St. Mark's Parish Church Statement of Financial Atti¥ities for the year ended 31 Dmber 2022 Totsl Fund5 2022 Totsl Funds 2021 Fund5 nds 2022 Note Incom Donation5 & legacies 263.232 56.558 319,79) 282,536 Other trading actwities 20.384 20.384 ,164 Investmerrt5 8.332 &332 10.149 Charitable activities 9.013 9.013 3,614 Total Income 300,961 56,558 357,519 311,463 Ex enditure on: Charitable Artivities Financial Fees & Charges Depreciation Restoration Expenditure 299.450 11,757 3.577 8,454 303,027 20211 258,434 3,614 Totsl Ex endlture 311.207 12.031 323,238 262,048 Net Income/ (Expendlturel before transfers -10.246 44.527 34281 49h15 Transfers between funds Nèt Income/ {Expenditurel before other recognised galns and losses -10.246 44,527 49A15 Net m(wernent in fvnd5 -10,246 44,527 34281 49NIS Reconciliation ot funds: Totsl funds brou8ht lorward 21 1.509.673 92,674 L602347 1.552,932 Totsl fvnds carried forward 21 IN99N27 137,201 1.636,628 1,602.347 The statement of financial artivitie5 include5 0118ains and losses recognised in the year. All income and expenditure derive from continuing artNitse&
St. Mark's Parish Church Statement of Financlal Position /{Balan¢e Sheet) as at 31 Detember 2022 2022 2021 Fixed Assets Tangible Fixed Assets Investment Properties Investments Total red Assets 1,276,730 175.CiKI 48.715 1.5(MJ.445 1,200,000 175,000 57,169 1.432.169 14 Current Assets Debtors & Prepayments Cash and cash equtvalents Total Current Assets 16 17 45,958 165,474 211,432 4.717 179,019 183,736 Current LiabilÈties Creditors & Accruals Bank Loans 18 7,311 12,182 1,376 13,558 19 Total Current Liabilities 9311 Net Current Assets 202.121 170.178 Lon Temi Liabilities Bank Loans Total Long Temi Liabilities 19 65,938 65,938 Total Net A$5ets 1.636.628 1.602.347 Parfsh Funds Unrestrirted funds General funds Designated funds Total Unrestricted Funds 21 47,697 1.451.730 1,499,427 134.673 1.375.000 1,509.673 21 Restrirted Funds Restricted funds Total Restrlcted Funds 21 137.201 137.201 92,674 92,674 Total Charity Funds 1,636.628 1.602.347 The notes on pages 13 to 20 are an integral part of these financial statements. The financial statements on pages 11 to 20 were approved by the Board of Trustees on 20 April 2023 and signed on its behalf by: Rev Peter Hilton Trustee D Phillips 12
St. Mark's Parish Church Note5 to the Financial Statements for the Year ended 31 December 2022 l. Accounting Policies The principal accountinE policies adopted. judgements and key souros of estimation or unortainty in the preparation of the financial statements are as follows= 1.1 Basis of Preparati¢)n The financial statements have been prepared on a going COnM basis in accordance with Accounting aftd Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- (Charities SORP IFRS 1021. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The Parish meets the definition of a public benefft entity under FRS 102. A55ets and liabilities are initially recognised at historical cost and tronsartion value Un otherwise stated in the relevant accounting policy notelsl. 1.2 Preparation of accounts on a going concern basis The Parish generally meets Its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resources to provide a reasonable expectatlon that It can continue to meet rts financial obligations as they fall due for the foreseeable frjture. Therefore these financial statements have been prepared on a 8oing concem basis. 1.3 Incomè Plate Collection5, Weekly Envelopes and rentsl of the Parish Hall are accounted for on a cash receipts basls as the amount Is collected. Other donations are reco8nised once the Parh has been rM*ified of the donation. Income tax recoverable in relatlon to donations received under Gift Aid or deeds of tovenant is recognised at the time clalm is submitted to HMRC. Legacies are included within Income under either unrestricted or restricted funds attordin8 to the ternis under which the donation is made and when the amount can be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their fair value to the Parish. Income arising from the rentsl of investment properties to third partie5 is recognised vthen the parish has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 1.5 Tongible assets The assets of the Parish comprise:_ The Church Buildin8 The Parish Centre The Rectory- BelFast Road The Curatsge- Londonderry Road 13
