ST MARKS INSTITUTE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 REGISTERED CHARITY NUMBER: 203765
Sf MARICS INSTITirrE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CoNfErS P*ge Report of the TThtees Independent Examinerfs Rcport Ststem¢nt of Financi Activities Balance Sheet Notes lo the Financial Ststements 9-10 FOR MANAGEMENf PURPOSES ONLY: Detailed I¢ and Expenditure Account 16
Page I ST MARKS INSTITtrrE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their Annual Report and Financia] Statements of the St Marks Institute Trust of 37 Victoria Road. Woolston, southampto SOI 9 9DY for the year ended 31 December 2024. The Financial Staternents cornply with the charity's constitution. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Finala1 Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION Charity1¥4ame: St Marks Institute Trust Registsred Charity Number 203765 Charity Statu8: The charity was granted charitable status on l D¢¢¢mber 1964. Correspondence Address: 37 Victoria Road Woolston Southampton S019 9DY Trustees: The Rev'd Miles N¢wton Mrs Jean Batchelor Mrs Margaret Bradley Miss Ann Lowe Mr Christopher L'Enfant Chair Treasurer NoD-Trustees: Mrs Faye Beech Mr Torn Beech Secretary Building Consultant Our Advlsors: Independent Examiners: Abraham & Dobell 230 Shirley Road Southampton S015 3HR
PAge 2 ST RKs INSTITirrE TRUST REPORT OF THE TRUSTEES (coNriNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 OUR PURPOSES AND ACTMTIES The purposes of St Marks Institu* Trust are: To promote religious education in accordance with the doctrines of the Church of England in the parish. and to improve the condxtions of life of the inhabitants of the parish by the provision of recreational facilities to promote their physical, mental and spiritual well-being. and subject thereto to further the religious and other charitable work of the Church of England in the parish. and to assist in the upke¢p of the parish cburch for the time being of th¢ parish. The land identified in the f]rst part of the schedule to this scheme must be retain¢d by the truslees for use as a church institute in furtherance of the objects of the Charity". STRuuRE, GOVERNANCE AND MANAGEMEiYr Governing DoeumeDt The charity St Marks Institute Trust is governed by its constitution. The charity was regiskred on l December 1964 with a charity number of 203765. Recruitment and Appointment of Trustees The charity is athninistered by a board of trust¢es which, at the date of this reporL numbered 7. Trustees, wh¢ther elected, appointed or co-opted are required by law to act in the best inter¢sts of the charity and not the body that appoi1)ted them or from which they were COwOPted. Trustee Indu¢tion and Trvdining Trustees are familiar with the work of the charity, having new trustees meet with the Chairperson of the trustees, who provides a briefing on the charity to includ¢: the obligations of board members" the main documents which set out the operational framework for th¢ charity, including th¢ constitution. the financial position of the organisation. including the last set of financia] statements and funding status. and futUT¢ plans and objectives.
Page 3 ST MARKS INSTITUTE TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED) Risk M2Dagement The trteeS have examined the major operational risks which the charity faces and eonfinn that systems have been established to enable reports to be produced so that the necessary st¢ps can be tak¢n to l¢ssen these risks. Oryaniyational Charlty Structure The trustees, comprising 7 m¢mber4 including a secretory. who meet at various times in the year, ar¢ responsible for the management and administration of the charity. ACHIEVEMENTS AND PERFORMANCES Maln Hall Plans to convert a small office within the main building to a toilet have now progressed and should be ¢ompleted in early 2025. 37e Victorla Road Remained empty throughout 2024 and application made to the Rating Authority for ¢hange of status so that it should be in¢lud¢d as storage space and not liable for addition rates. Basement Th¢ Sunday Lunch Project continued to provide a Sunday Lunch for the homeless and needy. Two shops and fiats over One flat remained let for the whole of 2024 but the second flat becam¢ empty during the year. This flat r¢quired refurbishment and it was found that the roof required extensive work and was eventually replaced at considerable cost. The work was still in progress at the end of 2024. One shop remained os a trading hairdr¢sser for the whole of 2024. Possession of the second shop vms eventually gained involving l¢gal intervention, inCu1n8 considerable legal fees. Again, this shop needed refurbishment, which was carried out. A tenant was ready and waiting and the shop is now let. A point aros¢ during the ne8Otiation4 raised by the Dew shop tenants, solicitors and it came to the Tntee8, notice that the deeds should be registered at HM Land Registy. This look¢d to be a complicated process and the Trustees agreed to appoint another Solicitor. who had acted for them on previous occasions, to carry out this work. This would go ahead in 2025. Full detslls are filed annualty witb tbe Cbarity CommissioD.
