Charity registration number 262346 (England and Wales)
ST MARK'S FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
ST MARK'S FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Jane Frances Cassandra Wetter- |
|---|---|
| Sanchez | |
| Erik Wetter | |
| Henrik Wetter-Sanchez | |
| Luca Wetter-Sanchez | |
| Charity number | 262346 |
| Principal address | South Park Lane |
| Bletchingley | |
| Redhill | |
| RH1 4NG | |
| Independent examiner | Deborah Fletcher-McVay FCA |
| Xeinadin | |
| Trinity House | |
| Thurston Road | |
| Northallerton | |
| North Yorkshire | |
| DL6 2NA | |
| Investment advisors | Evelyn Partners Investment Services Ltd |
| 45 Gresham Street | |
| London | |
| EC2V 7BG |
ST MARK'S FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
ST MARK'S FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The object of the Foundation is to pay or apply the income or capital of the Foundation to or for one or more religious educational charity/ies as the trustees think fit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
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.
The trustees meet every six months to discuss donations and other responsibilities. There were grants paid of £nil in the year to 5 April 2025 (2024: £nil).
Related parties
During the year a contribution of £nil (2024: £3,250) 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.
Rent of £4,990 (2024: £4,990) was receivable from Lambert Farmers, an entity in which Mr and Mrs WetterSanchez are partners. There was a balance outstanding at the year end of £19,960.
Financial review
During the year trustees received total income of £77,094 (2024: £62,975) and expended £44,736 (2024: £28,727) before gains and losses on investments giving a net income of £32,358 (2024: £34,248). There were losses on investments in the year of £39,622 (2024: gains of £89,274) leaving total net expenditure of £7,264 (2024: net income £123,522).
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 the financial flexibility and provide a cushion against shortfalls in income, either planned or unanticipated. The free reserves as at 5 April 2025 of £56,820 (2024: £9,917) are considered by the trustees to be satisfactory.
Investment policy
The Foundation holds a portfolio of properties, the estimated cost of the properties was £487,698. Some of the properties are considered to be held as investments and these have been included in the accounts at their market value of £2,043,500. The trustees consider the value to be a reasonable estimate of the current market value.
The Foundation holds a portfolio of quoted investments worth £700,998 (2024: £753,351) managed by Evelyn Partners Investment Management LLP. The investment criteria have been discussed with the investment managers and the trustees are satisfied with the performance of the Foundation's investments.
The trustees have wide powers of investment and are investors for a medium balanced risk return.
Plans for future periods
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 fit.
- 1 -
ST MARK'S FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
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 St Mark's Foundation.
The trustees who served during the year and up to the date of signature of the financial statements 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.
The trustees' report was approved by the Board of Trustees.
Erik Wetter
Trustee
3 February 2026
- 2 -
ST MARK'S FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST MARK'S FOUNDATION
I report to the trustees on my examination of the financial statements of St Mark's Foundation (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Deborah Fletcher-McVay FCA
Xeinadin Trinity House Thurston Road Northallerton North Yorkshire DL6 2NA Date: ............................ 03/02/2026
- 3 -
ST MARK'S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| **Unrestricted ** | **Unrestricted ** | Endowment | Endowment | Total | **Unrestricted ** | **Unrestricted ** | Endowment | Endowment | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||
| Notes | £ | £ | £ | £ | £ | £ | ||||||||
| Income from: | ||||||||||||||
| Donations and legacies | 2 | 500 | - | 500 | - | - | - | |||||||
| Charitable activities | 3 | 64,092 | - | 64,092 | 51,884 | - | 51,884 | |||||||
| Investments | 4 | 12,502 | - | 12,502 | 11,091 | - | 11,091 | |||||||
