St Mark's Foundation Charity Registration No. 262346
Trustees' report and unaudited accounts For the year ended 5 April 2023
## St Mark's Foundation
## Contents
||Page|
|---|---|
|Legal and administrative information|1|
|Trustees' report|2 - 3|
|Statement of trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement offnancial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 13|
## St Mark's Foundation
## Legal and administrative information
|Trustees|Jane Frances Cassandra Wetter-Sanchez|
|---|---|
||Erik Wetter|
||Henrik Wetter-Sanchez|
||Luca Wetter-Sanchez|
|Date of settlement|29 October 1970|
|Charity number|262346|
|Principal address|South Park Lane|
||Bletchingley|
||Redhill|
||Surrey|
||RH1 4NE|
|Accountants|Evelyn Partners LLP|
||45 Gresham Street|
||London|
||EC2V 7BG|
|Independent examiner|Philip Evans FCA|
||PJE Chartered Accountants|
||2 Oakfeld Road|
||Clifton|
||Bristol|
||BS8 2AL|
|Bankers|C Hoare & Co|
||37 Fleet Street|
||London|
||EC4P 4DQ|
|Investment advisors|Evelyn Partners Investment Management LLP|
||45 Gresham Street|
||London|
||EC2V 7BG|
- 1 -
## St Mark's Foundation
## Trustees' report For the year ended 5 April 2023
The trustees present their report and accounts for the year ended 5 April 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their fi nancial information in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (e ff ective 1 January 2019).
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Governing document
The Foundation was established by a Deed of Trust dated 29 October 1970 and was registered with the Charity Commission, Charity number 262346. On February 2005, all assets of St Mark's Charity were merged with the St Mark's Foundation.
## Trustees
The trustees who served during the year were: Jane Frances Cassandra Wetter-Sanchez
Erik Wetter Henrik Wetter-Sanchez Luca Wetter-Sanchez
The power of appointment of trustees is vested in the existing trustees.
## Risk management
The trustees have a duty to identify and review risks to which the charity is exposed and to ensure the appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed such risks and are satis fi ed that systems are in place to mitigate their exposure to major risks. The properties are insured through Lycetts.
## Related parties
During the year a contribution of £3,250 (2022: £9,750) was made to Mr and Mrs Wetter-Sanchez, both being trustees during the year, in respect of the use of the gardens adjacent to St Mark's Chapel.
## OBJECTIVES AND ACTIVITIES
## Objectives and aims
The object of the Foundation is to pay or apply the income or capital of the Foundation to or for one or more religious or educational charity/ies as the trustees think fi t.
## Developments during the year
The main responsibility of the Foundation is the upkeep of Wychcroft House which is used by Southwark Diocese for training purposes. In addition, from the income generated by the properties and investments, charitable donations are made to organisations and individuals at the discretion of the trustees.
## Public bene t
The trustees con fi rm that they have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t when reviewing the Foundation's aims and objectives, managing the Foundation's assets and considering the applications for fi nancial assistance.
- 2 -
## St Mark's Foundation
## Trustees' report For the year ended 5 April 2023
## FINANCIAL REVIEW
## Financial review
The fi nancial activities are summarised on page 6 of the accounts. During the year, the trustees received total income of £61,191 and expended £31,415 before gains and losses on investments giving a net income of £29,776 (2022: net expense of £21,092).
## Grantmaking
The trustees meet every six months to discuss donations and their other responsibilities. There were grants paid of £100 in the year to 5 April 2023 (2022: £nil).
## Reserves policy
The trustees have reviewed the reserves of the Foundation and the forecast level of free reserves (those that are not restricted or designated) that will provide the Foundation with fi nancial fl exibility and provide a cushion against shortfalls in income, either planned or unanticipated. The free reserves at 5 April 2023 of £144,066 (2022: £100,994) are considered by the trustees to be satisfactory.
## Investment policy
The Foundation holds a portfolio of properties set out in notes 1.3 and 1.4 of the accounts. The estimated cost of the properties was £355,087. Some of the properties are considered to be held as investments and these have been included in the accounts at their market value provided by RH & RW Clutton in August 2015 at £1,908,500. The trustees consider the value to be a reasonable estimate of the current market value.
The Foundation holds a portfolio of quoted investments worth £695,475 (2022: £768,942), managed by Evelyn Partners Investment Management LLP. The investment criteria have been discussed with the investment managers and the trustees are satis fi ed with the performance of the Foundation's investments.
The trustees have wide powers of investment and are investors for a medium risk balanced return.
## Plans for the future
The trustees' objective remains to pay or apply the income or capital of the Foundation to or for one or more religious or educational charities as the trustees think fi t.
On behalf of the board of trustees
..............................
## Jane Frances Cassandra Wetter-Sanchez
Trustee
Dated: ........................................
- 3 -
## St Mark's Foundation
## Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial year which give a true and fair view of the state of a ff airs of the charity and of the income resources and application of resources of the charity for that year.