PAge 4 ST MARKS INSTITUTE TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Overall income, excluding gains on investni¢nt4 increased in the year to 31 December 2024 to £39,915 (2023 - £38,081). Expenditure also increased to £49,520 in the year to 31 December 2024 {2023 - £38,469). Gains on investment income were achieved in the year of £21J54, compared to £37,954 in the previous year. This has resulted in an overnll surplus of £l1.749 for the year to 31 t)enber 2024 compared to £37,566 in the previous year. The trustees are satisfied with the outcome for the year. Prlneipal Funding Sourc¢J The fimding sources for the charity are currently by way of shop and flat rental inme. Investment Poliey Short-t¢rni dewsits and monies ar¢ held in a current lnk a¢¢ount with Lloyds Bank Plc. There are rne long-tenn investh)¢nts held in the form of CCLA investments. PLANS FOR FUTURE PERIODS During 2024 the Trust has had to cope with considerable financial outlay on refurbishments and legal expeL8es and more is expeded in 2025 with the legal fees involvaj in the registration of the deeds at HM Land R¢gisty. With all prOrtIeS let the plan is to recoup the losses incurred in tec¢nt years, thrnugh rents e1ved. RESPONSIBILITIFS OF THE TRUSTEES The trustees are responsible for preparing th¢ Tees, Annual Report gnd the Financial Statements in accordance with applicable law and United Kingdom Accounling Stsndards (Unxted Kingdom G¢nerally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the tnteeS to prepare Financial Slatements for each financial year, which give a true and fair view of the state of the affairs of the charity and of its incoming resources and application of resources of the charity for that period.
Page 5 ST MARKS INSTITUTE TRUST REPORT OF THE TRUSTEES (ColNUED) FOR THE YEAR EIYDED 31 DECEMBER 2024 RESPOIW4SIBILrtILS OF THE TRUSTEES (CONnNUED) In preparing the Financial Statements the In are required to: select suitabl¢ accounting PK)licies and apply them consistently* observe the methods and principles in th¢ Charities SORP (FRS 102)" make judgements and estimates that are reasonable and pnen( state whether applicable accounting standards have been followe& subJt to any departLW¢S disclo1 and explained in the Financial Statements" and prepare the financial statements on the going rAincern basis unless it is inappropriate to presume that the charity will continue in business. Th¢ trustees are rwiostble for maintsining prow &COUDting records which disclose with reasonable accuracy at any time. th¢ financial >SitiOn ofthe charity to enable them to ensure that th¢ Financial Statements comply with the Charities Act 2011. the Charity (Accounts and Rwrts) Regulations 2008 and the provisions of the trL They are also reswnsible for safeguarding the ass&s of the chaTity and, hence, for taking re&nable steps for the prevention and d&ection of fra1 and oth¢r iry¢gularities. IIYDEPEM>ENT EXAMINERS A resolution to re-apkK)int Abraham & Dobell as lTrlependent Examiners will be proposed at the forthcoming meeting. Approved by the trustees on 7 October 2025 signed on its behalf by: REV M Tr4EwfoN CHAIR MRS M BRADLEY
Prdge 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of St Marks knstitute Tn for the year ended 31 December 2024. RESPONSIBILITIFS AND BASIS OF REPORT As trustees of the charity you are resFK)nsibl¢ for the preparation of the accounts in accordance with the requirements of th¢ Charities Act 2011 ('the Act,). I report in respect of my exomination of the cljarity's accounts carried out under section 145 of the 2011 Act and in canying out my examination I have followed all the applithle Directions given by the Charity Commission under section 145(5)(b) of the ACL INDEPEIYDENT EXAMINER'S ATEm I have ¢ompleted my examinthon. I confirni that no material matters have