ST MARKS INSTITUTE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY NUMBER: 203765
ST MARK'S INSTITUTE TRL'ST FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 DECEMBER 2023 CONTENTS Page Report of the TnleeS Independent ExamineEs ReEM)rt Statement of Financial Activities Balance Sheet Notes to the Financial Slatements 9-10 FOR MANAGEMEIYT PURPOSES ONLY: Detailed Income and Exp¢nditur¢ Account 16
ST MARKS INlT[rIE TRUST Pag¢ I REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2013 Th¢ truslees present their Annual R¢wrt and FInala1 Statements of the St Marks Institute Trust of 37 Victoria Road. WoolstO Southampton, SOI 9 9DY for the year ended 31 December 2023. The Financial Statements comply the Clty'S constitution, the Cbaritics Act 2011 and Accounting and Reporting by Cl)arities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102). REFERENCE AND ADMINISTRATE INFORMATION Charity Name: St Marks Institute Tn Regislered Charity Number 203765 Charity stats$: charity was granted charitsble status on l December 1964. Correspondenee Address: 37 Victoria Ro*J (x)1ston Southampton S019 9DY Trttt5. The Rev'd Miles Newton Chair Mrs Jean Batchelor Mrs Susan Lampard Mr Brian Lampard Mi&s Ann knwe Mrs Margaret Bradley Mr Christoph¢r L:EDfa Non-Trustt¢s: Faye Mr Tom Beech Building Consultanl Our Advisors: Independent Examiners: Abraham & Ik)bell 230 Shirley Road Southampton S015 3HR
Page 2 ST MARKS INSTITUTE TRUST REPORT OF THE TRUSTEES (coNrINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 OUR PURPOSES AND ACTIVITILS The prySeS of St Marks Institute Trst are: To promote religious education in accordance with the dtrITres of the Church of Engla1 in the parish. and to improve the conditions of life of the inhabitants of the parish by the provision of recreational fa¢iliii¢s to promote their physical, mental and spiritual well-being. and subject thereto to further the religious and other clwitable work of the Church of England in the parish. and to assist in the upkecp of parish church for the time king of the parish. The land identified in the first part of the schedule to this scheme must be relained by th¢ trustees for use as a church institute in furtherdnce of the objects of the charity" STRUCTURL GOVERNANCE AND WAGEMENr Governing Document The charity st Marks Institute TnL8t is govern by its cotlIUll0n. The clwity w&s registered on l December 1964 with a charity number of 203765. Reernitment and Appointment of Trnstees The charity is thillistered by a EM)ard of tn¢¢$ Nvhicl at the date of this repor¢ numbered 7. TnJst¢cs, wh¢th¢r ¢lect¢(L apInted or wpted are required by law to act in the best interests of the charity and nol the body that app)inted them or from which they were co-OPt&l. Truste• Induction And TraiDiDg TnLStees are familiar with the WO of the charity, having n¢w IteeS meet with the ChairFtrson of the tTStecS, who provides a br1¢fu OD th¢ charity to includ¢: th¢ obligations of iM)ard member&" th¢ main documents which set out the oFmtional framework foi th¢ ¢haTity, including th¢ constitution. the financtal position of the Organisatio including the l&%t set of fanCIal statements and funding status. and future plans and objectiv¢s.
Page 3 sr MARKS INSTrrirrE TRUST REPORT OF THE TRusfEFS (CONllNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTUR& GOVERNANCE AND MANAGEMEIYT (CONfiNUED) Risk Managemt The trustees have examined the major opernllonal risks which the charity faces and confirn] that syslems have been established to cnable rerK)rts to k pr(Mknced so that th¢ ncce5sary steps can be taken to lessen these risks. onISational Charity Siructure The trustees, comprising 7 members, including a SeCTetsry, WIK> meet at various times in the year, are restK)nsible for the management and administralion of the charity. ACHIEVEMENTS AND PERFORMANCES Main Hall Plans to converl a stnall office within tIK n]ain building to a toilet have not progressed owing to the contractor king unable to proceed. This matter is ongoing. 37e (offiee) R¢mained empty througbout 2023. Basement The SUlaY Lunch Pmject conlinued to provide a Sunday lunch for the homeless and needy. Two Sbops and Flats Over Both flats r¢mained let for the whole of 2023 and the hairdresser in 37d r¢mained in businc&s. The shop 36a c¢ased to trade durittg 2023. Full details are filed annually with the Charity Coullni&sio FINANCIAL REVIEW Ov¢rnll income, excluding gains on investn*nts increased in the year to 31 Lkcember 2023 10 £38,081 {2022 - £31,829). Expenditure also increa8ed to £38.469 in the year to 31 December 2023 (2022 - £37.749).