In preparing the accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## St Mark's Foundation
## Independent examiner's report To the Trustees of St Mark's Foundation
I report on the accounts of the charity for the year ended 5 April 2023 which are set out on pages 6 to 13.
## Respective reponsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for the period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
## Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparision of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## Independent examiner's statement
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Philip Evans FCA PJE Chartered Accountants 2 Oak fi eld Road Clifton Bristol BS8 2AL
Dated: .........................
- 5 -
## St Mark's Foundation
## Statement of fi nancial activities For the year ended 5 April 2023
|Unrestricted
funds
Endowment
funds
Total
Total
2023
2023
Notes
£
£
Income and endowments
Investments
11,746
-
Deposit interest
413
-
Rental income
2
49,032
-
Total income
61,191
-
Expenditure
_Raising funds_
Investment manager's fees
-
(8,556)
Property expenses
2
(3,402)
-
Bank charges
(382)
-
_Charitable expenditure_
Property expenditure
2
(9,162)
-
Grants payable
(100)
-
_Governance costs_
Accountancy fees
-
(4,740)
Independent examiner's fees
(828)
-
Bookkeeper fees
(1,200)
-
Legal fees
(3,045)
-
Total expenditure
(18,119)
(13,296)
Net income/(expenditure)
43,072
(13,296)
before (losses)/gains on
investments
Realised and unrealised (losses)/
gains on investment assets
-
(81,323)
Net movement in funds
43,072
(94,619)
Fund balances at 6 April 2022
100,994
2,835,044
Fund balances at 5 April 2023
144,066
2,740,425|Total
2023
£
11,746
413
49,032
61,191
(8,556)
(3,402)
(382)
(9,162)
(100)
(4,740)
(828)
(1,200)
(3,045)
(31,415)
29,776
(81,323)
(51,547)
2,936,038
2,884,491|Total
2022
£
8,513
-
49,230
57,743
(9,550)
(22,859)
(388)
(38,741)
-
(4,260)
(822)
(1,615)
(600)
(78,835)
(21,092)
35,702
14,610
2,921,428
2,936,038|
|---|---|---|
- 6 -
## St Mark's Foundation
## Balance sheet As at 5 April 2023
|Notes Page
Fixed assets
Freehold properties -fxed assets
1.3
Freehold properties - investments
1.4
Quoted investments
3
Current assets
Debtors
4
Cash at bank and in hand
5
Liabilities
Creditors: amounts falling due
within one year
6
Net current assets
Net assets
Capital funds
Endowment funds
6
Income funds
Unrestricted funds
6
The accounts were approved by the Trustees on ........|£
14,320
108,584
122,904
(16,475)
...................................|2023
£
£
174,087
1,908,500
695,475
2,778,062
15,694
100,155
115,849
(31,340)
106,429
2,884,491
2,740,425
144,066
2,884,491
...... and were signed on their|2022
£
174,087
1,908,500
768,942|
|---|---|---|---|
||||2,851,529
84,509|
||||2,936,038|
||||2,835,044
100,994|
||||2,936,038|
||||behalf by:|
..............................
## Jane Frances Cassandra Wetter-Sanchez
Trustee
- 7 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
## 1 Accounting policies
## 1.1 General Information
St Mark's Foundation is an unincorporated trust, registered with the Charity Commission in England and Wales (No. 262346). The address of the registered o ffi ce is South Park Lane, Bletchingley, Redhill, Surrey, RH1 4NE.
## 1.2 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) e ff ective 1 January 2019 and the Charities Act 2011.
The charity constitutes a public bene fi t entity as de fi ned by FRS102.
## 1.3 Incoming resources
All incoming resources are accounted for when the charity has entitlement to the funds, receipt is probable and the amount is measurable.
Dividends on investments are included gross. They are accounted for on a receivable basis and include any due for payment by the balance sheet date, whether or not received.
Interest on bank deposits is included on the basis of the amounts actually received during the year.
- 8 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
|1
Accounting policies
1.4
Freehold properties
(i)
Wychcroft, Bletchingley - estimated cost on acquisition
(Let to South London Church Fund and Southwark Diocesan
Board of Finance for 20 years from 1 June 2002 at a
peppercorn rent. A new lease has been agreed. Wychcroft
felds are let.)
(ii)
Added in 1977/78 at an assumed nominal value.
Various properties adjoining Wychcroft, consisting of:
- St Mark's Chapel, South Park
- Haywards Cottage (previously Stable Cottage)
- Improvements to Haywards Cottage
(iii)
Added in 1992/93, also adjoining Wychcroft:
- Great Hawks Nest Wood
(iv)
Added in 1993/94, adjoining the house and cottage:
- Wychcroft Park, Penduck Field and Penduckshaw (woodland)
Property estimated cost at 5 April 2023
Further note regarding the land at South Park.|(Continued)
2023
2022
£
£
20,000
20,000
200
200
200
200
90,012
90,012
3,500
3,500
60,175
60,175
174,087
174,087|(Continued)
2023
2022
£
£
20,000
20,000
200
200
200
200
90,012
90,012
3,500
3,500
60,175
60,175
174,087
174,087|
|---|---|---|
|||174,087|
||||
South Park and the adjoining buildings are owned by Erik Wetter & Jane Wetter-Sanchez. In support of the Foundation the garden is open to the public every day, as is the chapel.