come to my atiention in connection with the examination giving me cawe to believe that in any material resp¢ct: accounting records were not k¢pt in rw of th¢ ¢baTity &8 required by section 130 of the A¢l or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements Concerni the forn) and content of accounts set out in Charities (ALxounts and Rerts) Regulations 2008 other than any requirement that the accounts give a 'ttue and fair view, 1¢h is not a matter considered as part of an independent examinatio I have no concerns and have come across no other matters in connection with the examin&ion to which attention should be drawn in this rert in order to enable a proper understanding of the accounts to be reached. DAVID J MANT FCA INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES 230 Shirley Road Southampton SOIS 3HR 7 October 2025
Page 7 ST MARKS INSTITUTE TRUST STATEMENf OF FINANCIAL A[VITIEs ONCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 UDrestricted Total Funds Funds 2023 Total Funds Not INCOMING RESOURCES Charitable activities Invesljnent income 34,967 4,948 34,967 4,948 33.710 4.371 TOTAL INCOMING RESOURCES 39,915 39.915 38,081 RLSOURCES EXPENDED Charitable activAties 49.520 49.520 38,469 TOTAL RESOURCES EXPENDED 49.520 49.520 38,469 NET INCOME BEFORE NET GAINS ON INVESTMENTS (9.605) (9.605) (388) Net gains on investments 21.354 21.354 37,954 IYET INCOME FOR THE YEARINrr MOVEMENT IN FUNDS FOR THE 11.749 11.749 37.566 RECONCILIATION OF FUNDS Totsl funds brought forward 531059 532,059 494,493 Totsl funds carried forward £543,808 £543.808 £532.059 The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expen1 deriv¢ from continuing activitics.
Page 8 ST MARKS INSTrrtrrE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2023 Notes FIXED ASSETS Tangible &wts tnvestments 506.804 481.842 506.804 481.842 CURRENT ASSETS Cash at bank and in hand 43204 55,667 CREDITORS: Amounts falling due Jyithin one year 62tK) 5,450 37,004 502]7 TOTAL NET A&SETS io £543,808 £532.059 FINANCED BY: Unr¢strieted Funds General funds 543,808 532,059 TOTAL FUNDS £543.808 £532,059 Approved by the trwteej on 7 October 2025 and signed on its bebalf by: REV M NEWTON MRS M BRADLEY
Page 9 ST MARKS INSTrruTE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 ACCOUNTING POLICIES The accounting policies are summarised beEow. The accounting policies have been applied ¢onsist¢ntly throughout the year and in the preceding period. (a) Basi8 of Aeeountlng The Financial Statements are prepared under the histori¢al cost convention and in accordance with the Statem¢nt of Recommended Practice: Accounting and Reporting by Charities. (b) FuDd A¢¢ounting Unrestricted funds are available for use at the discretion of the ITUStees in furtherance of the general objectives of the charity. Restricted funds are SUbJted to restrictions on their expenditure imposed by the donor, (c) Incoming Resources All incorning Tesources are included in the Statement of Financial Activities when the charity is ¢ntitl¢d to the income and the amount can be quantified with reasonable accuracy. The following specific polices are applied to particular cafrgories of income: Voluntary incom¢ is received by way of grants and donations and is included in full in the Statement of Financial Activities when receivable. Grants. where entitlement is not conditional on the delivery of a specific perfonnance by the charity. are recognised when the charity becomes unconditionally entitled to the grant. Donated services and faciliti¢s are included at the value to th¢ charity where this can be quantified. The value of services provided by volunteers has not been included in these Financial Stat¢ments. Investment income is included when receivable. (d) Re$ourceB Expended Expenditure is recognis¢d on an aCcnl blS as a liability is incurreil