years which can be renewed iwice. There 15 some flexibility in the leJ@th of terrn and overall length when circumstances jusrifv it. Page 13

St Mary Redcliffe church L3nd5 Charity Trustee's report Fof the year ended 31st December 2024 The Directors a5 at l January 2024 were: D Schnurr- Chair J Dunn- Vice-chair O Willmotr- Vice Chair P Anning-Treasurer C Caton RWGJames R Dawes K Brown C Chatelin S Hayward l Jones O Lvnth M Pate Rev C8non D Tyndall lex-officiol In accordance with Charity Governance Code15.7.41 those Director5 who had Served as trustee andlor director for more than 9 years as at l January 2024 are listed below- R Dawes- 12 yeafs D Schnurr- 11 years l B Dunn- 10 years In all cases the relevaNI Diiectois continued to play an important and active role during thelr perlod ol appointment and their co-directors considered that it was in the interests of the Charity that they continued as Director5 during the period of their appointment. The DirectOTS as at the date of approval of this Report are: D S¢hnurT- Chair R Dawes- Vice£hair JBDunn Rev Canon DTyndall lex-officiol K Brown P Anning- Treasurer C Chateli S Hayward J Jones O Lynch O Willmott C Caton M Pate F leeming Page 14

st Mary Redcliffe Churth Lands Charity Legal and ?dministrative information Prin¢lpal Office The Parish Office 12 Co15ton Parade Redcliffe Bristol BSI 6RA J Pyrke Shakespeare Martine3U I, Temple Quay,Temple Back E, Redcliffe Bristol BSI 6DZ l Richlev Evelyn Partners Portwall Pla¢e Bristol BS16NA Burton Sweet Llmited The ClockTower 5 Farleigh Court Old Western Road Flax 8ourton Solicitor Investment Advlser Auditor B548 IUR Ac¢ountsnt E Corrigan Corriean Accountants Limited 25 Kin8 Street Bristol BSI 4PB Honorary SuNeyor N Cussen Chariered Surveyor 8 Pembroke Vale Bristol BS83DN CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4TA R Nutt Marsh Commercial Castleme8d LowÈr Casile Street ristol BS13AG Bankers Insurance Broker Page IS

st Mary Redcliffe Church Lands Charity statement of Tru5tee'5 Responsibilities Statemènt of Corporate Trustee's Responsibilities The Corporate Trustee, acting by the Directors, is responsible for preparin8 the Annual Report and the financial statements in accord3nce with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law appllcable to charities in England & Wales requires the Corporate Trustee to prepare financial statements for each financial year lor other relevant accounting periodl which give a true and fair view of the State of affairs of SMRCLC and of tbe income and expenditUTe ol SMACLC lor that period. In preparing these linanclal statements, the Corporate Trustee 15 requSred to-. select suitable accounting pollcies and apply rhem con51Stentlv', observe the methods and principles In the Charities SORP- make 5udgements and estimate5 that are reasonable and prudent,. state whether applicable Accounting Standards have been followed, subject to any ffjaterlal departures disclosed and explalned in the financial staternents- and prepare the financial statements on the going concern basi5 Unle￿ It is inapproprlate to presurne that SMRCLC will continue in busine35. The Corporate Trustee Is responsible for keeping proper accounting record5 that disclose with reasonable accuracy at any time the financial position of SMRCLC and enable them to ensure that the rinancial ststement5 comply with the Charities Act 2011, the Charity IActounts and Reports) Regulations and SMftCLC'5 Boverning documents. It is also responsible for safeguarding the asset5 01 SMRCLC and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the C¢>rporate Trustee land its Directorsl are aware.. there is no relevant audit information of whlch the chaTilY'$ auditors are unaware. and the Corporate Trustee land Its Dlrectorsl have taken all steps that they ought to make themselves aware of that information. By orders of the Dirertors on ..... nd signed on its b If by: hn Director R Dawes Directar Page 16

St Mary Redcliffe Church Lands Charity Independent Auditor's Report to The CorporateTrustee land its dirertors) of St Mary Red¢llffe Church Lands Charitv Opinion We have audited the Ilnancial statements ol St Mary Redcliffe Churth Lands Ithe 'Charity'l for the year ended 31 December 2024. which comprise the Statement ol Financial Activities, Balance Sheet, the Cash Flow Statement, and Note5 to the accounts, including a summary of significant a<counting policie5. The financial reporting framework that has been applied in their preparation is applitable law and United Kingdom Accountin8 Standards, including Financial Reporting Standard 102.. The Flnancial Reporting Standard appllcable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion rhe financial statemeftts.. give a true and fair view of the state of the charlty's affairs as at 31 December 2024 and of it5 Income and expenditufe for the year then ended.. have been PToperly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,- have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basisfor oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities ufider rhose Standards are further described in the Auditofs respon5ibilitie5 for the audit ol the financial 5tatemelliS sectlon ol our report. We are independent of ihe Charity in accordance wtth the ethical requirements that are relevant to our audit of the flnancial staternenis in the UK, includlng the FRUS Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordance with these requirements. We believe that the audit evidence we have obtained Is 5ufflcient and appropriate to provide a bèsis for our opinion. Conclusions relzting to going concern In auditing the financial statements. we have toncluded that the trustee's use of the Eoing con¢ern basis of accounting In the preparation of the financial stoternents Is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may c35t si&nificant doubt on the charity's ability to COnEinue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. OUT responsibilitles and the respon51bilities of the trustees Idirector5 01 the corporate trustee) with respect to going concern are described In the relevant sectlon50f this report. Pa8e 17

