St. Mark's Parish Church Statement of Financial Artivitses forthe year ended 31 Dember 2024 Restrirted Funds 2024 Totsl Funds 2024 Totsl Funds 2023 Funds 2024 Note Income Donations & legacies 181,729 61.415 243,144 294,524 Other trading artivities Investments 12,299 12.299 18,160 9.463 9,463 9,215 Charitsble artivities 7.116 1,936 9,052 8,896 TotsS Income 210.607 63,351 273,958 330,795 Ex enditure on: Charitable Actsv¢ties Finantial Fees & Char8es Depreciation Restoration Expenditure 232,778 8,305 58.065 776 290,843 9,081 342,648 22,155 Total Ex enditure 241.083 58,841 299.924 364,803 Net Incorne/ (Expendlture) before transfers -30,476 4,510 -25,966 -34,008 Tran5fer5 between funds 660 660 Net Incomel {Expenditure) before other re¢ognised gains and losses 5.170 -25,966 -34,008 -31,136 Net movement in funds -31.136 5.170 -25,966 -34,rJ08 Reconciliation of funds: Total funds broughtforward 21 L470.284 132,336 1.602,620 1,636.628 Totsl funds carried forward 21 1,439,148 I3706 1.576,654 1,602,620 The statement of financial activrties includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing artivrtie 10
St. Mark's Parish Church Statement of Flnancial Position /(Balance Sheet) as at 31 December 2024 Note 2024 2023 Fixed Assets Tangible Fixed Assets Investment Propertie5 Investments Total Fixed Asset5 13 14 1,276,730 175.000 48.423 1,5LhJ.153 1,276.730 175,000 49.099 1.5CQ.829 15 Current Assets Debtors & Prepayments Cash and cash equivalents Total Current Assets 16 37.024 111,262 148,286 58,571 122,248 180.819 17 Current Liabillties Creditors & Accruals Bank Loans Total Current Liabilities 18 9,627 3,360 12,987 13,SlO 2,420 15,930 19 Net Current Assets 135,299 164.889 Temi Liabllities Bank Loans Total Long Term Liabilltles 19 58,798 58,798 63,098 63.098 Total Net Assets 1,576,654 1,602,620 Parish Funds Unrestricted funds General funds Designated funds Total Unrestrirted Funds 21 21 -12,582 1,451,730 1.439.148 18,554 1.451,730 1,470,284 Restricted Funds Restricted funds Total Restrlrted Funds 21 137,506 137.506 132.336 132,336 Total Charlty Funds 1.576,654 1.602,620 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 Tru5tee5 on 1st May 2025 and Si8ned on its behalf by: Mrs Elizabeth Mcmullan Trustee Mrs Debra Phillips Trustee 11
St. Mark's Parish Church Notes to the Financial Statements for the Year ended 31 Dernber 2024 l. Accounting Policies The principal a¢¢ounting policies adopted. judgements and key sources of estimation or untertainty in the preparation of the financial statements are as follows: 1.1 Basis of Preparntion The financial statements have been prepared on 3 going concern bas in accordance with Accounting and Reporting by Charlties: Statement of Recommended Practice applicable to charities preparing their atcounts in accordance with 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 entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transac(ion value unless othernvise ststed In the relevant a¢wunting policy notelsl. 1.2 Preparation of accounts on a ping concern basls The Parish generally meet5 it5 day to day worknng tspital requirements from its annual income. The Trustees have obtained and reviewed c3sh flow forecasts for the coming year and based on these a satisfied that the Parish ha5 resources to provide a reasonable expectation that rt can continue to meet its financial obligations as they fall due for the foreseeable future . Therefore these flnancS31 ststements have been prepared on a going concem bass. 1.3 Income Plate Collertions, Weekly Envelopes and rentsl of the Parlsh Hall are accounted for on a cash receipts basi5 as the amount Is collerted. Other donations are recogni5ed once the Parish has been notified of the donation. Income tax recoverable In relatlon to donatlons CeIved under Gift Ald or deeds of covenant is recognised at the time claim