| Total income | 77,094 | - | 77,094 | 62,975 | - | 62,975 | ||||||||
| Expenditure on: | ||||||||||||||
| Raising funds | 5 | 9,889 | 14,545 | 24,434 | 5,005 | 5,690 | 10,695 | |||||||
| Charitable activities | 6 | 20,302 | - | 20,302 | 18,032 | - | 18,032 | |||||||
| Total expenditure | 30,191 | 14,545 | 44,736 | 23,037 | 5,690 | 28,727 | ||||||||
| Net gains/(losses) on | ||||||||||||||
| investments | 9 | - | (39,622) | (39,622) | - | 89,274 | 89,274 | |||||||
| Net income/(expenditure) and | ||||||||||||||
| movement in funds | 46,903 | (54,167) | (7,264) | 39,938 | 83,584 | 123,522 | ||||||||
| Reconciliation of funds: | ||||||||||||||
| Fund balances at 6 April | 2024 | 184,004 | 2,824,009 | 3,008,013 | 144,066 | 2,740,425 | 2,884,491 | |||||||
| Fund balances at 5 April 2025 | 230,907 | 2,769,842 | 3,000,749 | 184,004 | 2,824,009 | 3,008,013 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
ST MARK'S FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 11 | 174,087 | 174,087 | |||
| Investment property | 12 | 2,043,500 | 2,043,500 | |||
| Investments | 13 | 700,998 | 753,351 | |||
| 2,918,585 | 2,970,938 | |||||
| Current assets | ||||||
| Debtors | 14 | 28,540 | 23,687 | |||
| Cash at bank and in hand | 76,382 | 31,487 | ||||
| 104,922 | 55,174 | |||||
| Creditors: amounts falling due within | 15 | |||||
| one year | (22,758) | (18,099) | ||||
| Net current assets | 82,164 | 37,075 | ||||
| Total assets less current liabilities | 3,000,749 | 3,008,013 | ||||
| The funds of the trust | ||||||
| Endowment funds | 2,769,842 | 2,824,009 | ||||
| Unrestricted funds | 230,907 | 184,004 | ||||
| 3,000,749 | 3,008,013 |
The financial statements were approved by the trustees on 3 February 2026
Erik Wetter Trustee
- 5 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity 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 office is South Park Lane, Bletchingley, Redhill, Surrey, RH1 4NE.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Rental income is recognised at the fair value of consideration receivable and is included on a receivable basis.
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.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
- 6 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation has been charged on the freehold properties on the basis that the trustees consider the residual value to be in excess of the cost value.
1.7 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 7 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
2 Income from donations and legacies
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||||||
| 2025 | 2024 | |||||||||||
| £ | £ | |||||||||||
| Donations and gifts | 500 | - | ||||||||||
| 3 | Income from charitable activities | |||||||||||
| Unrestricted | Unrestricted | |||||||||||
| funds | funds | |||||||||||
| 2025 | 2024 | |||||||||||
| £ | £ | |||||||||||
| Charitable rental income | 64,092 | 51,884 | ||||||||||
| 4 | Income from investments | |||||||||||
| Unrestricted | Unrestricted | |||||||||||
| funds | funds | |||||||||||
| 2025 | 2024 | |||||||||||
| £ | £ | |||||||||||
| Income from listed investments | 11,915 | 10,149 | ||||||||||
| Interest receivable | 587 | 942 | ||||||||||
| 12,502 | 11,091 | |||||||||||
| 5 | Expenditure on raising funds | |||||||||||
| **Unrestricted ** | Endowment | Total | **Unrestricted ** | Endowment | Total | |||||||
| funds | funds | funds | funds | |||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||
| £ | £ | £ | £ | £ | £ | |||||||
| Bank charges | 387 | - | 387 | 404 | - | 404 | ||||||
| Property costs | 9,502 | - | 9,502 | 4,601 | - | 4,601 | ||||||
| 9,889 | - | 9,889 | 5,005 | - | 5,005 | |||||||
| Investment management | - | 14,545 | 14,545 | - | 5,690 | 5,690 | ||||||
| Total costs | 9,889 | 14,545 | 24,434 | 5,005 | 5,690 | 10,695 |
- 8 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
6 Expenditure on charitable activities
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Property expenditure | 13,391 | 12,053 | |
| Governance costs | 1,697 | 219 | |
| Bookkeeper fees | 1,200 | 1,200 | |
| Accountancy | 2,914 | 3,385 | |
| Clergy expenses | 1,100 | 1,175 | |
| 20,302 | 18,032 | ||
| Analysis by fund | |||
| Unrestricted funds | 20,302 | 18,032 |
Governance costs include fees payable in relation to an independent examination of £869 (2024: £219).