st Mary Redcliffe Church Lands Charity Indepeftdent Auditor's Report to The CorporateTrustee land Its directors) of St Mary Redcliffe Church Lands charity other Information The directors ol the corporate trustee are responsible for the other information. The Dther inforrnation comprlses the inforrnation included in the annual report other than the financial statements and our auditols report thereon. Our opinion on the financial st3tements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusionthereon. In connection with our audit of tlie financial statement5, our responsibility is to read the other Snformation and, in doing so, consider ivhether the other Information is maierially inconsistent wlth the financial statements or our knowledge obtained in the audlt or otherwise appears to bp mateTially mi5Stated. If we identify such material inconsistencie5 or apparent material misstatements, we are required to determine whether there is a material rnisstatemÈnt of the other Informatlon. If, based on the work we have pefformed, we conelude that there Is 3 material mi5Statement ol thls other information, we are required to reportthai fact. We have nothing to report in this regard. Matter5 on whlch we are required to report by exception We have noihing to report in respect of the following matters in relatlon to which the Charities Act 2011 require5 US to report to you if, our opinion.. sufficient accountine records have not been kepl. Ihe financial siarement5 are not in agfeement with the accounting records and returns,. or we have not obtained all the inforrnation and explanations necessary for the purposes or our audit. Responslbllltles ol the dirertors of tILe corporate trustee As explained more fully in the corporate trustee's responsibilities statement, the directors of the corporate trustee are responsible for the preparation of the financlal staternents and for being satisfied that rhey glve 3 true and fail view, and for such internal control a5 they determine is necessary to enable the preparatlDn ol financial 5taiernents that are free from material Tnisstatement, whether due to fraud or error. In preparing the financlal stBtements, the direttors of the corporate trustee are responsible lor assessing the Charit¢s ability to continue as a gOi￿g concern, disclosingi as applicable, matters related to going collcern and using the going con￿rn basis of accouniing unless the directors ol the Corporate trustee either intend io liquidate the Charity or to cease op&r)tions, or have no realistic alternatwe but to do $0. P3Be 18

St Mary Redcliffe Church Lands Charity Independent Auditor's Report to The CorporateTrustee (and its director5) of St Mary Redcliffe Church Lands Charity Auditorfs re5ponsibllities for the audit of ihe finan¢lal statements Our objectives are to obtain reasonable assurance about whether ihe financlal statements as a whole are free from material misstatement, whether due to fraud or eiror, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not 8 guarantee that an audit conducted In accordance with1SAs IUKI will always detect a material misstatement when it exist5. Misstatements can arise Irom fraud or error and are considered material if, individually or in the aggregate, they rould reasonably be expected to influence the econornic decision5 of users taken on the ba515 of these financial statement Our approach to identifving and assessing the risks of material misstatement In respect of irregularities, including fraud and noll-complian￿ with laws and regulations, was as Follows.. we identified the laws and regulations applicable to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the secror- we focused on specific laws and regulations which we consldered may have a direci rnaterial effect on the financial statements of the opefations Of the company, includlng the Charities Act 2011. taxatlon legislation and data protection, 3ntFbribery. ernployrnent, pensions, &nvironrnental and health and 53fety legislation,. and we assessed ihe extent of compliance with the laws and regulations identified above through making enquiries of managÈment, inspecring legal coriespondence and Temaining alert during the audlt for any indications of non-compliance. Our audit procedures in relation to fraud intluded bur were not limited to.. maklng enquiries of those charged with governance and other management as to where they consldered there was susceptibiliiy to fraud, their knowledge of actual, suspected and alleged fravd,. discussing amongst the engagement team the risks of fraud- Bainlng an understanding of the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations,. testing journal entries tts identify unusual iransactions,. assessing whether judgements and assumptions made In determining the accounting estimates set out in the accounting policie5 were indicative of potÉnrial bias.. 3nd Investigating the rationale behind signifi£ant Of Unusual transaction% There are inherent Ilmitations in our audit procedures described above. The more remowed that law5 and iegulations are from financial transactions, the less likely it Is that we would bÈcome aware of noft-compliance. Auditing srandards also limit the audit procedures requiTed to identify non-compliance with law5 and regulations to enquiry of the directors of the corporate trustee and other management and the inspectlDn Df Tegulatory and legal correspondence, if any. Marerial misstaternents that arise due to fraud Can be harder to detect than those that arise from error as they may Involve deliberate concealment OT collusion. Page 19

st Mary Redcliffe Church Lands Charity Independent Auditor's Report to The Corpor3teTrustee (and Its directors) of St Mary Redcliffe Church Lands charity A further description of our responsibilities for the audit of the financial statements 15 located on rhe Financial Reporting Council'5 website at www.frc.org.uklaudirorslaudit-assur3nce-ethic5laudilor5-re5ponsibilities-lor-the-audit. This description forms part of our audito¢s Teport. Use of our report This report is rnade Sole￿ to the directois of the corporate trustee, as a body, in accordance with section 144 of the Charities Act 2011 and the regulaiions made under section 154 of the Act. OUT audit work ha5 been undertaken so that we might state to the directors ol the corporate trustee those matters we are requlred to state to them in an auditor's report and for n¢ other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to anyone other than the directors of the corporate trustee as a body, for our audit work, for this report, OT for the opinions we have formed. Burton Sweet tsmited, Chartered Accountants and Statutory Auditor The ClockToweT 5 Farl¢iBh Court Old Weston Road Flax Bourton Bristol BS48 IUR 03te:...- PaBe 20

