## FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 ## **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** 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 **£85,200** has been met in full this year. After a top up payment in January 2023, we will have also received **£38,340** from the Diocese of Europe for the services of our Vicar as Director of Ordinands. The outcome of the year is a surplus of **£32,349** 15 We should note that the surplus, and the amount we receive from the Diocese of Europe, are very similar. The reason we have been able to build up our reserves over the last ten years or so is because of that contribution. The money we receive for our Vicar’s work in Europe is 16% of our recurring revenues and we would not be in such a healthy position without that. **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 **£255,085.** 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** 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) ## **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 16 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. COLIN LUKE 17 THE AUDITED ACCOUNTS 2022 Financial Pages Balance Sheet AS AT 31 DECEMBER 2022 Unrestitted Restitted Funds Funds 2022 2021 Note FLXED ASSErs CURRE1￿AsSErS Debtors- Grtt AIJ Sundry Debtors HS8C Current HS8C ML4S Petty Cash TOTAL CURRETrifASSErs 3.42S 8.572 14,006 6.390 60 32853 3.607 14,475 25,303 10,373 53W2 LESS CURRETr￿ LL4BLThES NET WORK14G CAFfAL 32,453 53092 TERM ASSETS N BANK Care knternatK*nal Account CCLA CBF C of E Depos* account HSBC Business BMM Jccounl CBF C ofE knVeS￿nI Fund kncoff￿ Shares TOTAL TERM ASSErs 2,943 47.524 30.000 86.000 166,467 121.434 10.084 e6.000 219,153 TERM AssErs Lend wth Care- Out on Loan 2,376 PARSH FUIIDS- ASSErs unrestr￿ted Restricted 255.005 222,735 The note$ 2 arhd 3 form pJrt of these J¢¢ourbts Approved ty the Paroch*l Church Councl on and sKJned on rts behalf by Wilam Gulliford (Ffc ChaiMan) and Cokn Luke (Hon Treayjrer). 18 Noi INcola￿ RESCWJRCES Vok4ntary ncome Activiries lor genwatir¥J l￿d5 Church activiries Oiocese ol Europe St Panuas Land Trusi Fees receiv Iniei*st OihÉvr incoming I•stX4r¢es Repaid by Diocese lor vicarage 6.760 89.084 611 80.503 38.340 12.oc•) 82.426 82.426 .340 .coo ec￿0 3.938 3.938 5.252 5.252 32.869 32.869 273.314 12.000 285.314 240.304 2.382 16.784 24 TOTAL INCOMWIG REsOU￿Es RESOURCES EXPENDED Vicar s *%￿nseS Vicar s expenses- pFI0￿S Diary Manager Assistani Priest- Gl•n- ws Tèchnolog) Vicaiage Altar expenses Flowers Veiger lees Church rnus Oiocese ol London CornTrJn Fund Othèr Preach￿S Joanna e>pens•5 Bank Fees Cleaning Website Insuiance Vesrrnenls New Boder Buddin9 andMaiNenance 114 723 1.9)0 44 76 18.662 1.428 201 22.403 574 33,753 85.200 2,￿0 1.175 203 2.330 135 8.145 440 31,143 85.2()) 2.1C 1.505 27 3.717 135 7.2 51,49) 29.307 6.841 3.365 63) 1.2 78,*1 3.566 4.913 760 1.815 234 573 409 666 595 448 620 1.205 750 91 •••••• 252.329 29 Printing swvice order Publicity Seciel*ial and oMic* Tea. Collee. hospitality Paiish events HM &)ok ol coTrJolence Chiisimas Hospitaliry & Gills Caierin9 Chris￿aS Prnthg Lègal Chaiitable givirwJ Othèr è%peTh4iN4è- donkiès *c Vaiious 71 449 156 SCI) TOTAL RESOinCES NET INCOMING RESOiACES 32.350 112.025) CIFWD Fiom pievious year BALANCES BIFVD I JAN 2022 •••• 234.760 BALANCE5 CIFWD 31 DEC 2022 255.085. 