REPORT OF THE NORTH CAMDEN DEANERY SYNOD The Synod did not meet in 2020 ## FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 ## **Annual Report for the year ended 31 December 2020** ## **Administrative Information** St Mark’s is situated in St Mark’s Square near to Regent’s Park and London Zoo. It is part of the Diocese of London (LDF reference 1614) within the Church of England. The correspondence address is St Mark’s Church, St Mark’s Square, London NW1 7TN. The Parochial Church Council (PCC) is a charity registered with the Charity Commission. The charity number is 1133861. ## **Structure, Governance and Management** The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. ## **Financial Review** We were very fortunate this year to receive two very large gifts from one of our regular parishioners for which we are immensely grateful. After a top-up payment in January 2021, we will have also received £39,195 from the Diocese of Europe for the services of our Vicar as Director of Ordinands. As always, we are grateful to the historic St Pancras Land Trust for a grant of £14,000. This income has been used to fund church music. As agreed by the PCC, our commitment to the Diocesan Common Fund has been met in full this year. The outcome of the year is a surplus of **£98,854** ## **Reserves Policy** It is PCC policy to maintain a balance of reserves, if possible, which equates to approximately six months outgoings. This is to cover emergency situations that arise from time to time with such a large and historic building. ## **Reserves in the Bank** At the end of the year all of the cash balances are unrestricted and stand at **£226250** . This total includes £51,546 which is in the CBF Church of England Deposit Fund and £60,019 which is in our HSBC Business Manager Account. Also included in this total are 3979.25 shares bought for £70,000 in the CBF Church of England Investment Fund. According to the CCA website, the Fund is actively managed across a diversified range of assets with an emphasis on equities, but this will also include bonds, property and other asset classes. The recommended holding period is at least five years. 32 CCLA Investment managers support the Church of England’s Ethical Investment Advisory Group (EIAG). EIAG policies are available at https://www.churchofengland.org/about/leadership-and-governance/ethical-investment- advisory group When valued on 31 December 2020 our shares were worth **£81,333** . Income is paid out quarterly and the yield is currently about 3%. ## **Reserves in our Care International Lend with Care Account** Whatever is in the account today, currently **£2,104,** can be recalled as and when we need it. and signed on their behalf by William Gulliford (PCC Chairman) ## **Accounting Policies** The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2005. ## **Funds** Restricted funds represent (a) income from a trust which may be expended only on those restricted objects provided in the terms of the trust, and (b) donations or grants received for the specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not invest separately for each fund. ## **Restricted Fund - St Pancras Land Trust** St Mark's is a beneficiary of the historic St Pancras Land Trust. The income from the trust varies each year and is determined by the trust. These funds are restricted to maintenance of church buildings and towards the expense of performing divine worship in those buildings. ## **Incoming Resources** Planned giving, collections and donations are recognized when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. All other income is recognised when it is receivable. ## **Resources Expended** The diocesan parish share is accounted for when due. All other expenditure is generally recognized when it is incurred. ## **Fixed Assets** Consecrated and benefice property is not included in the accounts in accordance with s.92 (2) (a) of the Charities Act 1993. Moveable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected at any time. The policy is to expense items with a cost of less than £1000. 