St Mary Redcliffe Church L3nds Charity statement of Financial Artivitiesfor the Year Ended 31 December 2024 Unrestrlcted Restricted EDdowrnent fund5 funds fund5 2024 2023 Note Income from: Sundry income Quoted investrnents Invesirnent propeities 15,998 707,571 203,907 927,476 21,008 647,568 224,778 893,354 21,008 738.691 224,778 91,123 984,477 Total Income 91,123 Expenditure on: ftuisingfunds Inve51ment management Costs Chorituble ortivities Maintaining fabrlc and facilities of St Mary Redcliffe Church 1159.4861 15.6431 149.5271 1214.6561 1259,4121 126.7261 132,3691 67.955 116.4831 11,503,731) 1408,5851 166.0101 11,718,387) 1667,9971 2,014,905 2,104,994 353,169 1,948,895 6,792 11,46D,5221 11,620,008) 22.134 Total expenditure Gain5llosses on investments Net incomel lexpenditurej Transfer between funds Net movement In funds Reconclllatlon of funds Fund balances brought forward Fund balan￿S carrled forward 1704.5201 16.6741 1711,1941 126,709 11181 126,591 1.955.687 1,371.084 612,648 16 1.371,084 612,648 16 3,695,433 2,003,139 20,167,443 25,866.015 25.253,367 16 2,984,239 2,129,730 22,123,130 27,237,099 25,866,015 P3Ee 21

St Mary RedcliFEe Church Lands charity ststement of Finoncial Actlvitiesfor the Year Ended 31 December 2024 All of the Charl￿$ operations are classed as contlnuing operation The noies on pages 25 . 48 fofm pari ol these acc¢unts. See Note 19 for fund accounting comparative figure5. Within unrestricted fundsthere are designated funds of £1,702,00012023.. £1,701.0001. See Note 15. Income and expendtture and other movernent in funds are shown in Note 16. There are no recognised gains or losses other than the result5 foi the year as set out above. Page 22

St Mary Redcliffe Church Land5 charlty Balance Sheet as at 31 December 2024 2024 Z023 Note Fixed a55ets Fixed asset properties Investment properties Quoted investments 1,592,706 5,806.667 19,763,347 27,162.720 1,609,189 5.406,667 18,073,121 25.088.977 io li Current asset5 Debtor9 Cash at bank and in hand 12 56,412 1,137,710 1,194,122 56,707 963.258 1,019.965 17 Current liabilities Creditor5.' Amounts falling due within one year 13 1594,7431 599,379 1242.927} 777,038 Net rurrent assets Total asset5 less current liabillties Creditors: Amounts fallin8 due after more than one year 25,866,015 27,762,099 1525,0001 27,237,099 14 25,866.015 Total net assets The funds of the Charity. Unrestrlcted funds Restricted fund5 Permènent endowment 2,984,239 2,129,730 22,123,130 27,237,099 3.695,433 2,003,139 20,167,443 25.866.015 15, 16 15, 16 15, 16 Total funds The notes on pages 25- 48 form part of these accounts. signed on t Approved by the board on .... alf by.. P Anni Director Director Page 23

st Mary Redcliffe Churth Lands Charity statement of Cash Flovjs for the Year Ended 31 December 2024 20z4 2023 Note Net cash outFlow from operating 3tt1Vitles 18 803,786 887,583 Cash flows from Investing artivities Dividends, interest and rents frorn investment Proceeds from sale ol investments Increase In £a5h held on long term deposits Purcha* ol investment5 Net Cash Ilows from investlng actlvities Ner in¢rease/ldecreasel in cash and cash equivalents 963,469 911,478 7,639,577 3,999.IA3 13.7021 15,6871 17,577,673) 15.108,3821 1,019,686 1201,5231 11,089.1061 2,192,418 li li 215,900 Cash and cash equivalent5 at l January Change In cash and cash eguivalents dueto exchange rate rnovemenls ash and cash equivalents at 31 Decernber 1,102,751 18 13,9291 1,314,722 15611 1,102,751 Cash flow re5trittlons Charity law prohibits the use of net Cash inflows on any endowed or other restricted furd to offset Tiet cash outflow5 on any fund ouiside its own object5, except on special authority. In practicethls restriction has not had any effect on Charity cash flow5 for the year. Pa8e 24

st Mary Redcliffe Church Lands Charity Note5 to the accounts for the Year Ended 31 December 2024 l Accountlng poficles Legal form and status The charity is a public benefit entity as defined by FRSIO2. Summary of signlflcant accounting polldes and key accountlng estimate5 The principal aecounling policies applied in the preparation of these flnancial slatemenis are set out below. These policies have been consistently applied to all the year5 presented unless otherwise stated. Basis of preparntlon and assessment of going concern The financial statements have been prepared in accordance with the Statement of Recomrnended Practice: Accounting and Reporting by Chariiies preparing their accounts in accordance with the Financial Repoitlng Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued in October 2019 3nd the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 ènd the Chaiities Art 2011 and UKGenerally Accepted Practice as it applies from l January 2019. The accounts lfinancial statements) have been prepaTed to glve a'true and fair view, and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required to provide 3 'true and fair view,. Thls departure has involved following Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance wlth the Financial ReportinB Stand3rd applicable In the UK and Republic of Ireland IFRS 1021 issued in October 2019. The directors have carelullv considered whether there are any material uncertainties that would affect the Charity's ability to coniinue as a going concern, particularly given the impact of the current war In Ukralne and global economic turbulence. The Charit¢5 professional investment ¥dviseT5 have projecred 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 chèriitys princlpal beneficlary, St Mary Redcliffe Church PCC, and can be rnet in full from income and reserves. Charity expenditure Is being regularly monltored against the budget. The directors are therefore satlsfied that SMRCLC rernains a going concern. Page 25

