St. Mark's Parish Church
Statement of Financial Artivitses forthe year ended 31 De￿mber 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
I37￿06
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 De￿rnber 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 re￿iVed 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 res￿￿al 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 dIffe￿ftee btheen cost and fair value at the end of the year. Realised 8ain5 and105ses represent the
difference be￿een the proceeds on disposal and the fairvalue atthe stsrt of the year or Cost rf purchased in
the year.8oth reali5ed and un￿aliSed 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 c￿dr(Or$ - Amounts falling
due within l year. Loans WTth a duration of more than 12 month5 are split between cu￿ent 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.
un￿strICted 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< dIsC￿tion 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. Dor￿lon$ 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¢r*asè 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/ldeC￿ase} 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)
I￿erdraft 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