## FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ## ADMINISTRATIVE INFORMATION T 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 S 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 a **£10,000** legacy from the estate of one of our regular parishioners for which we are immensely grateful. After a top up payment in January 2022, we will have also received **£38,340** 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 £ **12,000** . 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. 32 The outcome of the year is a small deficit of **£12,085.** Your attention is drawn to Note 2.5. This deficit should be wiped out by a negotiation with the Diocese in the Spring. ## 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 unrestricted Parish Funds stand at **£222,735** of which **£199,334** is the cash balance. Also included in this total are **4815.58** shares 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. 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 Income is paid out quarterly and the yield is currently about 3%. ## RESERVES IN OUR CARE INTERNATIONAL LEND WITH CARE ACCOUNT In the course of the year the PCC agreed to put a further **£2,000** into our Lend with Care account. Whatever is currently in the account can be recalled as and when we need it. Approved by the PCC on and signed on their behalf by William Gulliford (PCC Chairman) 33 ## 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. 34 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. INDEPENDENT EXAMINER'S REPORT TO THE PCC OF ST MARK'S REGENT'S PARK HIS report on the financial statements of the PCC for the year ended 31 December 2021 is in respect of an examination T carried in February 2022. ## 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 35 which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. 36 Statèmènt ol linèncial activities lor thè year ending 31 Oècèmbèr 2021 UThrèstfiCI Rèstrict Funds Funds Toial 2.021 Total 2020 PROFIT a LOSS Note INCOMING RESOURCES Voluntary income Activities lor qeneialinq luTrJs Church activities Diocese ol Europo Si Pancras Land Tiust Interest Othoi incominq ièsour¢*s TOT AL INCOMING 89.084 611 80.503 38.340 89.084 160.194 996 83,683 38,340 14.000 1.934 5,441 284.588 2.2 80.503 38.340 12.000 2.882 16.784 240.304 12.000 2.882 16.784 228.304 12.000 RESOURCES EXPENDED Vi¢ar's *Kpens*s Vicar's *xp*nsès. phonès Paiish Clerk Assistènt Priést Technoloqy Vicaraqè Altar expenses Flowèrs V*rqer lees Church musi¢ Dioc*s* ol London Common Fund Othei Prea¢h*rs Joanna oxp*rbSèS Cleaninq Websit Insurance Newcopè New 80iler Buildinq and Maintènancè 64 816 1,775 64 816 1,775 437 724 1,875 1.663 214 2.819 689 201 22.403 574 260 950 31.143 85.200 2,100 1.505 3,717 135 7,288 75 51.450 29.307 6.841 3.365 630 1,238 71 201 22.403 574 260 950 31.149 85.200 2.100 1.505 3.717 135 7,288 75 51.450 29.307 6.841 3.365 630 1,238 71 300 16.997 85.200 2,100 245 1,983 135 7,871 4.248 2.6 2.7 38.876 10.866 2,149 GOO 1,383 46 737 327 155 1.496 65 234 1.814 86 185.734 2.9 Printinq seivi¢* oid*r Publicity S*¢ifrtarial and olli¢* T*a. Colle*. hospitalit Chiistmas Hospitalilu & Gills Caleiinq Chiistmas Prinlinq Loqal Charilable qivinq Collections lor third pariies Othei e%pendituie- donkies etc Various TOT AL RESOURCES 449 156 449 156 2.10 500 500 252.329 252.329 PIET IP4COMING CIF¥O fiom previous yeai BALANCES BIF¥D I JAN (12.025) 98.854 224.760 135.906 BALANCES CIF¥D 31 DEC 222.735 234.760 37 Balance Sheet AS AT 31 DECEMBER 2021 Unrestricted Restricted Funds Funds 2021 2020 Note FLKED ASSETS CURREFW ASSEts Debtors - Gfft AJ"d Sundry Debtors HSBC Current HSBC Music Petty Cash TOTAL CURRENT ASSETS 3.607 14.475 25.303 10.373 134 53,892 3.607 14.475 25.303 10.373 134 53,892 3.970 2.170 37.281 7.377 27 YJ.825 LESS CURRENT LIABILIfflES Accwals 1.105 1,105 TOTAL CURRENT UABIUMES CURRETrtF ASSEFS 53.892 53,892 49,720 TERM ASSETS IN BANK CCLA CBF C of E Depjsit account HSBC Busin6ss BMM account CBF C of E Investment Fund Income Shares TOTAL TERM ASSETS 47,524 30.000 86.000 163,524 47.524 30.000 86.000 163,524 51.546 60.019 70.000 181,565 TERM ASSETS Care Intemational Account Lend ￿th Carè - Out on Loan 2.943 2.376 2.943 2.376 2.104 1.371 PARISH FUNDS Unrestricted Restrictèd 222,735 222,135 234,160 The notes 2 and 3 form part of these accounts Approved by the Parochi31 Church Council on and signed on its behalf by William Gulliford IPCC Chairman) and Colin Luke (Hon Treasurer). 