St Mary Redtliffe Church Lands charity Notes to the atcountsfor the Year Ended 31 December 2024 Fund structure The charity has the follovAnE funds.. Permanent endowment funds These fund5 are where the capital value musi be maintained, but the incorne generated by the funds can be utilised according to the restrictions, if any, assouated wlth each endowment. Restrictedfunds These are the funds that can only be used for particular purposes Wlthin the objects of the ¢haritv. Resirictions arise when 5pecifled by the donor or when funds are raised for particular restricted purposes. Unrestrictedfunds These are the funds whlch can be used in accordance wlth the charitable objects at the discretion ol the Director& Des￿Nated Funds These are unrestricted funds which have been designated by the tfustees for specific purposes wlthin the objects of the charity. They do not foim part ol the free unrestricted funds. If circumstances change the Oirectors may designate Part or all these fvnds to a new purpose or return them to free unrestricted funds. Further explanation of the nature ond purpose of each fund is included in the notes to the accounts. Income recognhtlon All income 15 iecognised once the charity has entitlernent ro the Income, it Is probable that the incorne will be received and the amount of income receivable Can be measured teliablv. 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 i5to be expended in a future period. 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 reliablv quantified. Page 26

St Mary Redcliffe Church Lands Charity Notes to the accountsfor the Year Ended 31 December 2024 Expenditure L18bilities are recogni5ed as expenditure as soon as there is a legal or constructive Dbligatlon committing the charity to that expenditure, it is probable that settlement will be requlred, and the amount of the ob15gation can be rneasured reliably. All expenditure is accounted for on an accrual basis. All support costs and Bovernance costs are allocated against the one charltable activity of the charltv.. maintaining the fabric and lacillties of St Mary Redcliffe Church. Irrecoverable VAT is charged against the expenditure headingfor which it was Incurred. Tangible fixed assets and Investments Tangible fixed a55et5 and inve5tment5 comprise ol land and buildings. Fixed assets properties are residential propertie5 which are not let on tornrnercial terms as they are occupied by people in furtherance of the Charity 5 objectives. These properties are Carried at revalued amounts being the fair value at the date of revaluation less any subsequent accumuSated depreciation and accumulated impairment 1055es. The valuation of the properties is considered every year by the Charity to ensure that the carrying value Is not materiallv different from the fair value, with a profe55ion31 valuatlon being obrained every fifth year. Depreciation Depreciation 15 calculated to write off the cost or valuation of fixed assets, le55 any resldual value, over their expected useful lives asfoliows.. Land element Buildlngs element 2% straight line Quoted Investments are a form of basic financial instrument and are initially recorded at their transaction value and sub5Èquently measured at their fair value as at the balance Sheet date USinE the quoted rnarket price as advlsed by the Investment M3nager5. The Statement of Financial Activities Includes the nel gains and losse5 arising on revaluaiion and disposals throughout the year. Investmeni properties are those let out on commercial term5. They are inliially measured al Cost and subsequently rneasured at fair value. The valuation of the investment properties is considered every year by the Charity to ensure that the carrying valuÈ is iiot materially dlfferent from the fair value. with professional valuation being obtained every fifth year. Trade debtors Trade debtors are recoenised initially at the transattion price. They are sub5equenily measured at arnortised cost using the effective interest method. less provision for impairment. A provision for the impairment of trade debtors ts established when ihere is objective evidence that the charity will not be able to collect 311 amounts due Èccording to the origlnal terms of the recelvables. Page 27

st Mary Redcliffe Church Lands Charity Notes to the accountsfor the Year Ended 31 December 20Z4 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. Trade ¢reditor5 Trade creditors are recogni5ed initially at the transaction price and subsequently measured at amortised ost using the effective Interest method. 2 Sundry Incorne Unrestricted ResifLCted 2024 21,008 21.008 21.(Y)8 Sundry Income 21,008 Unre5trlcted Restrl¢ted 2023 15,998 15,998 15,998 15,998 Sundry income 3 Income Irom quoted investments UDre5tricted Restricted 2024 640,979 6.589 83,181 7,942 724,160 14.531 738,691 Divldend income Interest receivable 647,568 91,123 Unrestrlcted Restricted 2023 609,316 8.638 83,002 6.615 692,318 15,253 Dividend income InteTest receivable 617,954 89,617 707,571 4 Investment propew Income Unrestyicred Restrirted 2024 224,778 224,778 Investment property rents Unrest¥lrted Re51Tlcted 2023 203,907 203.907 Investment property rents Page 28

St Mary Redcliffe Church Lands Charity Notes to the accounts for the Year Ended 31 December 2024 5 Investment management costs 2024 UDiesiricted Restflrted Endowment 155.372 ExpenditUTe on properties Portfolio investmenr management lees 155,372 4,114 5,643 49,527 59,284 49,527 214,656 159,486 5,643 Unrestricted Restricted Endowrnent 2023 203,443 Expenditure on properties Portfolio investment management lees 203,443 5,402 46.613 55,969 259,412 207,397 5,402 46,613 Page 29

st Mary Redcliffe Church Lands Charity Notesto the accounts for the Year Ended 31 Decembei 2024 6 Charltable activitlés- Maintaining frdbric and facilkles of St Mary Redcliffe Church Unrestricted Restricied Endowment 2024 Note Grants payable to St Mary Redcliffe PCC.. Fund PCC staff costs Church repairs Church expenses Staff SUPPDrt grants Support and governance cost5 7 1,011.185 141,569 201,780 43,811 62,177 1,011.185 165.182 221,376 43,811 62,177 23,613 3.113 16,483 1,460.522 26,726 16,483 1,503,731 Unrestricted Restricted Endowment 2023 Note Grants payable to St Mary Redcliffe PCC: Fund PCC Staff tost5 Church repairs 35,114 195.815 76,Tll 111,885 Church expenses 16,483 212,298 32,041 52,361 Staff support grants 32,041 Support and governance costs 7 52,361 315,331 76,771 16,483 408,585 Page 30