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
8 Employees
The average monthly number of employees during the year was nil (2024: nil).
9 Gains and losses on investments
| Endowment | Endowment | Endowment | |
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Gains/(losses) arising on: | £ | £ | |
| Revaluation of investments | (39,824) | 91,015 | |
| Sale of investments | 202 | (4,130) | |
| Revaluation of investment properties | - | 2,389 | |
| (39,622) | 89,274 |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 9 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
11 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Freehold land | ||
| and buildings | ||
| £ | ||
| Cost | ||
| At 6 April 2024 | 174,087 | |
| At 5 April 2025 | 174,087 | |
| Carrying amount | ||
| At 5 April 2025 | 174,087 | |
| At 5 April 2024 | 174,087 |
12 Investment property
| Investment property | |
|---|---|
| 2025 | |
| £ | |
| Fair value | |
| At 6 April 2024 and 5 April 2025 | 2,043,500 |
Investment property comprises of land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 5 April 2025 by the Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
13 Fixed asset investments
| Listed | Cash in | Total | |||||
|---|---|---|---|---|---|---|---|
| investments | portfolio | ||||||
| £ | £ | £ | |||||
| Cost or valuation | |||||||
| At 6 April 2024 | 740,002 | 13,349 | 753,351 | ||||
| Additions | 59,709 | - | 59,709 | ||||
| Valuation changes | (39,824) | - | (39,824) | ||||
| Disposals | (64,189) | (8,049) | (72,238) | ||||
| At 5 April 2025 | 695,698 | 5,300 | 700,998 | ||||
| Carrying amount | |||||||
| At 05 April 2025 | 695,698 | 5,300 | 700,998 | ||||
| At 05 April 2024 | 740,002 | 13,349 | 753,351 |
- 10 -
ST MARK'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
14 Debtors
| 14 | Debtors | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amounts falling due within one year: | £ | £ | |||||
| Other debtors | 28,540 | 23,687 | |||||
| 15 | Creditors: amounts falling due within one year | ||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Accruals and deferred income | 22,758 | 18,099 | |||||
| 16 | Analysis of net assets between funds | ||||||
| Unrestricted | Endowment | Total | |||||
| funds | funds | ||||||
| 2025 | 2025 | 2025 | |||||
| £ | £ | £ | |||||
| At 5 April 2025: | |||||||
| Tangible assets | 174,087 | - | 174,087 | ||||
| Investment properties | - | 2,043,500 | 2,043,500 | ||||
| Investments | - | 700,998 | 700,998 | ||||
| Current assets/(liabilities) | 56,820 | 25,344 | 82,164 | ||||
| 230,907 | 2,769,842 | 3,000,749 | |||||
| Unrestricted | Endowment | Total | |||||
| funds | funds | ||||||
| 2024 | 2024 | 2024 | |||||
| £ | £ | £ | |||||
| At 5 April 2024: | |||||||
| Tangible assets | 174,087 | - | 174,087 | ||||
| Investment properties | - | 2,043,500 | 2,043,500 | ||||
| Investments | - | 753,351 | 753,351 | ||||
| Current assets/(liabilities) | 9,917 | 27,158 | 37,075 | ||||
| 184,004 | 2,824,009 | 3,008,013 |
17 Related party transactions
During the year a contribution of £nil (2024: £3,250) 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.
Rent of £4,990 (2024: £4,990) was receivable from Lambert Farmers, an entity in which Mr and Mrs WetterSanchez are partners. There was a balance outstanding at the year end of £19,960.
- 11 -
Tue, 03 Feb 2026 14:09:40 GMT
Document Activity Report
Document Sent
Document Activity History
Document history shows most recent activity first
Date
Activity
Tue, 03 Feb 2026 17:39:37 GMT Deborah Fletcher-McVay Approved the document Tue, 03 Feb 2026 17:08:47 GMT Erik Wetter viewed the document Tue, 03 Feb 2026 17:08:13 GMT Erik Wetter Approved the document Tue, 03 Feb 2026 16:54:35 GMT Document Sent
You can verify that this is a genuine Portal document by uploading it to the following secure web page: https://xeinadinuk.accountantspace.co.uk/messages/VerifyDocument