A contribution is made to the owners in recognition of the expenses borne by them.
The above properties are assets used for charitable purposes and are therefore included in the accounts at cost.
- 9 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
|1
Accounting policies
1.5
Freehold properties held as investments
(i)
Parcel of land added on 19 August 1974, valued then at £1,000.
During 1974/75 a house, Barnholm (let), was built on this at a
cost of £8,545.
During 2013/14 Surveyor's fees were incurred in relation to
Barnholm.
(ii)
Added in 1977/78 at an assumed nominal value.
Various properties adjoining Wychcroft, consisting of:
- The Granary (vacant)
- Nursery Cottage (let)
- Scout Hut (let)
(iii)
Added in 1992/93, also adjoining Wychcroft:
- Dove Cottage (let)
- 43 acres of farmland (let)
Property estimated cost at 5 April 2023
Property market value at 5 April 2015|(Continued)
2023
2015
Cost
Market value
£
£
9,545
4,355
400,000
200
100,000
200
295,000
200
35,000
166,500
350,000
**-**
728,500
181,000
1,908,500|(Continued)
2023
2015
Cost
Market value
£
£
9,545
4,355
400,000
200
100,000
200
295,000
200
35,000
166,500
350,000
**-**
728,500
181,000
1,908,500|
|---|---|---|
|||1,908,500|
The above properties are considered to be held as investments and have been included in the accounts at their market value provided by RH & RW Clutton in August 2015. The trustees consider the value to be a reasonable estimate of the current market value.
## 1.6 Investments
Investments are shown at their market value at the balance sheet date. All investments held are quoted on a recognised stock exchange.
Realised gains and losses on investments, calculated on the di ff erence between the sale proceeds and their opening market value, are credited or charged to the Statement of fi nancial activities in the year of gain or loss. Unrealised gains and losses, representing the movement in the market values during the year are credited or charged to the Statement of fi nancial activities in the year of the gain or loss.
## 1.7 Donations
Donations granted are recognised in the year in which the award is formally approved, irrespective of the period covered by the donation.
- 10 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
|2
Property income
Rent received
Barnholm
Dove Cottage
Land and wayleave
Nursery Cottage
The Scout Hut
Property expenses
Donation for use of gardens
Insurance
Utilities
Chapel cleaning
Repairs and maintenance
Net property income/(expenditure)
Property expenses represented by:
Cost of generating funds
Charitable expenditure|2023
£
12,392
14,100
5,190
16,830
520
49,032
(3,250)
(3,103)
(1,281)
(390)
(4,540)
(12,564)
36,468
(3,402)
(9,162)
(12,564)|2022
£
12,300
14,400
5,190
16,920
420
49,230
(9,750)
(2,723)
(349)
(530)
(48,248)
(61,600)
(12,370)
(22,859)
(38,741)
(61,600)|
|---|---|---|
- 11 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
|3
Quoted investments
UK Quoted investments
Market value at 6 April 2022
Purchases
Disposals
Unrealised (losses)/gains on investments
Market value at 5 April 2023
Non-UK Quoted investments
Market value at 6 April 2022
Purchases
Disposals
Unrealised (losses)/gains on investments
Market value at 5 April 2023
Quoted investments market value at 5 April 2023
Material Investments (greater than 10% of total portfolio)
There were no material investments held during the year.
4
Debtors
Rent due from tenants
Property expenses due from tenants
5
Cash
C Hoare & Co
Current Account
Evelyn Partners Investment Management
Investment Account
Income Account|2023
£
423,441
794
(8,450)
(62,453)
353,332
345,501
15,266
-
(18,624)
342,143
695,475
2023
£
14,320
-
14,320
2023
£
99,909
6,244
2,431
108,584|2022
£
375,661
67,131
(38,148)
18,797
423,441
382,807
215
(53,633)
16,112
345,501
768,942
2022
£
13,195
2,499
15,694
2022
£
76,636
21,812
1,707
100,155|
|---|---|---|
- 12 -
## St Mark's Foundation
## Notes to the accounts for the year ended 5 April 2023
|6
Creditors: amounts falling due within one year
Evelyn Partners fees
Independent examiner's fees
Bookkeeper
Rent paid in advance
Property expenses due for payment at year end|2023
£
8,760
1,614
1,200
2,597
2,304
16,475|2022
£
8,040
1,572
3,115
3,635
14,978|
|---|---|---|
|||31,340|
## 7 Taxation
As a charity, the St Mark's Foundation is exempt from tax on income and capital gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects.
## 8 Related parties
During the year a contribution of £3,250 (2022: £9,750) was made to Mr and Mrs WetterSanchez, both being trustees during the year, in respect of the use of the gardens adjacent to St Mark's Chapel.
## 9 Employees
There were no employees during the year (2022: none).
- 13 -