2021-08-31-accounts

DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

Church Accruals Accounts 2020-21

THE METHODIST CHURCH

STANDARD FORM OF ACCOUNTS ACCRUALS BASIS

FOR THE YEAR ENDED 31 AUGUST 2021

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Loughton Methodist Church Church no 35/33
Registered Charity - Registration number 1126831
Church Chair Revd Sue Creighton
Church Stewards Jill Geddes
Sharon Heather
Paul Davies
Jane Gooding (to January 2021)
Stephen Murray (to October 2020)
Stephen Murray (reappointed from December 2021)
Margaret Donoghue (from January 2021)
Church Treasurer Martin Howarth
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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

1 Introduction

• 1.1 The Loughton Methodist Church serves to enable and support the local community. The Chair - Revd Sue Creighton works together with a team of paid and voluntary officers to support and develop the life of the Church.

On 20 November 2008, the Church was entered into the Register of Charities and the Charity Number is 1126831.

The Managing Trustees of the Loughton Church are the members of the Church Council which meets generally 3 - 5 times per year to consider the work of God in the Church and the general management of the Church and its business. The membership of the Council is governed by the Standing Orders of the Methodist Church. The officers of the Church who are appointed by the Church Council to act upon its behalf comprise the Minister, the Ministerial Staff Team, the Church Stewards and the Church Financial Steward (treasurer).

2 Objectives and Activities

2.1 Aims and organisation

The aims of the Church Council through its officers are twofold:

• to secure and sustain the Church's viability and future

• to give assurance to the general public that the Church, which is a charity, intends to use all of the money coming into its care for the purpose of the charity.

2.2 Loughton Methodist Church Vision

The Church's Mission Policy states “The Loughton Church exists to further God's Kingdom by enabling and supporting the local community and mission; resourcing local Churches under the power of the Holy Spirit to function as effective worship, witness and welfare centres. The Church achieves this by holding the following values in all its dealings with individuals, communities, local and national authorities, other charities and businesses,

• Worship: Attributing worth to God, Father, Son and Holy Spirit

• Bible knowledge: Engaging with the scriptures in our daily lives

• Serving the community: Concern and help for the needs of the local community

• Diversity and Cultural relevance: Maintaining the rich diversity of the Churches and communicating the Gospel effectively

• Empowered laity: Recognising the ministry of the whole people of God

• Safeguarding: Creating safer spaces for all including children and vulnerable adults

• Quest for a just world: Actively working for peace with justice

During the year the Loughton Methodist Church council took over the responsility for the Loughton Trinity Debden Church. The value added, as shown in the SOFA on page 8, comprised bank funds of £96 and church property valued at £1,003,648. Income of £10,574 and expenditure of £5,576 is included in the SOFA arising from the Loughton Trinity Debden Church.

3 Review of progress and achievements

3.1 Loughton Methodist Church Annual Report

A verbal report of the Loughton Methodist Church was presented to the Annual Church meeting, which gave full details of the activities of the Church.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

3.2 Plans for future years

• Ensure that any local issues emanating from the Past Cases Review are dealt with sympathetically, fully and timeously.

• Ensure that all those within the Church that should attend the Safeguarding Leadership Module do so.

4 Financial Plans and Review

• The Church's financial requirements are reviewed each year in the context of the aims listed above and the local congregation are invited to make offers of a share in meeting the total cost.

• The annual budget includes a provision for the general maintenance of the Church property, however, if large expenditure is needed within the year to maintain Church property, the work needed will be agreed and authorised on a case by case basis. Large capital requirements are generally met from the Vision Fund (Designated).

• Church income is drawn primarily from the offerings and letting. During the year offerings reduced to £91,237 (2020: £96,573).

• Rental income was received during the year from the letting of halls to external groups. During the year letting income reduced to £23,667 (2020: £59,159).

• Expenditure increased to £288,679 (2020: £251,848) as the property expenses regarding the toilet update are included.

• At 31 August 2021, unrestricted reserves, excluding the property fund, stood at £316,968 (2020: £355,771).

