St. Mark's Parish Church 5tstement of Financial Artivities for the year ended 31 December 2023 Total Fund5 2023 Total Funds 2022 Funds 2023 nds Note Income Donations & legacie5 251,509 43.015 294,524 319.790 Other trading activities 18.160 .160 20,384 Investments 8.831 9.215 8.332 Charitsble activities 8.896 9.013 Totsl Income 287.396 43.399 330.795 357,519 enditure on: Charttable Activities Financial Fees & Charges Depreciation Restoration Expenditure 294.384 22.155 48,264 303.027 20.211 21155 Totsl Ex enditu 316,539 48,264 364.803 323,238 Net Incomel (Expendlture) beforè transfers -29,143 4.865 34.281 Transfers between funds Net Incomel IExpendlture) before other recognised gains and losses -29.143 4,865 34,281 Net movement In funds -29,143 4,865 34281 Reconciliatit)fi of fvnds: Total funds broht forward 21 L499,427 137,201 1.636,628 1.602.347 I funds carried forward 21 1,470,284 132.336 1.602.620 1,636,628 The ststement of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing artivitres. 10
5t. Mark's Parish Church ststement of Financial Position /(Balance Sheet) as at 31 December 2023 2023 2022 Fixed Assets Tangible Fixed Assets Investment Properties Investments 13 14 1.276.730 175,OLY) 49.099 1,5CIJ,829 1,276,730 175.OCKI 48,715 1.500,445 Total Fixed Assets Current Assets Debtors & Prepayments Cash and cash equivalents Total Current Assets 16 58.571 122,248 180,819 45.958 165.474 211.432 17 Current Liabillties Creditor5 & AccruaSs Bank Loans Total Current Liabilitles 18 19 13,510 2,420 15,930 7,311 2,000 9,311 Net Current Assets 164.889 202,121 Terni Liabillties Bank Loans Total Long Terni Llabilitles 19 63.098 63,098 65,938 65,938 Total Net Assets 1.602,620 1,636,628 Parish Funds Unrestrirted funds General funds Designated funds Total Unrestricted Funds 21 18.554 1.451.730 1.470.284 47,697 1,451,730 1,499,427 21 Restricted Funds Restricted funds Total Restrirted Funds 21 132,336 132.336 137,201 137,201 Total Charity Funds 1.602,620 1.636,628 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 March 2024 and signed on its behalf by= Rev Canon Gill Withers D Phillips Trustee Trustee
St. Mark's Parish Church Notes to the Financial Statements for the Year ended 31 December 2023 l. Accounting Policies The principal accounting policies adopted* judgements and key sources of estimation or uncertainty in the preparation of the financial statements are as follows.. 1.1 Basis of Preparation The financial Statements have been prepared on a going concem basis in accordance wrth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 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 benefrt entty under FRS 102. Assets and liabilities are inttially reco8ni5ed at historical ost and transaction value unless otherwise 5tsted in the relevant accounting policy notelsl. 1.2 Preparation of accounts on a going COnM basis The Parish generally meets its day to day workin8 capital requirements from rfs 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 reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable fvture . Therefore these financial statements have been prepared on a going concern basi& 1.3 Income Plate Collertions. week Envelopes and ntaI of the Parlsh Hall are accounted for on a tash receipts basis as the amount Is collected. Other donations are recognised once the Parish has been notified of the donation. Income tax recoverable in relation to donatlons received under Grft Aid or deeds of rovenant is recogni5ed at the time claim is submitted to HMRC. Legacies a included within Income under either unrestricted or restricted funds according to the tems under which the donation is made and when the amount can be quantified with rèasonable certainty. t)onations and gifts in kind are brought into the accounts at thelr fairvalue to the Parish. Income arising from the rental of investment properties to third pèrties is recognised when the parish has entitlement to the funds, it is probable that the income will be received and the amourt can be measured reliably. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive oblwion 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 reliab. 1.5 Tangible a55ets The assets of the Parish comprise:_ The Church Building The Parish Centre The Rertory- Belfast Road The Curatsge- Londonderry Road 12