St Mary Redcliffe Church Lands Charity Notes to the accounts for the Year Ended 310ecember 2024 7 Analysis of governance and support tosts 2024 2023 Support costs O￿lCe costs 32,451 20,060 22.788 22,071 FinanTr function c05t$ Governance costs Auditor'5 ￿mUneratIOn 9,666 7,502 62,177 52.361 St Mary Redcliffe Church Lands Charity considers its key management personnel comprise the Directors of SMRCIC CorporateTrusree Ltd. The total employment benefits, includin8 pension contributions of the key managernent personnel were £Nil12023- ENill. None ol 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 s￿nIfICant. All support and gtsvernan￿ costs were from unrestricted fundslor both 2023 and 2024. Page 31

St Mary Redcliffe Church Lands Charity Notes to the accountsfor theyear Ended 31 December 2024 8 Grant tommitments To f￿nd fabrlc projett 450 To fund staff costs othÈrfabrit and facilsties Total 2024 82,111 188,184 As at l January 2024 Committed and charged to expenditure in year lQ6,073 430,457 1332,8161 179,752 1.441,642 1,011.185 Pald in year As at 31 December 2024 Shoit-term grant commitment Long-term grant commitment 1234,8931 776,292 1567,7091 1,062,117 106,073 537,117 251.292 179,752 525,000 525,000 To fund fabTlI prosert 450 To fund staff cost5 other fabric and lacilities Total 2023 443,230 As at I january 2023 Comrnitted and charged to expendiiure in year Paid in year 224,222 141,830 77,178 356,224 1351,2911 82,111 356,224 1611,2701 188,184 1224,2221 135.7571 106,073 As at 310ecember 2023 5hort-term grant commitment Long-term grant cornmitment St Mary Redcliffe Parochial Church Council has as its objectives "to cooperate with the incumbent in promoting in the ecclesiastical parlsh the whole rnission of the church, pastoral, evangelistic, sotlal and ecumenical" It achieve5 thls through the provision of divine service èt the church, which requires the fhbric of St Mary Redcliffe io be rnaintained. In order to advance its charitable objects, the charity committed to provide the following gfants to St Mary Redcliffe Parochial Church Council during the year. 82,111 188,184 106,073 Page 32

st Mary Redcliffe Church Lands charity Notes to the accounts for the Year Ended 31 December 2024 Staff cost rant In September 2018 the staff of the charity were iran5ferred 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 stèff costs lor S years. An annual base staff cost of £206,000 was provided for in the lundlng agreement with provisionsfoi thls figure to Increase. Following a change to the Charily's accounting reference date, the siaff grant agreernent was extended by four rnonths to 31st December 2023, when it expired. SMRCLC 2nd SMRCPCC agreed there would be a neiv Staff costs agreement with similar provisions to run for a pÈriod of four years from 1st january 2024.This agreement wa5 signed on 31st March 2025 and backdated to 1st January 2024. The rern8ining commitment al the year end is £776.29212023.. £Nill. Fabric Pro ect 450 Project 450 15 a long-terrn development wirh several phase5 to enhance the facilities ol St Mary Redcliffe Church. In 2018 the charity committed to pay grant funding of £220,0(M) towaTds ihis project, of which £113,927 has been pald in previous year5. There was no payment during 2024. other fabric and facilities These relate to routine quarterly grants made to cover fabric costs and other runnings expenses. Pa8e 33

st Mary Redcliffe Churth Lands Charity Notes to the accounts for the Year Ended 31 December 2024 9 Flxed asset properties FaiT value At l January 2024 At 310ecember 2024 1,648,334 1,648,334 Depretiatlon At I january 2024 Charge for the year At 31 December 2024 Net book value- Fair value Itss depreciation 39,145 16.483 55.628 1.592.706 At 31 Oeeember 2024 At 31 December 2023 1,609.189 Fixed asset propeTtles- 2024 2023 I Colston Parade & Garage (Flat5 IB & ICI 2 Colston Parade 51 Redcliff Hill 483,334 625,000 540,000 1,648,334 483,334 625,000 540,000 1,648,334 A valuation was undertaken in 2022 by N Cu5sen, chartered Surveyor and property eonsu5tant of 8 Pembroke Vale, Bristol, BS8 3DN. This year, no full valuation was undertaken. FTeehold properties are valued at fair value less accumulated depreciation. This is in accordance wlth ihe accounting policy for tangible fixed a55ets and investments disclosed in Note I to the accounts. I Colston Parade 1$ split into 3 flats of which one is rented out and the two are occupied by verEers. So one third of the value Is classed as investment property and two thlrds asfi%ed asset property. 2 Colston Parade is oc¢upiÈd by a rnember of the clergy and is a fixed asset property. 51 Redcliff Hlll is Used a5 the Paiish Office at eNil rent. Page 34