33 ## **Independent Examiner's report to the PCC of St Mark's Regent's Park** This report on the financial statements of the PCC for the year ended 31 December 2020 is in respect of an examination carried in February 2021. ## **Respective Responsibilities of the PCC and the Examiner** As members of the PCC you are responsible for the preparation of the financial statements; you consider that the audit requirement of the Regulations and s.43(2) of the Charities Act 1993 does not apply and that these accounts are to be reviewed by an independent examiner. ## **Independent Examiner’s statement** 1. My examination included a limited review of the accounting records and a comparison of the accounts with these records. I have reviewed the Balance Sheet and Profit and Loss Account drawn up by the Treasurer. The procedures undertaken do not provide all the evidence that would be required in an audit and accordingly I do not express an opinion on the view given by the accounts. 2. On the basis of this review and discussions with the Treasurer, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records and to prepare financial statements which accord with the accounting records have not been met, or to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. ALLAN HARDY 34 ementoF1inw￿ial￿wlt￿S Fu iheye* 31 December 2020 Lknresliicte Aesliicte Furbds Furbds Tolal 2020 Tolal 2019 PAOFIT & LOSS INCOMI￿ AESOUF￿Es Voluntary ncome Activities Icrf generaliig funds Church activities t4ocese ol E￿Ope St Pancias L￿d Tiust Intèrèst Other inccrfning resourc•s 0.194 26.698 38.081 .340 .194 71.665 26.698 29.579 38.081 35.738 38.340 37.125 N.000 .500 1.934 1.934 1.966 5.341 5.341 .438 Z70.588 14.000 Z84.588 Z02.031 N.(l)O 24 TOTAL INCOMING RESOURCES EXPENDED Vicar s èxpenses Vicar s èxpenses- Fknnes Parish c1￿k Assist￿1 Priest Mari E>4)enses Technologg Vicarage Ji* expenses Veigei lees Church rnusic tlocese ol L￿d0￿c¢)￿OnFlMd Other Pteachers anna *￿￿n$t$ anirwJ Websilè Insurance Nèw VestrneNs Glass Door Buildin9 and Maintenar 437 724 1,875 1,663 437 724 1,875 1,663 24 774 2,C•)O ,550 1.320 214 2.619 689 300 .997 85.200 2.100 245 1.963 135 7.671 4248 214 2.619 1.050 33.082 83.447 2.258 1230 2.￿7 135 7,499 .997 85.200 2.100 245 1.983 135 7.671 4,248 9,600 )),400 8,439 6,393 ,876 ,866 2,149 600 l383 46 737 327 155 1.496 65 234 1.614 86 185.734 ,876 .866 2.N9 e4)0 1.*3 46 737 327 E5 1.436 65 234 1.614 5.053 86 600 185.734 223.982 PriNing s￿Vice Publiclty Secretarial and oflice Tea. Collee. F￿spitalitY Christmas Hospitality & Glts CaleiiTrJ Chiistmas Pinlir¥J Legal Charli￿e giving Collections lor l￿dParti*s Other eXpen&￿￿- d￿1*5 wc Gill To M*t TOTAL RESOURCES 2.077 427 994 1.026 29 1.121 21J NET INCOMING REst￿lACEs CIFWD Fiom pievious yeai 98.854 -21.951 BALANCES BIF410 1 JAN 135.906 157.857 BALANCES CIFWD 31 OEC 234.760 135.906 35 Balance Sheet AS AT 310ECEMBER 2020 viii¥>u iu¥ Restn"ded Funds Funds 2020 2019 Note FIXED ASSETS CURRENT ASSETS Debtors- Gfft Aid Sundry Debtors HSBC Current HSBC Music Pelty Cash ToT￿L CURRENT ASSETS LESS CURRENT LIABILITIES Debtors- Gfft Aj'd Sundry Debtors Accruals 3970 2170 37281 7377 27 50825 3970 2170 37281 7377 27 50825 717 24710 3140 42 36057 1105 1105 4344 TOTAL CURRENT LIABILITIES 1105 1105 4344 NET CURRENT ASSETS 49720 49720 31713 TERM ASs￿s IN BANK CCLACBF C ofE