Page 4 ST MARKS INSTITiJTE TRUST REPORT OF THE TRuEEs (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW {coNfiNUED) GaAns on investment income were achi¢Tred in the year of £37,954, compared to a loss of £(48.303) in the previous y¢ar. This Ill8 resulted in an overall surplus of £37,566 for the year to 31 December 2023 compared to a d¢ficit of £(54223) in the previous year. The trustees are satisfied with the outcome for the year. Principal Funding Sourc The funding sOUt5 for the chariry are currcntly by way of shop and flat rental income. Investment Poliey Short-lemi d¢SIts and monies are held in a current bamk xwunt with Lloyds Bank Plc. There aff som¢ long-tenn investments held in the form of CCLA inveslments. PLANS FOR FUTURE PERIODS The tkv¢lopm¢nt Report conlS510nea in 2019 has not progress but the TThte¢s continue to work with their partners to see how best to utilise this rcsourc¢. RESPONSIBILITILS OF THE TRUSTEES The trustees are responsible for preparing th¢ TTusitts' Annual Report and the Financial Statemcnts in accordance with applicable taw and Uniied Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Fngland and wal requires the trustees to PT¢pare Financial Stst¢m¢nts for each financial year. which give a true and fair view of the stat¢ of th¢ affairs of the charity and of its incoming resources and application of resour¢es of the charity for that period.
ST MARKS INsfiTvfE TRUST Page 5 REPORT OF THE TRUSTELS (coNriNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 RESPONSIBILrriFS OF THE TRUSTEES (coNfiNUED) In preparing the Financial Statements the trustees are required io: select suitable accounting 11¢1¢$ and apply tlrm consistently" observe the methods and principles in the Charities SORP (FRS 102). m8ke judgements 2nd estimat&s that are rea80nable and prudent" state whether applicable accounling standards have been followe subject to any departu8 disclosed and explaincd in the Financial Siatements: a1 prepaTe the financial statements on the going Concern basis UZLle&s it is inappropriat¢ to presume that the charity will conlinue in business. The trustees a reS81ble for maintaining prOr acwuDting Tecords which disclose with rea80nable accuracy at olly time, the fula1 wsition of the ckwlty wid to enable them to ensure that the Financial Slatanfflts comply with the Charities Acl 2011. the Clwity (Aco)unts and RepM)rts) Regulations 2008 and the provisions of the tnLSt deed. Try are also reS[M)ble for s8fegua[di the assets of the charity an¢ hence, for taking Isonable steps for the prevention and detection of fraud and otlKr irregularities. INDEPENDENT EXAMINERS A resolution to re-appoini Abraham & Dobell Inde[ent Examiners will Ix proposed at the forthcoming meeting. Approved by the trustees 26 S¢ptember 2024 *nd signed on its behalf by= REV M NEWTON tss A LOWE
Page 6 INDEPENDEr EXAMINERS REPORT TO THE TRUSTEES OF FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examination of the accounts of St Marks Institute Tr81 for the year ended 31 DecemFr 2023. RESPONSIBILrriFS AIW BASIS OF REPORT As trust¢¢s of th¢ Charity you are responsible for the preparation of the accounts in accordance with th¢ iequir¢ments of the Charities Act 2011 ('the Act ). I report in reSpt of my examination of the charity's xcounts Carried out under s¢ction 145 of the 2011 Act and in carrying out my ¢xamination I have followed all the applicable Dirertions given by th¢ Charity Cornnjission under section 145(5Mb) of th¢ Act. INDEPENDENT EXAMINER'S STATEME I have completed my examiDthon. I confizm that no material matters have come to my attention in connection with the examination giving me cae trg believe that in any nLaterKal Spect. accounting records We nol k1 in res of the charity &s required by section 130 of the Act; or the accounts do nol a¢[d with those Tecord5' or the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounls and Rerts) RegulatiorLS 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no oth¢r in CODDe£tion with tbe examination to ith attention should dtawi in this rep in order to enable a prow understanding of the accounts to be reached. DAVID J MANT FCA INSTITtffE OF CHARTERED ACCOUNTANfs IN ENGLAND & WALES 230 Shirley Road Southampton S015 3HR 26 Sept¢mber 21)24