Expenditure includes any VAT which cannot be recovered and is reported as part of th¢ expenditure to which it lat¢s. Costs of generating funds comprise the costs associated with attrarting voluntary income. Charitable expenditure comprises those ¢osts incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 10 ST MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) (d) Resources Expended (Continued) Governance costs include those costs &CIated with meeting the constitutional and statutory requirements of the charity and include the Independent Examinefs fees and costs linked to the strategic management of the charity. All costs ar¢ allocated between the expenditure categories of the Stat¢m¢nt of Financial Activities on a basis designed to reflect the use of the resource. Costs relating io a particular activity are allocated directly) others are apportioned on an appropriate basis. (e) Tangible Fix¢d Assets Tangible assets are initially recorded at cost and subsequently stated at Cost less any accumulated dcpreciation. Any tangible assets Gqrried at revaIued amounts are recorded at the fair value at the dat¢ of revaluation less any subsequent accumulatcd depreciation. (fj Investments Investments are valued at market value at 31 December. (g) Debtors Trade and other debtors are recognised at the settlemcnt amount due. Prepayments are valued at the amount pr¢paid net of any trade discounts due. ) Creditors and Provisions Creditors and provisions are recognised where the charity has a pr¢sent obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle th¢ obligation can be measured or estimated reliably. Creditors and provisions are nornially reCOlS¢d at their settlement amount after allowing for any trade discounts due. (i) Fund Aecounting Unrestricted funds are 8en¢rnl funds available for use at the discretion of the trustees in fillth¢ran¢e of the general objectives of the charity. Designated funds ar¢ unrestricted funds earniarked by the trustees from time to time for particular projects or purposes. They are not in any way restricted and any sU1S or deficit will be transferred tolfrom the general funds when the designated fund is closed. Restricted funds are subject to specific restrictions on their expenditure imposed by the donor or through the ternis of an appeal.
Pagell ST MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) ti) Financial Instruments The charity only has financial assets and fll)ancial liabilities of a kind that qualify &s b&sic financial instruments. Basic financial instnlments are initially recogniscd at transaction value and subs¢quendy measured at their settlement value. (k) SigDifieaDt Judgements and Estimates Preparation of the Financial Statements may require the trustees to make significant judgements and estimates. There are no items in the Financial Siatemcnts where judgements and estimates would have a sI1f]¢ant effect on amounts recognised in th¢ Financial Statements. CHARITABLE ACTIVITIES The following income was generated during the year: 2024 Unrestricted Total Funds Funds 2023 Total Funds Shop and flat rentsl Main hall rentsl Other income 20.442 13,940 585 20,442 13,940 585 19,091 14,619 £34,967 £34,967 £33,710
Page 12 ST MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENrs (CONTIIYUED) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME The following income was received during the year: 2024 Unre8trieted Total Funds Funds 2023 Total Funds Interest Dividends 1,340 3,608 1,340 3,608 1,084 3,287 £4.948 £4,948 £4,371 TOTAL RESOURCES EXPENDED 2024 Unrestrieted Total Funds Funds 2023 Total Fund8 Charltable A¢tlvitle¥ Major refurbishment projects Prop¢rty maintenance Caretaker and cleaning Electricity and gas 9,140 5,025 15,137 4,970 9,140 5,025 15,137 4,970 2,000 1,709 13,904 5,026 E- jji Water Waste disposal Insurance Grants paid- PCC of St Mark's, Woolston Oth¢r grants Bookkeepin8 Legal and professional fees Independent Examiner's fees OITice exp¢ns¢s 382 256 6,330 4,403 200 1,440 1.148 750 339 382 256 6,330 4,403 200 1,440 1,148 750 339 457 1,141 5,951 6,500 1,020 750 £49,520 £49,520 £38,469