38 Notes to the accounts INCOME Total Total 2021 2020 2.1 Voluntsry income Collections and Donations- Gift Collections - non gift aid Donations- non gift aid Sum Up izettle Legacy Wall safe Tax recoverable 53768 2500 4441 4665 1011 10002 382 652 12315 31,079 89,084 160,194 112,226 1,056 12,702 1,568 911 2.2 Activities for generating funds Easy Fundraising l Book of Remem Royal Martyr Church Clothes sale Hatvest lunch Music Festival income 28 86 600 250 60 360 223 611 996 2.3 Income from church activities Mobile Phone Mast Cafe Nursery School Concerts Church use Rent from AA Sale of Christmas Trees 14300 5117 35265 7360 11661 800 6000 80,503 14,300 2,742 34,462 2,560 2,551 1,068 6,000 63,683 2.4 other Income resources Listed places of Worship Music for weddings Verger fee received Printing received Other income 12405 3166 350 696 167 16,784 4,261 300 100 40 740 5,441 39 Noles lo Ihe accounts EXPENDITUPE Total Total 2021 22403 2020 2619 2.5 Vicarage The PCC agreed lo cash flc¥ the painting ol the Vicarage inside and out. The Diocese properly depl will pay For IF exterior and we hope some portion OF the interior as well 2.6 Church Music Director of Music Other Organists Choir Organ Maintenance & Tunin( Sheet musc Other music expenses Wedding mu&c 9.220 1,645 .430 9.474 189 9.597 1.435 4.250 539 22 754 400 31.143 16.997 2.7 Diocese of London Common Fund Deanery Syncd London Diocese Fees 85,200 85200 85.200 85.200 2.8 Building & Mainlenance Mainlenace ol Building Maintenance of Garden Maintenance OF Clock Sound System Maintenance OF Nursery Removal ol Oil Tank Kitchen 27.273 427 10.022 360 13.041 417 9,606 5.424 1.gJ7 29.307 38.876 2.9 Ullities Gas Electricity Water Ivicaragel Water Ichurchl Telephone l Broadband 3.961 6.442 1.644 3,181 540 519 94 143 602 581 6.841 lJ.866 2.10 Charitable giving Royal Mèrlyr Church Care irlernalimèl 234 65 299 156 156 2.11 Other Expenditure Various Bayleal the Donkey 116 500 616 404 1.210 1.614 40 Notes to the Ac(ounts 3.1 Grfi Ad claimed at end of year but to be paid in Jan 2022 £3.607 3.2 A￿a￿ng add￿onal amount from Diocese of Europe for WG'S seTwces £2.070 3.3 We have invested our reserves in the Church of England Investment Fund. £50,000 invested between Nov 2018 and March 2019 = 2993.16 shares £20,000 invested in Nov 2020 - 986.09 shares £30.000 invested in Jan 2021 1459 40 shares Total £100,000 = 5438 65 shares 623.07 shares sold on 21.09.2021 = £14.000 added to BMM accountforthe boundarywall RemainirrfJ shares 4815.58 valued at 4th January 2022 - £113.290 3.4 Lend wtth Care A loan account organised by the charty CARE INTERNATIONAL This loan account of £6000 was set up in 2015 and includes £2000 added this year This money Is lent out, repaid and then lent out again. In total £10173 has been lent out to poor people in Africa. Asia and S America 133 separate loans have been made and 945 family members helped So far £81)40 has been repaid by them land then lent out again) £33 was wrrtten off in 2016 from one bad debt in Jmbabwe Donats"ons are made to help Care 1nternab.onal wrth this wo £71 was donated to Care International In 2015 £111 was donated to Care International in 2016 £64 was donated to Care Internatlonal In 2017 £233 was donated to Care Intemational in 2018 £181 was donated to Care Intemational in 2019 £69 was donated to Care InternatlDnal in 2020 £156 was donated to Care Inlemational in 2021 Total donated by 31.12 2021 £885 currently repaid and srtirrfJ in our account as of 14.01.22 Out on loan £2.943 £2.376 The monies in this account can erther be lerrt out again or recalled rf needed by us 41