P*ge 7 ST MARKS INSTITUTE TRUST STATEMENT OF FINANCIAL AcrivrriEs (INCLUDING INCOME AND EXPENDrfuRE ACCOUNT) FOR THE YEAR EIYDED 31 DECEMBER 21)23 2023 Unmtritted Tolal Funds FuDds 2022 Totsl Funds Notss INcoMtNG RKSOURCES Chatitable activtties Inv¢slment income 33,710 4.371 33,710 4,371 28,372 3,457 TOTAL INCOMING RLSOURCES 38,081 38,081 31.829 RESOURCES EXPEIYDED Charitable activities 38.469 38,469 37,749 TOTAL RESOURCES EXPENDED 38,469 38.469 37.749 NET IL¥ICOME BEFORE NET GAINSI (LOSSES) ON JNVESTMEwrs (388) (388) (5.920) Net gainSl(los) on inve5LD]ents 37,954 37,954 (48,303) NET INCOME FOR THE YBARINET MOVEMENf Iiy FUNDS FOR THE YEAR 37,566 37.566 (54223) RECONCILIATION OF FUNDS Total funds brougbt fonyard 494.493 494,493 548,716 Total funds carried fonv8rd £532.059 £532,059 £494,493 The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resourc¢s ¢xpcnded derive from wntinuing activities.
Page 8 ST MARKS INSTITUTE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible &ssets Investments 481,842 440,601 481.842 440,601 CURREwf ASSETS Cash at bank and in hand 55,667 58.592 CREDtroRS: AmouDts falling due within one year io 5,450 4,700 NET CURRENf ASSETS 50.217 53.892 TOTAL NET ASSETS £531059 £494,493 FINANCED BY: Unrestrieted Funds General funds 12 532,059 494,493 TOTAL FUNDS £532.059 £494.493 Approved by the tru8te¢s on 26 September 2024 aDd signed on its behalf by: REVM NEwfoN MISS A LOWE
Page 9 ST MARKS INSTITUTE TRUST NOTLS TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Th¢ accounting lICIeS are SUMM below. The accounting FK)licies have Fttn applied consistently througkx)ut the year and in th¢ preceding period. (a) Basis of AccollntiDg The Financial Ststements are prepared under the historical cost convention and in accordanc¢ the Statemenl of Recommend PtiCe.. Accowiting and Reporting by Charitie& (b) Fund Aecounling Unrestricted funds are availablc for use at the disctetion of the trUSt¢es in furtherdnce of th¢ general objcctives of the ckwity. Restricted fi$ are subjected to StriCt10n$ on their eXndItUre in)posed by the donor. (c) Incoming Resources All incoming resources a included in the Statement of Financial Activities when the charity is entitled to the income and the amount be quantified with reasonabl¢ accuracy. The following spIfiC plices ar¢ applied to particular cal¢gori¢$ of income: Voluntary income is reccived by way of grants and donations and is included in fidl in the Statement of Financial Activities wh¢n receivable. Granty wbere entitlement is not conditional on the d¢liv¢ry of a specific pertOTmance by the charity, ar¢ recognised when the cbarity I)rneS unconditionally entitled to the granL Donat services and facilities are included at the value to the charity where this can Et quantifi¢d. The value of Servic provided by volunteers has not been includ¢d in these Financial Statem¢nts. InVes1nllt income is Includ when teceivabl¢. (d) ROurceS Eipended Expenditure is recognised on an accrual basis &s a liability is incutre(L Expendiiure includes any VAT wbicb camiot Ir Tccovered and is rerted a5 part of the expenditure to which it relates: Costs of generating fiJThls comprise the wsts &$slad with atiracting voluntary income. Charitable expenditure comprises those costs incurred by th¢ chaTity in th¢ delivery ol its activilies and s¢rvices for its beneficiaTies. It includes both costs that can be allocated direcdy to such activities and those costs of an indirect nature nece&sary to support them.