St Mary Redcliffe Church Lands Charity Notes to the accounts for the Year Ended 31 December 2024 10 Investment properties Falr value At l January 2024 Revaluation Disposals At 310e£ember 2024 Net book value At 31 December 2024 At 31 December 2023 A valuation was underlaken in 2022 by N Cussen, chaFtered surveyor and property consultant of 8 PeTnbroke Vale, Bristol, B58 3DN. This year. no full valuation was undertaken. 5,406,667 1.500,0 ii,ioo,0001 5,806,667 5,806,667 5,406,667 I Colston Parade is split inro 3 flats of which one is rented out and the two are occupled by vergers. So one ihlrd of the value is classed as investment property and two thirds as fixed asset propertv. Falrvalue at Faly value at 31 December 31 De￿mber 2024 2023 Investment propertie5 I Colston Parade IFlat Portwall Lane, 2 Canynge Street and 69- 75 St Thomas Street 63- 64 St Thomas Street 241,667 241,667 4.565,000 i.o(MJ,000 4,565,000 600,000 5,806,667 5,406,667 Page 35

St Mary Rèdcliffe Church Lands Charity Notes to the accounts for the Year Ended 31 December 2024 11 Quoted investments 2024 2023 Marketvalue at opening date Additions Disposa15 at openlng book Value Net unreali5ed investment gains I Ilossesl 17,731,180 7,577.673 15.629,7111 1300.9421 19,378,200 16,268,152 5,108,382 13,815,679) 170.325 17.731.180 Investment cash and cash equivalents Investment cash on deposit 177.012 208,135 139,493 202,448 18,073.121 Market value at closing date Historical cost at closing date 19,763,347 17,311,949 15,363.987 12 Debtor5 2024 2023 Rental income Prepayments 50,625 5,787 51,865 4.842 56,412 56,707 13 Creditors: amounts falllng due within one year 2024 2023 Note 4,021 53,605 537,117 20,128 34,61S 188,184 Trade cred4tors Accrua15 Grant commitment5 594,743 242.927 14 Credltors.. amounts fallin8 due after one year 2024 2023 Note 525,000 Grant tornmitments Page 36

st Mary Redcliffe Church Lands Charity Notes to the account5 for theyear Ended 31 December 2024 15 Analysi5 of net assets between funds Net Current Assets Provisions for Liabilities Quoted PToperty Investmènts 2024 Endowment funds (Note 161 7,399,373 16,498,381 11,774,624) 22,123,130 2,129,730 Restricted funds (Note 16) 1,765.647 364,083 Unrestrlrted funds {Note 16) General 268.525 2,075,831 11,062,117) 1,282,239 1,702,000 471,206 Designated ERF 1.230,794 1,499,319 2,547,037 11,062,117) 2,984,239 7.399.373 19,763,347 1,136,496 11,062,117) 27.237,099 Prior year comparative Net Current Assets Provlsions for Lizbilitles Quoted Property Investments 2023 20,167,443 Endowmentfunds {Note 16) 7,015,856 14,91D,096 11,758,509) Restrirted funds (Note 161 1,705,576 297,563 2,003,139 UnrestTirted funds (Note 161 General 248,292 1.934,325 1188,1841 1.994.433 1,701,WO Designated ERF 1,209.157 491.843 1,457,449 2,426,168 1188,1841 3,695.433 7,015,856 18.073,121 965,222 1188,1841 25,866,015 Page 37

St Mary Red¢liffe Church Lands Charlty Notes to the accounts for theyear Ended 31 December 2024 16 Funds Unrealised Ilossesll Gainsl gains LTrn Ilossesl Transfers Balance Net Investments on Sales and at31 Incomel and of Recoupmept December (Expenditure) Property Investments Orders 2024 Balance at l January 2024 Unrestrirted funds General 1,994.433 1726.6541 112.6811 34,815 17,6741 1,282,239 UnTestri¢ted desigD3ted funds Designated ERF 1.701,000 1,000 1,702,000 Totsl Unrestricted fund$ 3,695,433 1726,6S41 112,6811 34,815 16,6741 2,984.239 Restrictèd funds Extraordinary Repair Fund 1st Lord Dulverton Guinea StreetTru5t Alice Gullick William Frayne Susan Hooper Organ Repair Fund Other 979,038 994,899 1,547 55,919 12461 526 15591 14.556 30,491 23,466 2,438 1,067,327 1.032,675 2.073 118 11181 12,4231 (isi 2,423 25,964 1,691 25.964 1,691 Total restricted funds 2,003,139 58,755 13,997 53,957 11181 2,129.730 Page 38

St Mary Redcliffe Church Land5 Charity Notes to the a￿OUntS for the Year Ended 31 December 2024 Unrealised Ilos5es)I Gains 83iD5 on (losses) Transfer5 Balance Investment5 on Sales and at31 and iletoupment December Property Investments OTders 2024 Balance at I january 2024 Net incomel {Expenditure Endowment fvnds Permanent Church Lands Flrst Lord Dulverton ICapit311 W Frayne S Hooper A Gullick Bequest Guinea StreetTrust Revaluation reserve on fixed asset prtsperties Total end¢)wment funds 20,167,443 Totsl funds 25,866,015 19.623.634 166,0101 89,697 1.921,090 6,792 21,575,203 1.617 1,955 24 73,218 88,479 1,067 4,322 19.340 71,601 86524 1,043 4,227 18,913 95 427 361,501 6,792 22,123,130 27.237,099 361,501 166.0101 1733,9091 93.815 1,921,090 95,131 2,009,862 Page 39

