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 reali*d 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 year*nd 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