Page 10 ST MARKS INSTITirrE TRUST NOTES TO THE FINANCIAL STATEMENrs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (COIYTINUED) (d) Re50urees Expended (Continued) Govertwice costs includ¢ thos¢ costs &ssociated Fhqth m¢¢ting the constithtional and statutory uIrementS of the charity and includ¢ the Independent Ex8mioees fees and costs lÉnked io the strategic manag¢ment of the charity. All costs ar¢ allocated between the expiditur¢ categories of the SLqtrm¢nt of Financial Activities on a basis d¢sign¢d to reflect tbe usc of the resource. Costs relating to 2 particuE8r aclivity are loCaL directly, otlKrs are aprtIOned on an appropriate basks. (e) Tangible Fixed Assets Tangible assets aff initially r¢corded at cost and subwuently staled at cosi less any a¢cumulated depreciation. Any tangible assets carried at revalued amounts are recorded at th¢ fair value at the date of r¢valuation any subsequent accurnulatea depreciation. (fj Invtstments Investm¢nts are valued Val 8t 31 Decemkr. (g) Debtors Trade and other debtors ate recognised at th¢ thement amount due. [trynntS aTe valued at th¢ amount prepaid net of any trade discounts due. Ih) Creditors aDd ProvisioDS Creditors and provisions are recognised where the ¢haTity has a present obligation resulting from a p&st evenl that will probably result in the transfer of fimds to a third party and the amount due to sellle the obligation can be measurcd or estimated Teliably. Creditors and provisions are nornially recognised th¢ir settlement amount after allowing for any trade discounts th. (i) Fund Accounting Unrestricted funds are geDernl fimds available for us¢ at the discrction of the trustees in firtherdnce of the general objectives of the charity. Designated fuThJs are unrc51ricted fimd8 earn]aTk¢d by the tnLStees from time to time for particular pmjects or purpose& They are not in any way restrict¢d and any surplus or deficit wiii transferrcd tolfrom the general funds when the designated fund is closed. Restricted funds are subject to specific restrAclions on their expenditure in]p)sed by the donor or througb the teTms of an ap1.
Pxge 11 ST MARKS INsfiTtrrE TRUST NOTES TO THE FINANCIAL sfATEMENt3 (COKllNUED) FOR THE YEAR ENDED 31 DECEMBER2023 ACCOiThTtNG POLICIES (CONfINUED) ti) Finxneial Itnstruments The charity only has financial assets and financial liabilitie5 of a kind that qualify as basi¢ financial iDStruments. B&sic fllwA¢i instruments are iDitially recognised at transaction value and subsequently rnured & their s¢lllemcnt value. (k) Signifieanl Judgements aAd Kstimxt Preparation of th¢ Fin1 Stat¢mW may require the trustees to mak¢ significant judgements and estimat¢s. There are no items in th¢ Financial Ststements wh¢re judgements and estinteS would have a significant effect on amounts recognis¢d in the Financial Statements. CHARrrABLE AcrIvrriES Th¢ following inci)tn¢ was g¢nerated during th¢ year. 2023 Unrestrieted Totsl Funds Funds 2022 TotAR Funds Shop and flat Tental Main hall rental Brnent rental 19,091 12,971 1,648 19,091 12,971 1,648 17,997 9,455 920 £33,710 £33,710 £28,372