Depostt account HSBC Business CBF C ofE Investment Fund Income Shares 51546 60019 70000 51546 60019 70000 49644 1010 50000 TOT￿ ASSETS 231285 231285 132367 TERM ASSETS VVTfH CARE INT Care Intemab'ollal Account Lendwith Care- Out on Loan 2104 1371 2104 1371 1595 1945 PARISH FUNDS Unrestrided Resth'cted 234760 234760 135907 The notes 2 and 3 form partofthese accounts Approved by the Parochial Church Counal on and signed on its behalf by William Gullrford IPCC Chairman) and Colin Luke (Hon Treasurerl 36 Notes to the accounts INCOME Total Total 2020 2019 2.1 Voluntary income Collections and Donatsors- Grft￿"d Collecknons - non gift aid Donations - non gift aid Sum Up Izettle Wall safe Tax recoverable 112,226 1,056 12,702 1,568 911 652 31,079 160,194 40,236 5,499 1,670 2,500 10.000 556 11.224 71,685 2.2 Activilies for generating funds Easy FutNJraising l Book of Remem Verger fee received Royal Martyr Church Amazon Smile mobi￿ Phone Mast Clothes sale Cafe Concerts Harvest lunch Book launch Music Festival Income Sale of Christmas Trees 71 100 600 15 14,300 250 2,742 2,560 60 37 100 600 14,300 620 1,318 4.518 277 1,809 6,000 29,579 6,000 26.698 2.3 Income from church activities Fees Nursery Sch)ol Church use Rent from AA 2.051 27,197 5,657 832 35,737 34,462 2,551 1,068 38,081 2.4 other incorne resources Listed places of Worship Music for weddirrfJs Wedding pnnbng received Other incoffle 4,261 300 40 740 5,341 9,862 80 80 416 10,438 37 Noles to the accounts EXPENDMJRE Total Total 2020 2019 2.5 Church PAusic Director of Music Other Organists Choir Organ Maintenance & Tuning Sheet music other music expenses Wedding music Music Festival expense 9,597 1.435 4.250 539 8,000 2.330 13.365 6,781 191 267 320 1,828 33.082 754 400 16,997 2.6 Dmjcese of Lonth Common Fund Deanery Synod London Oiocese Fees 85,200 82,500 215 732 83,447 8521M) 2.7 Buildi￿ & MaintenuKe Maintenace of Building aintenance of Garden Maintenance of Clock Sound Systern Maintenance of Nursery Removal of Oil Tank 10.022 360 13.041 417 9,606 5,424 6,953 321 Redecoration Kitchen 23,000 49 30,400 38.876 2.8 iniities Gas Electriaty Water (Mcarage) Water (churth) Telephone l Broadband 6,442 3,181 519 143 581 10,866 6.264 1.046 505 126 498 8,439 2.9 (haritable givi PHCA Royal Martyr Church St Marvs Youth Work Care i nternational Blue Marine 409 300 84 181 147 1,121 234 65 299 2.10 other Expenditiire Garden Bench Bank Fees Various Donkeys- old & new 675 404 1.210 1,614 389 Jo 3.1 Gift A"d daimed al end ofyear tlut lo be paid in Jan 2021 £3.970 3.2 Awa￿"n9 add￿"On21 amount trom Dioces ofEurope for WG'S semces plus one lale payment £2,070 £100 3.3 Ourshares (2993. 161 in the Church ofErwland InvethentFuThl boughtfor £￿,oL In November 2020 boughtfvrthershares (986.09) fy£2LXX The thl (3979.2￿*re valued on 31. 12.2020 at£81.333 £81,333 (A fvrther£30:CW ofshares b%Ere l)oughtin Jan 21) 3.4 Lend wrtlj Care A loan acc0untorgan￿ed bythe charty CARE IDITERNA TIONAL &"nce this loan accountof £41kn) w set up in 2015 £8215 has been lento￿t0 p￿r￿Ople in Ahca: Asia ar￿ S ArnerFca 117 separate loans have been made and 815 family fnembers helpeLI £7045 has i￿n repaid by Ltyem (andlhen lertothagain) £33 was wrrtten off in 2016 from one bao debl in J'mbabwp £11 was donated to Care Intematsonal in 2015 £1 I I was donated lo Care International In 2016 £64 was donated to Care Internatsonal in 2017 £233 was donated to Care International In 2018 £181 was donated ro Care International In 2019 £69 was donated to Care International in 2020 Total donated by 31. 12 2020= £729 currenly repaid and sitbng in our account as of 14.02_21 Out on loan 104 £1.371 The monies in our account can erfher be lent out again or recalled rfneeded. 39