The Chur¢h Buildinf. The Church Building is deemed to be a Heritage asset as defined by the Charities SORP IFRS102). This accounting policy for this asset is outlined in note 1.6 below. The Parish Centre and Re¢rorr. The Parish Centre is recognised at cost. The Rectory 15 recognised at deemed c05t. No depreciation is provided on these as the current estimatsd idUal value is not less than the carrying value and the remaining useful life currently exceeds 50 years. The Curatage This property was originally used for the residence of the Curate. This property has been let at a commerical rent and has therefore been treated as an investment property. The accountin8 policy for this asset 15 Outlined in note 1.7 below. Equipment: Equipment Is included at cost and depreciated on a straight line basis over 4 years. A diminls for opitalisation of Él,SIXI is applied. Tangible assets are derecognised on disposal or when no future economic benefrts are experted. On disposal, the difference between the new disposal proceeds and the tarrying amount is recognised in the ststement of financial activitles and included in 'Other operating11055esl/gains. 1.6 Heritsge assets The Church Building is deemed to be a Herits8e a55et a5 defined by the Charities SORP IFRS1021. This asset is not included on the balance sheet as information on the cost or wdluation is not available and such inforn)ation cannot be obtsined at a c05t commensurate with the benefrt to the users of the accounts and to the Parish. 1.7 Investment properties Fixed asset investments comprislng investment properties are Inltlalty recorded at cost and are then subsequently stated at fair value at each balance sheet date. unalIsed gains and1055es represent the difference between the fair value at the beginning and end of the financial year or. rf purchased in in the year, the difference belNfftn cost and fair value at the end of the year. Realised gains and l¢)55es represent the difference between the pr¢xeeds on diswsal and the fair value at the 5tsrt of the year or cost rf purchased in the year.Both realised and unrealised gains and los in investments are reported within'Net GainsllLosses) on Investments. within the Statement of Flnancial Attrvrties. Cash and cash equirdlents Cash and cash equivalents includes cash in hand, deposits held at call with banks. other short-tenn highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors- Amounts falling due within l year. Loans with a duration of more than 12 months are split between current and long tem liabilities. 1.9 financial Instrnments The Parish only has financial assets and financial liabilities of a kind that qualfy as basic financial inrtruments. Basic financial instruments are initially recogni5ed at transaction price and subsequentlv measured at their settlement value. 1.10 Taxation St. Mork's Parish Church is recognised as a charity for the purposes of applicable tsxation legislation and ts therefore not subjettto taxation on its charttsble activities. 1.11 Retirement beneffts Payments to defined contribution retirement benefrt xhemes are charged as an expense as they fall due. 13
1.12 Funds Funds are classified as either restricted funds or unrestricted funds. defined as follow5= Restricted Fund5'. The Selett Vestry has defined the Restoration Fund as restricted funds as these have been generated through separate donations from parishioners to undertake physical restoration works to the Church and Parish centre. Endowment Fund5: are funds whith have been given on the condition that the original capital Sum is not reduced, but the income there from is used forthe purpose defined in accordance with the objects of the Parish. The Parish ha5 no endownment funds. nrestricted Funds: are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestrirted funds are earmarked at the discretion of the Trustees for a particular purpose. they are designated as a separate fund. This designation ha5 an administrative purpose only and does not legal restritt the Tru5tees' discretion to apply the fund. 2. Critifal aecounting judgements and estlmation uncertainty Estimates and judgments made in the process of preparfng the financial Statements a continually evaluated and are based on historical experience and other factors. including expectation5 of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parish's accounting policies or that there are any crttical accounting estimates or assumptions which may have a slgnlficant risk of causin8 a material adjustment to carrying amounts of assets and liabiliivds Within the next financial year. 14
St. Mark's Parish Church Notes to the Financial Statements for the Year Ended 31 Drnber 2023 A1¥$15 of Incorne Funds Fund5 Funds Total 2023 2023 Donation5 and le8aci•s Weekly envelopes l FWO Gift Aid Grants 124510 38233 17.297 15318 141.807 53,551 142.184 41.187 Donations Glen CC 10.4MX) 73.686 25.470 37,263 319,79) 12.438 12.438 19.220 294.524 wwcc 19.220 251.509 43.015 4. Othtrtradlrrf •C¢i¥ttis Rentals from Parfsh Centre 4) 18,160 20,384 .If ,160 20,384 5. In¥•simeThts The Curatage- rental incom RCB Trust income Bank interest Incrèase in FV of Invesbxènts Legacy inve5trnent Income 6.780 734 6.780 734 6,439 699 366 669 951 951 525 8.831 9.215 8.332 Gazette Income Events 135 160 8.761 8.761 8,896 8,853 9,013 8m6 An•tysis ot EKpÈnditur* 7. tharitable A¢tlvltl•s Salaries and Wages Inote 111 Diocesan costs 159.374 31.463 63J81 58 159.374 31.463 99.981 18.459 10.709 IL188 11.474 342,648 171.267 39.394 48.958 20.091 1.851 12,899 .567 303.027 Premises costs General Parish njnnlftg costs Charitable donatlons Glèn CC costs ioi 10,709 5333 5.766 294.384 5855 WWCC costs 48,264 & financial Fees & Charges Bank Charges and Interest Accountsncy & IE Deerea5e in fairvalue of Investment ProfÈs5ionzl fees 5250 1551 1551 L440 8,454 5,067 20,211 22,155 9. Depreoation Equiprnent 15