Page 12 ST MARKS ENSTITirrE TRUST NOTES TO THE FINANCIAL STATEMENrs {COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMEKf INCOME The following income was rtt¢ived during the y¢ar: 2023 Unrestri¢t¢d Total Funds Funds 2022 Tolal Fullds Interest Dividends 1,084 3287 1.084 3,287 317 3,140 £4371 £4.371 £3,457 TOTAL RESOURCES EXPENDED 2023 Unrestricted Total Funds Funds 2022 Total Funds Charitable Activitiey Major refurbishm¢nt projects Proprty maintenanc¢ Caretaker Cleaning Electricity 2,000 1,709 9.779 4,125 2,504 2,522 457 1,141 5,951 6,500 1,020 750 4,614 1,824 8,646 3,063 1,513 3.292 437 979 4,580 8,000 1,709 9,779 4,125 2,504 2.522 457 1.141 5,951 6,500 1,020 750 Water W&8te disposal Insuran¢¢ Grants paid - PCC of St Mark's W(yolston Legal and professional fe¢s Independenl Examiner's fees OtTice expenses 700 jji li £38,469 £38.469 £37,749
Page 13 Sf MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2023 STAFF COSTS AND TRUSTELST REMUNERATION There were no staff costs or rernutmtion arising in the year. TAXATION As a charity, St Marks Institute Tnt is exempt from tax on incorne and gatns falling within s.505 of the T&xes Act 1988 and s.256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects. No tsx charges have arisen in th¢ CIlty. TANGIBLE ASSETS The cost of the frcchold prowty known St Mark's tnstitute has been MTitten-off in a prior yw's Accounts and no valu¢ h&8 been Incl in these Accounts. The tnLStees are in tbe proce&8 of uplating the legal slat$ of the property and are considering obtsiDing a Valuatio which may then be inwrp)rated in a following year's Accounts. Holding Market Va¢ 31 December 2023 CCLA Account 42502(KM)IR CCLA Account S623lA CCLA Account 86231v 1274.38 units @ £248.(K) IlJ33.39 units @ £9.05 (A)S59.62 units @ £104.40 316,047 102.571 63224 £481,842 Holding Marftel Vthe at 31 December 2022 CCLA Accounl 42502(KKJIR CCLA AOUnt 86231XKK)IA CCLA Account 8623WJ IV 1274.38 units @ £220.69 11.333.39 units @ £8.40 57.597.62 units @ £1.11 281,254 95,212 64,135 £440,601
Page 14 ST MARKS INSTITirrE TRb'ST NOTLS TO THE FINANCIAL STATEMENrs (coNriNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 INVLSTMENf A&SETS (CONfiNUED) Market Value #t 31 Detember2022 440,601 MoveDJent in the Year Dividends reinvested Unrealised gain on investsnents 3287 37.954 Market Value at 31 December 2023 £481,842 CREDITORS: Amounts falling due within one ycgr 2023 2022 Trade creditors and ac¢nS Rent deposits 2,950 2.500 2,200 2,51X) £5,450 £4,700 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances are represented by: 2023 Unrestricted Total Funds Funds 2022 Total FuDds Investments Current assets Current liabilities 481,842 481,842 440,601 55,667 55,667 58,592 (5,450) (5,450) (4,700) Net assets at 31 December 2023 £532,059 £532,059 £494,493
Pydge 15 ST MARKS INSTITUTE TRUST NOTES TO THE FINANCtAL STATEMENTS (coNrtNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 I I. MOVEMENf IN FUNDS At Incoming Ou¢%oing GaiDS OD At 01.0123 Resourees Reree5 Investments 31.12.23 Unrestricted funds 494,493 38,081 38,469 37,954 532,059 Total funds £494,493 £38,081 £38,469 £37,954 £532,059 Unrestricted Funds comprise those fijnds which tneeS are free lo use in accordance with the charitabl¢ obi¢cts. Restricted Funds are fimds which have been given for particular purEK)ses and projects. Th¢ ckwity Imd no restrid¢d fund& 12. RELATED PARTtES There were no lated party transaction& 13. POST BALANCE SHEET EVENTS There were no matetial post Balance Shed events at 31 Decernber 2023.