222.735 19 Notes to the accounts INCOME Total Total 2022 2021 2.1 Voluntary income Collections and Donatsons- Gift Ajd Co1￿CtIOns- non gift aid Donations- non gift aid Sum Up izettle Legacy Wall safe Tax recoverable 617T7 4316 17265 5623 53768 2500 4441 4665 1011 10002 382 12315 89,084 286 19493 108,760 2.2 Activities for generating funds Easy Fundraisiro l Book of Ren￿ffi Clothes sale Quiz Music Fesb'val incorne 39 28 360 326 463 828 223 611 2.3 Income from church activities Mobile Phone Mast Café Nursery School Concerts & Rehearsals Church use Rent from AA Sale of Christmas Trees 14300 2903 36769 9140 12252 560 6502 82,426 14300 5117 35265 T360 11661 800 6000 80,503 2.4 Other income resources Listed places of Worship Music for weddings Verger fee received Printiro received Olhei income 12405 3166 350 696 167 16,784 3610 600 852 190 5,252 20 Mole¥ to the account8 EXFENDrruRE Total Totsl 2022 18.662 2021 22403 2ts Vicarage The PCC agreed to cash the paiiling of the Vicarage iisKJe and out. The DDcese property depl has repapj Is share. trom k8St year and ths year £32e69 2.6 Church Mu8•C Director of Nlus Other OrganBIs Chor Organ Ilantenance & Tunng Sheet rnus Other expenses MUS￿ FestNal expenses 11.046 2.480 16.229 2.360 1.645 10.430 9.474 185 1.146 33,753 31,143 2.7 Dioceseof London Common Fund Deanery Synod London th￿eSe Fees 85.200 85.200 Buildi￿& MaintenwKe Maint*nate of Buildint Maintenance of Garden Maint*nante of Cl¢xk 4.451 3.750 877 27.273 427 Sound Sy5tefn Kitchtn 1.607 8oundaryWall 69.555 78,981 29J07 2.9 utirties Gas Ekctr Water Ivurage} Water Ichurchl Te￿Phone l Broadband 792 540 153 602 6Y1 110 (haritsble ziyi Half of ￿an Hardy'5collectio Ukrainevia Aubet Care international 500 205 156 21 3.1 Gfft Aid claimed al end of year but to be paid in Jan 2023 £3,424 3.2 Awath"ng addib.onal amountfrom Diocese ofEurope forWG's seNces but to be paid in Jan 2023 £2.070 AWa￿'n9 paymentfrom Ecosse (Pines & Nee¢Jles)forthe Christrnas Trees £6,502 3.3 We have invested our reseNes in the Churth of England Investrnent Fund. £50.000 invested behveen Nov2018 and Maith 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 addedlo BMM accountforthe boundarywall Remaining shares 4815.58 valued by CCLA on 31 Dec 2022=£99,496 3.4 Lend with Care A loan account organised bythe chartty CARE IPtrERNATtONAL This loan aCCount￿a5 set up in 2015.12K in 2015. 2K in 2017 & 2K in 20211 Total £6000 This money is lent out repaid and then lent out again. In total £14152 has been lent out lo poor people in Africa. Asia and S America 151 separate loans have been made So far £9420 has been repaid by them land then lent out again) £33 was wntten off in 2016 from one ba¢J debl in ￿mbabWe £146 has lo be wnlten off Ihis year for t¢atJ debts in Wietnam Donakn"ons are made to help Care lnlemats.onal ￿1h this wo £71 was donated to Care Intemational in 2015 £111 was donaled to Care 1nlernats.onal in 2016 £64 was donated to Care 1ntemab.onal in 2017 £233 was donated to Care lntemab.onal in 2018 £181 was donated to Care lntemab.onal in 2019 £69 was donated to Care Intemabonal in 2020 £156 was donated to Care Intemabonal in 2021 £205 was donated to Care Inteinabonal in 2022 Total donated by 31.12 2022 = £1090 repaid and srtb-ng in our account Out on loan £1,635 UA79 The monies in this account can etlher be lent oul again or recalled rf needed by us 22 INDEPENDENT EXAMINER'S REPORT TO THE PCC OF ST MARK'S REGENT'S PARK ## T - HIS report on the financial statements of the PCC for the year ended 31 December 2022 is in respect of an examination carried in February 2023. ## **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 and procedures relating to how these have been created and maintained. The review undertaken does not provide all the evidence that would be required in a full audit and accordingly I do not express an opinion on the view given by the accounts. 2. Based on 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. Nor, in my opinion, is there anything to which attention should be drawn to enable a proper understanding of the accounts to be reached. - JAMES SAWTELL 23