is submltted to HMR LegJ¢ies are included wrfthin Income under either unrestrlrted or rexrirted funds according to the terms under which the donatlon is made and when the amount can be quantified with reasonable certainty. Donations and gtfts in kind a brought Into the accounts at their fair value to the Parish. Income arising from the rentsl of investment properties to third partles Is recognised when the parfsh has entitlement to the funds, it 15 probable that the income will be reiVed and the amount can be measured reliably. IA Expenditure Expenditure is recognised ono there a legal orconstructive 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 me05ured reliab]y- 1.5 Tangible assets The assets of the Parish ¢omprise:. The Church 8uilding The Parish Centre The Rectory- Belfast Road The Curatsge- Londonderry Road 12
The Church Buildinr. The Church Building is deemed to be a Heritage asset as defined by the Charities SORP IFR5102). Thi5 accounting policy for this asset Trs oudined in note 1.6 below. The Parish Centre and Rectory. The Parish Centre 15 recognised at cort. The Rectory ts recognised at deemed co No depreciation is provided on these as the current estimated resal value is not less than the carrying value and the remaining useful life Currently exceeds 50 year& The CuratagÈ This property wa5 Qriginally used forthe residence of the Curate. This property h35 been let at a comrnerical rent and has therefore been treated as an imfestment property. The accounting policyfor this asset IS Outlined in note 1.7 below. Equipment: Equlpment is included at cost and depreciated on a straight line ba515 over 4 year& A diminis for capitallsation of £1,500 is applied. Tangible assets are derecognlsed on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial activities and included in 'Other operatin811055es118ains. 1.6 Heritage assets The Church Bullding is deemed to be a Herkage asset as defined by the Charities SORP IFRS102}. This a55et is not included on the balance sheet as infom)ation on the cost or valuation 15 not available and such infomiation cannot be obtained at a cost commensurate with the benefrt to the users of the accounts and to the Parlsh. 1.7 Investment properties Fixed asset investments comprtsing investment properties are Initially recorded at C05t and a then subsequently stated at f3ir value at each balan¢e sheet date. Unreali5ed gains and losses represent the difference between the fair value at the beginning and end of the financlal year or. rf purchased in in the year, the dIffeftee btheen cost and fair value at the end of the year. Realised 8ain5 and105ses represent the difference beeen the proceeds on disposal and the fairvalue atthe stsrt of the year or Cost rf purchased in the year.8oth reali5ed and unaliSed gains and losses in investments are reported within 'Net Gains/lLossesl on Investments, withln the Ststement of Financial Artivities. 1.8 Cash and cash equivalents Cash and cash equivalents includes cash in hand, depos¢ts held at call with banks. other short-term highly liquid investments with orFginal maturitye5 of three months or less and bank overdrdfts. Bank overdrafts are shown w(thin cdr(Or$ - Amounts falling due within l year. Loans WTth a duration of more than 12 month5 are split between cuent and long term liabilities. 1.9 Financial instwments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at trdnsaction price and subsequently measured at their settlemerrt value. 1.10 Taxation St. Mark'5 Parish Church 15 recognised as a charity for the purposes of applicable taxation legislation and 15 therefore not 5ubjert to tsxation on ts charitsble activitres. 1.11 Retirement benefits Payments to defined contribution retirement benefft xhemes are charged as an expense as they fall due. 13