Church Building: The Church BuildÈn8 is deemed to be a Heritsge asset a5 defined by the Charitres SORP IFRS1021. This accounting policyforthis asset is outlined in note 1.6 below. The Parish Centre and RectOTf. The Parish Centre is recognised at cost. The Rectory is recognised at deemed cosL No depreciation is provided on these as the current estimated residual value 15 not less than the carrying value and the remainÉng useful lrfe Currently exceeds 50 years. The Curatsge This property was originally used for the residen of the Curate. This property has been let at a commerical rent and has thefOre been treated as an investmert property. The accounting policy for this asset is olined in note 1.7 below. Equipment: Equipment is Included at cost and depreciated on a straight Ilne basis over 4 years. A dimini5 for capitslisation of £1.500 is applied. Tangible assets are derecognised on dispo1 or when no fUre economic benefrts are expected. On disposal. the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial 3ctNities and Included In 'Other operating Ilossesllgains. L6 Heritage assets The Church Bullding is deemed to be a Heritage asset as defined by the Charitie5 SORP IFRS1021. This asset IS not included on the balance sheet as information on the c051 or valuation is not available and such information annot be obtained at a cost commensurate wtth the benefft to the users of the accounts and to the Parish. 1.7 IDve5tment propertles Fixed asset investments comprising investment Properties are initialty recorded at co# and are then subsequently stated at fair value at each balance sheet date. Unreali5ed gains and1055e5 represent the difference between the fair value at the beginning and end of the finanoal year or. If purchased in in the year, the difference beIveen cost and fair value at the end of the year. Realised Bains and losses represent the difference between the proed$ on disposal and the fair value at the start of the year or cost rf purchased in the year.Both realised and unrealised gains and losses in investments a pOrted within'Net Gains/lLossesl on Investments, within the Statement of Financial ActNities. 1.8 Cash and cash equl¥alents Cash and cash equivalents Includes cash in hand. deposrts held at call wtth bank5. Other short-tem hrghfy liquid investments with original maturlties of three months or less and bank overdrafts. Bank overdraft5 are shown within Creditors- Amounts f?Iling due within l year. Loans with a duration of more than 12 months are split between current and long term liabilitie5. 1.9 Financial instNments The Parish onty has financial assets and financial liabilities of 3 kind that qualrfy as basic financial inrtruments. Basic financial instruments are inittally recognrsed at transaction price and subsequent1 measured attheir settlement value. 1.10 Taxation St. Mark's Parish Church is recognised as a charity for the purposes of applicabte taxation legislation and is therefore not subject to taxation on its charitsble activities. 1.11 Retirement beneffts Payments to defined contribution retirement benefft sthemes are charged as an expense as they fall due. 14
1.12 Fund5 Fund5 are classffied as either restricted funds or unrestrirted funds. defined as follows: Restrirted Fun s.. The Selett Vestry has defined the Restoration Fund as restritted funds as these have been generated through separate donations from parishloners to undertake physical restoration works to the Church and Porish centre. Endowment Funds: are funds which have been grven on the condition that the original capital sum is not reduced. but the income there from is used for the purpose defined in accordance with the objects of the Parish. The Parish has no endownment fund5. Unrestrirted Funds: are expendable at the discretion of the Trustees in fvrtherdnce of the objects of the charity. If parts of the unrestricted fijnds are earmarked at the discretion of the Trustees for a particular purpose, they a designated as a separate fund. This designation has an administratNe purpose only and does not le8ally restrict the Tru5Lees' discretion to apply the fund. 2. Critical accounting judgements and estimation uncertainty Estimates and judgments made In the process of preparing the financial ststements are continually evaluated and are based on historical experience and other factors. including expectation5 of fLrture events that are believed to be rea50nable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parlsh's accounting policies orthot there are any crrtical accounting estimates or assumptions which may have a si8nificant risk of causing a material adjustment to carrying amounts of assets and liabiltties within the next financial year. 15
SL Mark's Parish Church Notes to the financial Statements for the Year Ended 31 December 202Z ADv$5S of Incorne Fund5 Funds Fund5 Total 2022 20U 3. Donations and le¢aties Weekly envelopes / FWO Gift Md Grants 124593 4L187 17591 142,184 4L187 138.219 Donations 68519 15,470 13.463 263.232 70,565 25.662 Glen CC io,L 25.470 37.263 wwcc 56558 319,790 282,536 Renta15frgm Parish Centre 8T Refund 10,945 4.219 .164 20.384 20.384 The Curatage- rèntsl Income RCB Trust income Bank intèrest 6,439 699 6.439 6.509 390 Increase In FV of investments L757 Legacy investrnent income 525 525 8,332 8.332 10.149 Gazette Income 160 i&) 187 Ev•nts 8,853 8.853 3,427 3,614 9.013 9.013 A1¥515 Ot Expenditure 7. CharStable Athvit5es Salaries and Wa8es In¢)te 111 Disan costs 171.267 39394 17L267 39.394 48,958 20.C81 L851 11899 8.567 40.575 27.728 17,635 13,040 B,S91 Prèmises costs General Parish nJnnin8 costs Charitable donations 19,997 1,851 12.899 Glen CC costs WWCC eosts 299.450 3.$77 303.027 258,434 & Hnandal Fees & Charyes Bank Char8es and Interest Accountancy & IE Decre35e in fair value of investrr*nt Professional fees 5250 5250 8.454 IL757 8.454 20.211 3,614 9. Depreciab Equipment 16