Unrestricted Funds

• General Fund – this fund together with other unrestricted funds represent at least six months expenditure of the Church’s general activities and whilst this represents a significant sum, it is considered important that this level of funding be maintained to meet unexpected expenditure. The balance at the year end was £9,476,032 after adjustments for accruals, including £9,159,064 relating to the Church property within the Church but where the title lies with the Trustees for Methodist Church Purposes.

• Designated Fund - For specific purposes, but not restricted by document or deed to that purpose only (Balance at the year end £Nil (2020: £Nil)).

Restricted Funds

• For specific purposes and restricted by document or deed to that purpose only. The balance at the year end was £Nil (2020: £Nil).

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

4.1 Investment Policy

The investment of surplus funds is operated through the Central Finance Board (CFB) of the Methodist Church. CFB aims to provide high quality investment service seeking above average returns for long term investors, whilst ensuring that the securities held by all its funds are in line with the ethical policy of the Methodist Church. The Church has its funds in a deposit account with CFB.

4.2 Reserves Policy

Our Reserves Policy relates to our unrestricted funds which are freely available for any or all of the purposes of the Church. It is our policy to hold at least six months expenditure in hand to enable us to meet any calls for funding requirements.

5 Trustees Responsibilities

For each financial year ending 31 August, the trustees are required to prepare financial statements that give a true and fair view of the Church's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees must:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• prepare accounts to comply with the Charities SORP;

• follow applicable accounting standards subject to any material departures disclosed and explained in the accounts;

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in

• operation.

The trustees are responsible for ensuring that sufficient accounting records are kept which disclose with reasonable accuracy at any time the financial position of the Methodist Church - Loughton Church and enables them to ensure that the financial statements comply with the law and Standing Orders of the Methodist Church.

They are also responsible for safeguarding the assets of the Church and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

5.1 Risk Management

The Church has been considering the various risks facing the Church and the impact and the likelihood of issues happening, which will be reviewed every few years.

The headings under which the risks are being categorised include:

• Governance Risks including Trustees’ Responsibilities

• Operational Risks including Resources, People and Property

• Financial Risks

• External Risks and Legal Risks

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

6 Structure, governance and management

6.1 Structure

The Loughton Methodist Church is an unincorporated association and is governed by the Methodist Church Act 1976, the deed of Union and the Model Trust Deeds of the Methodist Church. It was registered with the Charity Commissioners on 20 November 2008.

Churches are the coordinating charities for local public. Most decisions are made at or ratified by the Church Council. The Methodist Conference meets once each year as the supreme denominational body for all Methodist Churches.

• 1 Overall regulatory authority rests with the Methodist Conference.

• 2 The Connexional office implements decisions made by Conference and is also responsible for the stationing of presbyters and deacons (collectively known as ministers) in individual Churches within the Circuit.

• 3 The Church Council passes regulatory control down to church councils for local implementation by the presbyter, the Church Stewards, and other officers, and this regulatory authority is then exercised by church councils as Managing Trustees of their charity.

6.2 Purpose of the Church

The purposes of the Loughton Methodist Church are and deemed to have been since the date of the union the advancement of:

• a the Christian faith in accordance with the doctorinal standards and the discipline of the Methodist Church, and

• b any charitable purposes for the time being of any connexional, District, Circuit, local or other organisation of the Methodist Church, and

• c any charitable purpose for the time being of any society or institution subsidiary or ancilliary to the Methodist Church, and

• d any purpose for the time being of any charity being a subsidiary or ancillary of the Methodist Church.

The primary purpose of this Church is to advance the mission of the Church in the local community.

• 1 providing opportunities for Churches to work together and support each other

• 2 offering to Churches resource of finance, personnel and expertise.

6.3 Governance

Detailed governance arrangements are outlined within the Constitutional Practice and Discipline of the Methodist Church by the order of the annual conference (CPD).

Day to day management of the Church is undertaken by the Church Leadership Team, the Church Finance and Property Committee and the Church Coordination Group.

6.4 Public Benefit Requirement

The trustees had due regard to the guidance published by the Charities Commission in compliance with its duties under section 4 of the Charities Act 2011.