1.12 Funds Funds are classified as either restrirted fvnds or unrestricted funds. defined as follows: Restrtrted Funds: The Select Vestry has defined the Restoration Fund as restrtcted funds as these have been generated through separate donations from parishioners to undertake physical restoration works to the Church and Parish centre. Endowment Funds: aA fund5 which hève been given on the condition that the original capital Sum is not reduced, butthe incomÈ there from is used for the purpose defined in accordance with the objerts of the Parish. The Parish has no endownment funds. unstrICted Funds: are expendable at the discretion of the TTUStees in hjrthernnce of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Trustees for a particular purpose, they are designated a5 a separate fund. This dèsignation has an administratNe purpose only and does not legally restrirt the Trustee< dIsCtion to appty the fid. 2. Crltlcal accounting judgements and estimati1 uncertainty Estimates and Judgments made In the process of preparing the finanaal Staterner are continually evaluated and are based on historical experience 3nd other factors, including expectstions of future events that are believed to be reasonable under the circumstances. The Trustees do not considerthat there a any crttical judgments made In applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions whi¢h may have a significant risk of causing a material adjusrment to carryin8 amounts of assets and liabilities Within the ne*c financial year. 14
St. Mark'5 Parish Church Notes to the Financlal Statements for the Year Ended 31 December 2024 Analy&s of Incorne Fund5 nds Funds Totsl 2024 2024 2023 3. Dorlon$ and ierdcies Weekly envelopes l FWO Glft Aid Grants 120,071 25.426 19.259 5,831 139330 31,257 141807 53551 Cjonatlons 9,211 13.794 13227 i.n9 20.132 14,658 35 29343 28.452 14.762 67508 12,438 19,220 294,524 Glen CC wwcc 61,41S 243,144 4. Othertradlrn8actl¥ltl•s Rentals from Parlsh Centre 12299 12,299 ,160 12.299 12.299 18.160 5. Investmonts The Curatage- rentsl Incom• RCB Trust income 7567 795 6,780 734 795 Bank interest In¢rasè In FV of Investments Legacy Investment lrtcome 331 331 366 384 951 770 9,463 9,215 6. Ch3ritable actlvlties Gazette Incorne 135 Ev•nts 7,116 7,116 1936 9.052 8,761 8,896 1,936 9,052 Analysls of Expebxllture 7. ChèritableA¢ti¥ities Salaries and Wages Inote 111 Dlocesan costs 117,230 21431 35AS4 117,230 22,431 90,422 29,885 15.794 10,738 159.374 31A63 99,981 18,459 10,709 ii. IL474 342,$48 Premises costs GeneTrl P?ri5h runnin8 costs ChaT5table donations 54.568 Glen CC costs 3439 58 WWCC c¢)sts 232.n8 58.065 290,843 rinancial Fees & Charges Bank Char8es and Interest Accountanq & IE Decrease In fairvalu of investment 6.788 L517 6796 1.551 1517 676 676 Profe55konal fee5 13.808 22,155 8,305 776 9,081 9. Depreciation Éouipment 15
10 Taxation St Mark's Parish Church is recognised as a charityforthe purposes of applicable taxation legislation and is therefore not subjert to taxotion on sts charitable attivities. 11. Analysis of stsff costs, Trustee remuneration and expenses. and the cost of Key Management Personnel Employees 2024 2023 Clergy Stipend and Allowances Clergrf Employers Nl Staff Salaries Staff Employers Nl Nest pension 29,993 2,701 81,640 1,572 1.324 117,230 65.027 6.152 80.620 5.905 1.670 Total 159,374 The average number of employees during the year, calculated on the basis of a head counL was as follows: 2024 2023 Number Number Mlnisterial support Administration There are no employees In recelpt of employee benefrt5 in excess of £60.IJ¢XJ. 12 Key Management and Trustees Key management are deemed to comprise the Trustees. The parish pald expenses of £47.704 relating to the runnlng costs, maintenace and improvements of the Rectory house. During the yearthe Clew received stipends and allowances of £29.993 and the ministers forthe Church Plants Centre received Salaries of £64,799. No other trustee or a person related to a trustee had a personal interest in any contract or transaction entered into by the charity during the year. 16