Page 13 ST MARKS INSTITUTE TRusr NOTES TO THE FINANCIAL STATEMENIS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS AIYD TRUSTEES, REMUNERATION There were no staff sts or remuneration arising in the year. TAXATION As a clwity, St Marks tnstitute T is expt from tax on income and gains falling within s.505 of the Taxes Act 1988 and s.256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are appli to its chaTilable objects. No tsx charges have arisen in the charlty. TANGIBLE ASSETS The cost of the freehold known as St Mark's knstitutc has been written-off in a prior year's Accounts and no value has been included in these Accounts. The trustKs are in the process of updating the legal status of the property and are considering obtaining a Valuatio which may then be incorEM)rated in a following year's Accounts. Holding Market Value at31 Decenjber 2024 CCLA Account C03060073 CCLA Account C03070235 CCLA Account C03070237 1274.38 units @ £260.156 IlJ33.39 units @ £9.593 63,854.89 Units @ £1.032 332,123 108,732 65,949 £506.804 Hokling Marltet Value at 31 Decen)b¢r 2023 CCLA Account C03060073 CCLA Account C03070235 CCLA Account C03070237 127438 units @ £248.00 11,333.39 )its @ £9.05 60559.62 UDits @ £104.40 316,047 102.571 63224 £481,842
Page 14 ST MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENrs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT ASSETS (CONTINUED) Market Value at 31 December 2023 481,842 Movement in tbe Year Dividends reinvested Unrealised gain on inveslments 3,608 21.354 Market Value at 31 Deeember 2024 £506.804 CREDITORS: Amounts falllng due within on¢ year 2024 2023 Trade creditors and accruals Rent deposits 3.700 2,500 2,950 2,500 £6200 £5,450 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balan¢¢s are represented by: 2024 Unrestricted Totsl Fund5 Funds 2023 Total Funds Investment5 Current assets Current liabilities 506,804 506,804 481,842 43,204 43,204 55,667 (6200) (6,200) (5,450) Net asscts at 31 December 2024 £543.808 £543,808 £532.059
Pvdge 15 ST MARKS INSTITUTE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 I I. MOVEMENT IN FUNDS At Incoming Outgoing Gains on At 01.01.24 Resources Resources Investments 31.12.24 Unrestricted fimds 532,059 39,915 49.520 21,354 543,808 Totsj funds £532,059 £39,915 £49,520 £21,354 £543,808 Unrestrided Funds comprise those funds which trustees are free to use in accordance with the charitable objects. R¢$tricted Funds are funds whi¢h hav¢ been 8iv¢n for particular purposes and projects. The eharity had no restrlcted funds. 12. RELATED PARTIES There were no related party transactions. 13. POST BALANCE SHEET EVENTS There were no material post Balance Sheet events at 31 Decemb¢r 2024.
THE FOLLOWING PAGES ARE FOR MANAGEMENT PURPOSES OIYLY
Page 16 ST MARKS INSTITUTE TRUST TOTAL FUNDS DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME Shop and flat rental Main hall rental Interest Dividends Other 20,442 13,940 1,340 3,608 585 19,091 14,619 1,084 3,287 39,915 38.081 ExPENDURE Major r¢furbishmcnt projects Propety maintenance Caretaker and cleaning Electricity and gas Water W&ste disposal Insurance Grants paid - PCC of St Mark'4 Woolston Other grants paid Bookkceping Legal and professional fees Independent Examiner's fees Office expenses 9,140 5,025 15,137 4,970 382 256 6,330 4.403 200 1,440 1,148 750 339 2,000 1,709 13,904 5.026 457 1,141 5,951 6,500 1,020 750 49,520 38,469 {DEFICIT) FOR THE YEAR BEFORE GAINS ON INVESTMENTS (9,605) (388) Gains on investments 21,354 37,954 OVERALL SURPLUS FOR THE YEAR £11,749 £37.566