This guidance sets out two key principles:

1. The organisation must have an identifiable benefit.

2. The benefit must be to the public or a section of the public.

The Church exists to:

• increase awareness of God’s presence and to celebrate God’s love;

• help people to learn and grow as Christians, through mutual support and care; and

• be a good neighbour to people in need and challenge injustice.

The trustees consider that for these reasons the charity meets these public benefit requirements.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

6.5 Related Parties

The Church is part of the Forest Methodist Circuit and is also accountable to the Methodist Conference.

7 Reference and Administration Details

• 7.1 The full name of the Charity is Loughton Methodist Church.

• 7.2 The Loughton Methodist Church is registered as a charity with the Charity Commission in England and Wales. The organisation's Charity No is 1126831.

• 7.3 The address of the Church for correspondence is 260 High Road, Loughton, Essex, IG10 1RB. The name of the person to whom correspondence should be addressed is the Minister.

7.4 The trustees who served during the year are listed on the last page of these financial statements.

The Church's Bankers are: HSBC, CAF Bank and the Central Finance Board of the Methodist church "CFB".

7.5 Investments managed by the Church are held by Trustees for Methodist Church Purposes ''TMCP''

7.6 Trustee Training

A range of guidance produced by Methodist Connexion to support the effective running of the Church, specifically the leaflet 'The role of a Trustee in the Methodist Church' is given to all new Church Council members as induction to their role as trustees.

7.7 Disclosure of information to auditors

In so far as the trustees are aware:

• there is no relevant audit information of which the Charity's auditors are unaware; and

• the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information

• and to establish that the auditors are aware of that information.

7.8 Auditors

The auditors Clay Ratnage Strevens & Hills had been reappointed as auditors to the Church for this year.

21/5/2022

Approved by the managing trustees on ….............................................................. and signed on their behalf by:

…………………………………………….

Martin Howarth

Treasurer

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF THE LOUGHTON METHODIST CHURCH

Opinion

We have audited the financial statements of Loughton Methodist Church (the ‘charity’) for the year ended 31 August 2021 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 August 2021, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report , other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF LOUGHTON METHODIST CHURCH

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: • Obtaining an understanding of the legal and regulatory frameworks applicable to the charity.

• Obtained an understanding of how the charity is complying with those legal and regulatory frameworks by making enquiries to the trustees. • The susceptibility of the charity’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures:

• Identifying and assessing the design effectiveness of controls which trustees have in place to prevent and detect fraud

• Understanding how those charged with governance considered the potential for override of controls and management biases

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Clay Ratnage Strevens & Hills

Chartered Accountants & Statutory Auditors Suite D, The Business Centre Faringdon Avenue Romford, Essex RM3 8EN Date: 25/5/2022

Clay Ratnage Strevens & Hills is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2021

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General Fund Designated Other Funds Endowment Total Total
Note (Unrestricted) Funds (Restricted) Funds 2020-21 2019-20
(Unrestricted)
£ £ £ £ £ £
Income
Donations and Legacies 2 71,264 - - - 71,264 70,248
Interest and Investment Income 478 - - - 478 2,076
Other income 3 5,681 - - - 5,681 23,640
Offerings and Tax recoverable 4 91,237 - - - 91,237 96,573
- - - - - -
Connexional Advance and Property Fund
- - - - - -
Capital Receipts
Grants 5 57,453 - - - 57,453 2,000
Lettings 23,667 - - - 23,667 59,159
Total Income 249,780 - - - 249,780 253,696
Expenditure
Grants and Donations 6 6,120 - - - 6,120 6,120
Salaries and associated costs 7 92,516 - - - 92,516 104,152
Property (incl Ins., C tax, utilities etc) 8 88,363 - - - 88,363 46,997
Office Expenses (Admin., tel. travel etc.) 9 7,387 - - - 7,387 5,841
Circuit assessment 72,095 - - - 72,095 70,199
- - -
Depreciation 4,685 4,685 1,834
Other Expenditure (incl training) 10 13,517 - - - 13,517 12,901
Audit 11 3,996 - - - 3,996 3,804
Capital Expended - - - - - -
- - - - - -
Total Expenditure 288,679 - - - 288,679 251,848
- - -
Net Income/(Expenditure) (38,899) (38,899) 1,848
Transfers between funds 19 - - - - - -
Sub Total (38,899) - - - (38,899) 1,848
Gains/(losses) on revaluation of fixed assets - - - - - -
Trinity Debden introduced 1,003,744 - - - 1,003,744 -
Net investment in funds (38,899) - - - (38,899) 1,848
Total funds brought forward from last year 8,511,187 - - - 8,511,187 8,509,339
- - -
Total funds carried forward at end of year 9,476,032 9,476,032 8,511,187
For information only: Money received and passed on to External Organisations
Balance brought forward from last year 87 87
Offerings/Gifts - received for External Organisations 160 7,442
Offerings/Gifts - passed to External Organisations (160) (7,442)
Balance still to be paid 87 87
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The notes on pages 10 to 15 form part of these accounts.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