10 Taxation St Mark's Parish Church is recOgned as a charty for the purposes of applicable taxation legislation and is therefore not subjert to taxation on its charitsble artivities. 11. Analysis of Staff costs. Trustee remunerntion and expenses. and the cost of Key Management Personnel Employees 2023 2022 Clergy Stipend and Allowances Clergy Employer5 Nl Staff Salaries stsff Employers Nl Nert pension 65,027 6,152 80.620 81,505 74.579 4.651 1.670 159.374 Totsl 171.267 The average number of employee5 during the year. calculated on the basis of a head counL was as follows: 2023 2023 Number Number Ministerial support Administration There are no employees in recelpt of employee benefits in excess of £60,CKKI. 12 Key Management and Tnstees Key management a deemed to comprise the Trustees. The parish paid expen5e5 of £5.788 relating to the running costs of the Rettory house which is occupied by the rector. Ouring the year the Cler8y receNed stipends and allowances of £65,027 and the ministers for the Church Plants Centre received salaries of £61,472. No other twstee or a person related to a trustee had a personal interest in any contract or transattion entered into by the charty during the year. 16
13 Tangible fixed a55ets Freehold land and buildings Equipment Total At Cost At l January 2023 Additions 1.276.730 1.276,730 Revaluation Disposals At 31 December 2023 1,276,730 1,276.730 Depreciation At ljanuary 2023 Depreciation Disposals At 31 December 2023 Net book Ydlue at 31 December 2023 1,276.730 1,276.730 Net book value at 31 December 2022 1.276,730 1.276,730 Freehold land and buildings consist of the following properties: Church building- this a55et Is not Included on thè balance sheet as the infomation on the ci)5t or valuatlon is not available and such information cannot be obtsined at a c05t commensurate with the benefit to the users of the accounts and to the parish. According the Church bullding Is deemed to be Herits8e a55et as defined by the Charities SORP {FRS1021. {At 31 Ortober 2023. the sum insured for the Church building and contents was £7,193.3021. The Parish Centre and The Rectory are recognised at cost. No depreciation is provided on these assets as the current estimated residual value ts not less than the carrying value and their remaining useful lrfe exceeds 50 years. 14 Investment Properties Investment Properties Total Fair Value At l January 2023 Additions Gain l Loss Disposa15 At 31 Dernber 2023 175.C 175.(XXI 175.lJOO 175.1MM) The investment property, The Curatage. Londonderry Road. Newtownards,is held to eam rentats. The year end valuation of the property was carried out by the trustees and is based on refence to market evidence of tran5cations for similar properties in the area. 17
15 Investments Investments Fair Value At l January2023 Increase/{decreasel in fair value At 31 Dmber 2023 48,715 49.099 16 Debtors & Prep•yments 2023 2022 Debtors Prepayments 53.551 5,020 58,571 41,416 4,542 45,958 17 Analysis of cash and cash equfvalents 2023 21)22 Cash in hand Notice deposits Ile55 than 30 days) Overdraft facility repayable on demand Tatal cash and cash equivalents 122,248 165,474 122,248 165,474 18 Creditors & Accruals 2023 Creditors 2.232 11,278 2.681 4.630 7,311 kcruals 13,510 19 Bank Loans Due wtthin 12 Months Due after 12 Months 2.420 63,098 65,518 65.938 67,938 20 Retirement benefft schemes The parish operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separatety from those of the parish in an independently administered fund. 18
21 Funds ofthe Parish At ljan 2023 Trdnsfers At 31 Dec 2023 Restricted fund5 Building fund FU Coulter Trust 15.694 48.715 34.720 106 37A15 53,109 49,099 3.720 Stained glass window fund JSg5aW GCC EA Youth grantfvnd GCC Children5 & Orphans WWCC Childrens & Orphans WWCC Priorrties fund 36.fJXI 1,128 io.cb) io.rAM) 8517 1,128 4.145 9,208 5.213 2,188 4.521 132.336 5,855 792 WWCC Mind Matters West Wind5 project fund 1,612 4,521 137,201 43.399 48,264 Unrestrirted fu General fund 47,697 287.396 316.539 18.554 DeSIated funds Property fund Investment property Equipment Fund Building Fund 1.276.730 17S.( 1.276,730 175,000 1,499,427 287.396 316,539 1,470,284 Totsl lunds 1.636,628 330,795 364,803 1,602,620 Purpose of restricted funds These funds are to support specific projects as rboted abrye for whith funds were 8l¥en and restricted in their use to those projects. Purpose oldes1d funds Property fund: this fund Is in relation to the Parish Centre and the Rertory. Investment fund.. this fijnd is in relation to the investment property The Curatsge, Newtownard Building fvnd.. this fund is in relation to bulldin8 development projertk 19