13 TanBible ftxed assets FroÈhold land and buildings Equipment Total At Cost At lJanu3ry 2024 Additions 1,276.730 1,276,730 Revaluotion Disposals At 31 December 2024 1,276.730 1.276,730 Depreciation At l January 2024 Depreciation Disposals At 31 December 2024 Net bookvalue at 31 December 2024 1,276,730 1,276,730 1,276.730 Net book value at 31 December 2023 L276,730 Freehold land and buildings consist of the following propertles: Church building- this asset is not included on the balance sheet as the informarion on the cost or valuatlon is not available and such information cannot be obtsined at a c051 commensurate wirh the beneflt to the users of the accounts and to the parish. A¢cordinely the Church building is deemed to be Heritage asset as defined by the Charities SORP (FRS1021. (At 31 Ortober 2024, the sum insured for the Church building and contents was £7,552,967). The Parish Centre and The Rectory are recognised at cosL No depreciation Is provided on these assets as the current estimatsd residual value 15 not less than the carrying value and their remaining useful life exceeds 50 years. 14 Investment Properties Total Properties Fair Value At l January 2024 Addttions 175.000 175,CQO Gain l Loss Disposa15 At 31 December 2024 175.OCN) 175,000 The investment property, The Curdtage, Londonderry Road. Newtownards,is held to eam rentsls. The year end valuation of the property was carried out by the trustees and 15 based on reference to market evidence of transcation5 for similar properties in the area. 17
15 Investments listed Investsnents Fair Value At lJanuary2024 Incre3Se/ldeCase} in fair value At 31 December 2023 49,099 -676 48,423 16 Debtors & Prepayments 2024 2023 Debtors 30,856 6,168 37,024 53.551 5,020 58.571 Prepayments 17 Anatysls of cash and cash equiwdlents 2024 2023 C2sh in hand 111.262 122,248 Notice deposits Iless than 30 days) Ierdraft fac511ty repayable on demand Totsl cash and cash equivalents 111,262 122.248 18 Creditors & AccruaLs 2024 2023 Credrcors 1,410 8.217 9,627 2.232 11.278 13,SlO Accruals 19 Bènk Loèns 2024 20Z3 Due within 12 Months 3.360 58,798 62,158 2,420 63.098 65,518 Due after 12 Months 20 Retlrement benefft schèmes The parish operate5 a defined contribution pension xheme for all qualifying employees. The assets of the scheme are held separately from those of the parish in an independently admintstered fund. 18
21 Fun¢ts ofthe Parish At l Jan 2024 In¢ome Expenditure Trnnsfers At 31 Dèc 2024 Restricted nds Building fund RJ Coulter Trust Stained gla55 window fund Jigsaw Projects- various GCC EA Youth gTantfund GCC Children5 & Orphans GCC Prioritie5 Fund S3.109 49.099 3.720 50.288 676 27.911 48,423 4.380 660 21068 -439 L567 4.145 4.145 12,000 io L7.OLkry l.oco L658 GCC Ark Housing GCC project funds WWCC Childrens & Orphans WWCC Prioritie5 fund WWCC Mind M*ters WWCC Ark Housing WWCC projecr fvnds 99) 882 776 9208 5,213 9,208 5,213 2,188 1,000 4,998 137,506 i.ojo 535 4,521 58 132,336 63,351 58.841 Unrestricted fun General fund 18.SS4 210.607 24L083 60 -12,582 Designated funds Propetyfund InvestmÈTht propetY4 Equipment Fund 8uildin8 Fund L276,730 175,CQO L276,730 175,OC#J L470,284 210,607 241.083 1,439,148 Totsl funds 1,602.620 273,958 299,924 1.576,654 Purpose of restricted fi5nds These funds are to S(EPPOrt spedft projects as noted above for which fvnds were given and restrttted in their use to th05e PTojects. Purpose of designated funds Property fund: thisfund is in relation to the Parish Centre and the Rectory. Investment fund: this fund is in relation to the investment property The Curawe. Newtownards. Building fund.. this fund is in relation to building development proied 19