st Mary Redcliffe Church Lands charity Notes to the accounts for the Year Ended 31 December 2024 TraTh5fers During the yearthe following tr3nsfer5 were made- £I,OQO was transferred from the Unrestricted fund to the Designated ERF for the future repairs to the fabric of the church. £2,423 01 incorne was transferied from the William Frayne Fund Èo the Extraordinary Repair Fund for the maintenance of the fabric of the Church. £15 of income was transferred from the Susan Hooper Fund to the Extraordinary Repair Fund for the maintenance ol the fabric of the church. £118 of income was transfefred frorn the Alice Gullick Fund to the Unrestricted Fund for maintenance of the church. Recoupment transfers are rnade each year in relation to work on 11 Redclllle Parade West from the UnrestrictÈd Fund to the Endowment Fund amounting to £6,792 12023= £6.7921. These will have been repaid by S April 2047. Prioryear comparatlves UnTealised Ilosses11 Gains g31nS Ort {lossesl Trar¢sfers Balance and at31 Balance at Net Investments ort Salès and of RecDupment December lJ8nuary incomel 2023 (Expenditure) Property Investments Orders 2023 Unrestricted funds Gener81 UDrestyLCted desi8nated funds Designated ERF Llghting project designated fund Staff reserve designated fund 11,676 13,4551 11,436 1,994,433 1,659.645 315.131 1,000 1,701,OCQ 1.700,000 12,6551 2,655 116,4571 118.1121 1,701.000 IS,6761 3,695,433 16,457 1,719.112 Total Unre5trictedfund$ 3,378,757 315.131 11,676 13,4551 Pa8e 40

St Mary Redcliffe Church Lands Charity Notes to the accountsfor theyear Ended 31 December 2024 Unrealised Ilosse511 Galnsl gains on (105sesl TTav5fers Balance and at31 Balance at Net Investments on sales l January incomel and Recoupment DecembeT 2023 (Expenditure) Property lThve5tments Order5 2023 Restricted funds Extraordinary Repair Fund 1st Lord Dulverton Guinea StreetTru5t Alice Gullick William Frayne Susan Hooper Organ Repair Fund Other 9,477 111,4281 10,303 11,857 22.404 979,038 994,899 1.547 891,630 1,035,289 1,028 45,224 140,8191 519 116 11161 12,3791 1291 2,375 29 25.964 1,691 25,964 21,691 120,OiXII 11161 2,003,139 Total restrlrted funds Endowment fvnds 1,975,602 7,444 11,9511 22,160 Permonent Chuf¢h Lands First Loid Dulverton (Capital) W Frayne S Hooper A Gullick Bequest Guinea Street Trust Rewaluation reserve on fixed asset properties Totsl endowmentfund$ 19.899.008 Total funds 25,253.367 144,560 164,699 6,792 19,623,634 19.370,679 163,0961 65580 79,131 954 3,866 17.297 6,021 7,393 89 71,601 86,524 1,043 4,227 18.913 361 1,616 361,501 361,501 6.792 20.167,443 25.866,015 163,0961 259,479 160,040 169,765 164.699 183,404 Page 41

st Mary Redcliffe Church Land5 charity Notes to the accounts for the Year Ended 31 December 2024 Transfers During the prior year the following transfers were made.. £1,000 was transferred from the Unrestricted fund to the Deslgnated ERF for the future repair5 to the fabric of the church. £2,375 of income was ir3nsFerred from the William Frayne Fund to the Extraordinary Repair Fund for the maintenance of the fabric of the church. £29 of income was transferred from the Susan Hooper Fund to the Extraordinary Repaii Fund for the maintenance of the fabTi¢ of the church. £116 01 income was transferred from the All￿ Gullick Fund to the Unrestricted Fund for malntenance ol the church. ,655 was transferred from the LIEhting project designated fund to the General Unrestricted Fund. £16,457 was transferred from the Staff reserve designated lund to the General Unrestricted Fund. £20,OCrt) was transferred from other restricted funds to the Extraordinary Repair Fund, whlch is line with the donors, wish to rEpair the fabric ol the church. Unrestricted Fund5 The De51Knated Repair Fund is held in anticipation of major fabric repair expenditure including cleaning of the exterior of the ¢hurch and contribuiion to the other aspects of the development projert involving new buildings to the north and south of the church. The development project is continuing to the design stage but has not yet r2ached the point where expenditurefrom these reserves is required. Page 42

St Mary Redcliffe Church Lands Charity Notes to the accounts for the Year Ended 31 Oecember 2024 Re5trlrted Funds Extraordinary Repalr Fund This was set up dvring 1986187 for the purpose Df providinE for the extraordinary repair, irnprovement or rebuilding of the fabTi¢ 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 proceed5 from the disposal of 8,077 income shares belonging to the Willlarn 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 lar as it is not required for application In accordance with the provisions of tbe respective charities. First Lord Dylverton Fund Thls was set up in 1935 and the income is to be accumulated aAd can be used to defray the cost of exterior repairs to the fabric of the Church. Orgzn Repalr Fund This fund was set up with a grant frorn 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 fabrlc of the ChuTCh. Page 43