10 Taxation St Mark'5 Parish Church is recognised as a charity for the purpos of applicable taxation legislation and is therefore not subject to taxation on its charttable activities. 11. Analysis of Staff costs, Trustee remuneration and expenses, and the cost of Key Management Personnel Employees 2021 Clergy Stipend and Allowances Clergy Employer5 Nl Staff Salaries stsff Employers Nl Nest pension 81,505 87.539 5,382 52,553 3,059 2,332 150,865 74,579 4,651 Total 171,267 The average number of employees durfn8the year, calculated on the basis of a head count, was as follows: 2022 2021 Number P4umber Mlnlsterial support Administrdtion There are no employees In receipt of employee benefrts in excess of £60,CKM). 12 Key Management and Trustees Key management are deemed to comprise the Trustees. The parish paid expenses of £4,244 relating to the running costs of the Rectory house which is occupied by the rector. During the year the Clergy receNed stipends and allowances of £81.505 and the ministers for the Church Plants Centre received salaries of £53.998. No othertrustee or a person retated to a tnjstee had a personal interest in any corrtract or transartion entered into by the charty during the year. 17
13 Tangible fixed assets Freehold land and buildings Equipment Totsl At Cost At l January 2022 Additions 1,2CKJ,O(KI 426,730 1.200.OCIJ 426.730 Revaluation Disposals At 31 December2022 350,C(K) 350.fxKI 1,276,730 1.276,730 Depreciation At l January 2022 Depretiation Disp05als At 31 December 2022 Net Ix>ok value at 31 December 2022 L276,730 1276.730 Net book value at 31 t)ecember 2021 1.200.( 1,200,(Mx) Freehold land and buildings consist of the followlng properties: Church building- this asset is not included on the balance sheet as the infomatlon on the cost or valuation Is not available and such infomiation cannot be obtsined at a cost commensurate with the benefrt to the users of the accounts and to the parish. Accordingty the Church building is deemed to be a Heritage asset as defined by the Charities SORP IFRS102}. (At 31 Ottober 2022. the sum insured for the Church building and wntents was £6.224.598). The Parish Centre and The Rettory are recognised at cosL No depreciation is provided on these assets as the current estimated residual value is not less than the carryirtr8 value and their remalning useful lrfe exceeds 50 years. 14 Investment Properties Totsl Falr Value At l January 2022 Addition5 Gain / Loss Di5P05als At 31 December 2022 175.0(WJ 175.LKM) 175MKI 175,000 The investment property. The Curatsge. Londonderry Road. Newtownard5.F5 held to earn rentsls. The year end valuation of the property was carried out by the trustee5 and is based on refence to market evidence of transcations for similar properties in the area. 18
15 Investments Fair Value At l January 2022 Increaselldecreasel in fair value At 31 December 2022 57,169 -8,454 48.715 16 Debtor5 & Prepaymerrts 2022 2021 Debtors 41.416 Prepayments 4.542 45.958 4.717 4,717 17 Analysis of $h and osh equi¥alents 2022 2021 Cash in hand Notice deposits (less than 30 days) Cerdraft facilty repayable on demand Total $h and cash equivalents 165,474 179.019 165,474 179,019 18 Credltors & Accruals 2021 Creditors 2.681 4,630 7,311 10.208 1.974 12,182 Accruals 19 Bank Loans 2022 2021 Due within 12 Months L376 Due after 12 Month5 65.938 67.938 1.376 20 Retirefflent benefft schemes The parish operates a defined contribution pension scheme for all qualrfying employees. The assets of the scheme are held separatelyfrom those of the parish in an independently administered fund. 19
21 Funds of the Parish At l Jan 2022 Trdnsfers At 31 Dec 2022 Restricted funds Building fund RJ Coulter Trurt 22558 15,694 48,715 34,720 106 57,169 36.720 8,454 Stained glass window fund Jigsaw GCC EA yOh grant fund GCC Childrens & Orphans WWCC Childrens & Orphans WWCC Priorf(ies fund WWNN Mind Matters West Wind5 project fund 1,128 1,128 io,oc io,oJo 8,517 3.8 4.521 io.( iO.(KJ) io.( 1,483 4,521 91674 56.558 12.031 137,201 Unre5trfcted lund5 General fijnd 134.673 3(rf)361 311.207 -76.730 47.697 Deslgnated funds Property fund Investment property Equipment Fund Building Fund I.2,( 175.(KKI 76.730 1,276,730 175,COJ 1,509,673 3CM).961 311,207 1.499.427 Total funds 1.602,347 357,519 323.238 1,636,628 Purpose of restrkted fvnds These funds are to support 5peofic projects as noted above forwhith fund5 were wen and restrirted in their use to those projects. Purpose of designated fvnds Property fund= thi5 fund is in relaiion to the Parish Centre and the Rectory. Investrnent fund.. this fun(J is in relation to the investrnent property The Curatage. Newtownard& 8uilding fund: this fund is in relation to building development projert& 20