st Mary Redcliffe Church Lands Charlty Notes to the accounts for the Year Ended 31 December 2024 Endowment Fund5 Church Lands The income frorn this fund is for the maintenance and upkeep of the Church and all other Objects of the Charity. Flrst Lord Dulverton Fund This was Set up in 1935 and the income is to be accumulJted and can be used to defray the cost of exterior repalrs to the fabric of ihe Church. A Charity Commission Scheme dated 7 March 2018 amalgamated this fund with ihe Church Land5 endowment fund as a restricted fund to be used only for exterior repasrs lo the fabric of the Church. Willlam Frayne's and Susan Hooperfs Charities Willlam Frayne's ch3rity was set up in 1881 and Susan Hooperf5 charity in 1914. By trustee's resolutions under section 268 Charities Act 2011 dated 5 February 2018 and confirmed by the Charity Comrni5sion as taking effect on 14 April 2018, this fund was amalgarnated with the Church Lands charity,. In the case of William Frayne as a re￿rirted permanent endowment for the maintenance of the fabric of the Church; and in the case of Susan Hooper released from thE pemianent endowment but to be applled towards the maintenance of the fabric ol the Church. The annual income Is transferred to the Extraordinary Repair Fund under a Chaiity Cornmission Order dated 12 August 1986. Alice Gullick Bequest This was set up in 1952. By trustee'5 resolution under section 268 Charities Act ZOII dated S February 2018 and confirmed by the Charity Commission as taking effect on 14 April 2018, thls fund was amalgamated with the church L3nds charity, released from the permanent endowment but to be applied towards the maintenance of the fabric ol the Church. Guinea StreetTrust This was set up in 1926. By trustee's resolution under section 268 Charlties Act 2011 dated 5 February 2018 and corLf1rmÈd by the Charity Commission as taking effect on 14 April 2018, thi5 fund was amalgamated with the Church Lands charlty, as a restricted permanent endowment for rhe benefit of the inhabitants of the Parish of Redcliffe includlng the repair of the Church. RÈvaluatlon reserve on fixed asset propertles This fvnd represent5 hi510ric revaluations of fixed asset propertles combined with write backs of depre¢lation. Page 44

St Mary Redcliffe Church Lands Charlty Notes to the accounts for theyear Ended 31 December 2024 17 Anal¥sls of changes in net funds At l January 2024 31 December 2024 Cash flow5 963.258 174,452 1,137,710 ash at bank Inve5tments- cash and cash eqyivalents 139,493 37,519 177,012 1,102,751 211.971 1,314,722 At l January 2023 31 December 2023 Cash flow5 1,927,446 1964,1881 963,258 Cash at bank Investments. cash and cash equivalents 264,972 1125.4791 11,089,6671 139,493 2,192,418 1,102,751 Page 45

St Mary Redcllffe Church Lands Charity Notes to the accounts for the Year Ended 31 December 2024 18 Reconaliation of net incumel(expenditurel to net (ash flow from operating Zctivities 2024 2023 Notè Cash flows from operating activiues Net Income 1,371,084 612,648 Adjustments for non-cash items Dividends, interest and rents from investrnents IGainsl1losse5 investments (Gains) on exchange rates Depreciation 1963,4691 12,108,924) 3,929 16,483 1911.4781 1353,7301 561 16,483 11,680,897) 1635.5161 Worklng (aplial adjustments Decrease/lincreasel in debtors Increase in creditors Increaselldecreasel in grant commitments 12 295 14,7881 7,767 1255,0461 13 2,883 873,933 Net cash flows frgm operatin£ activities 1803,7861 1887,5831 Page 46

St Mary Redcliffe Churth Lands Charity Notes to the accounts for the Year Ended 31 De￿rnber 2024 19 Statement of Flnanclal Actlvltle5 forthe year ended 31 December 2023 Unrestrlcted Re￿lIcted Endowment funds funds funds 2023 Income from- Sundry income Quoted investments Investment PTopertie5 15,998 617.954 203,907 15,998 707.571 203,907 89.617 Total Income 837,859 89,617 927,476 Expenditure on: Roi510gfunds Investment management costs Choritqble octivities Maintaining fabric and facilities of St Mary Redcliffe Church Total Expenditure Gainsllos5es on investrnent assets Net Incomel (expendlturel Transfers between funds 1207,3971 15,4021 146,6131 1259,4121 1315,3311 176.7711 116,4831 1408.5851 1522,7281 8,221 182.1731 20,209 163,0961 324,739 1667,9971 353,169 323,352 16,6761 27,653 11161 261.643 6,792 612.648 Net rnovement in funds 316,676 27.537 268.435 612.648 Rets)nciliatlon of funds Total funds brou8ht forward Total funds carried fgrward 3,378,757 1,975,602 19,899,008 25.253,367 3,695,433 2,003,139 20,167.443 25,866,015 Income and expenditure by fund 15 shown in note 16. There are no recognised gains or losses other ihan the results lor the year as set out above. Page 47

st Mary Redcliffe churth Lands Charity Notes to the account5 for the Year Ended 31 December 2024 20 Contingent liabllltles There are no contingeni Ilabilities at the year end12023- £Nill. 21 Related paty tramsartions There have been no transaction5 between the St Mary Redcliffe Chureh Lands Charity and any related parties, except those with the Parochial Church Council IPCCI noted below. The agEregate value of don4tion5 Tecewed from Directors and related parties wa5£Nil12023.. £Nill. Whilst there is some commonality of personnel between St Mary Redcliffe Church Lands Charity and the associated organisations Ifor example one Director has been elected to the PCCI, St Mary Redcliffe ChLsrch Lands Charlty and associated organisations are not subject to common control. St Mary Redclilfe Church Land5 Charity has made payments on behalf of rhe PCC for Church repairs and expenses of £413,97412023: E339,7411 and to fund staff cost5 of £l.011.18512023.. £Nill. 22 Commitments At 31 December 2024. there was a commitment to pay £16,512 to contractors in respect of buildlns repair works12023: f52.9601. The trustèes consider there to be sufficient free reserves in order to meet this commitment. 23 Staff costs The charity did not have any employees in the year ended 31 December 202412023.. Nil). During the year, the Vestry Clerk was pasd an honarariurn of £6,60D12023: E5,7001. Paee 48