BALANCE SHEET

AS AT 31 AUGUST 2021

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General Fund Designated Other Funds Endowment Total Total
Notes (Unrestricted) Funds (Restricted) Funds 2021 2020
(Unrestricted)
£ £ £ £ £ £
Tangible Fixed Assets
Church Property and other fixed assets 12 9,169,451 - - - 9,169,451 8,159,085
Investment properties - - - - - -
Investments - - - - - -
- - -
Total fixed assets 9,169,451 9,169,451 8,159,085
Current Assets
Debtors and Prepayments 13 63,526 - - - 63,526 40,663
Central Finance Board and Trustees
for Methodist Church Purposes
deposits etc 14 130,958 - - - 130,958 278,026
Cash at Bank and in hand 15 140,281 - - - 140,281 37,217
Total current assets 334,765 - - - 334,765 355,906
Creditors and Accruals (due in
under one year) 16 28,184 - - - 28,184 3,804
Net current (liabilities)/assets 306,581 - - - 306,581 352,102
Total assets less current liabilities 9,476,032 - [ - ] - 9,476,032 8,511,187
Long term liabilities
Loans to the Church - - - - - -
Grants Payable 17 - - - - - -
Other liabilities due after one year - - - - - -
Net assets 9,476,032 - - - 9,476,032 8,511,187
Funds of the Church
General Fund (Unrestricted) 9,476,032 9,476,032 8,511,187
Designated Funds (Unrestricted) - - -
Total Unrestricted funds 9,476,032 8,511,187
Other Funds (Restricted) - - 0
Endowment Funds (Restricted) - - -
Total Restricted funds - 0
Total Funds 9,476,032 - - - 9,476,032 8,511,187
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21/5/2022

Approved by the managing trustees on …............................................................................. and signed on their behalf by:

…………………………………………….

Martin Howarth

Treasurer

The notes on pages 10 to 15 form part of these accounts.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting framework and accounting policies

i Accounting framework

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable tocharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

ii Public benefit entity

The Church meets the definition of a public benefit entity under FRS 102.

iii Basis

These accounts have been prepared on the basis of historical cost except that Church Property is shown at their market value at the end of the year, on the accruals basis to show a true and fair view of the Church's financial position and activities. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes below.

iv Content

The financial information presented is relevant, reliable, comparable and complete. Where estimates are used these are based on experience, research and judgement. The accounts are expressed in £Sterling, rounded to the nearest pound.

v Going concern

Based on the monetary assets and human resources available at 31 August 2021, the trustees believe that the Church is a going concern.

vi Income recognition

Income is brought into account when it is more likely than not that the economic benefit of the income will accrue to the Church. No attempt is made to measure the value of services donated by volunteers. In accordance with the Charities SORP (FRS 102), the time of volunteers is not recognised.

vii Expenditure

This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Church to pay out resources.

viii Grants

Grants are recognised annually only as and when any performance conditions attaching to the award are met, even when the award is for a recurrent grant over more than one year. All grants awarded for payment in future financial years are conditional on the Grants Committee being satisfied, on the basis of progress reports from the grantee, that the grant's achievements to date justify the payment of further instalments of that grant. Such commitments are noted as contingent liabilities and included within other relevant designated fund in these accounts.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

ix VAT

Since the Church is not VAT registered, all input VAT is charged with the expenses to which it relates.

x Tangible fixed assets

These are capitalised if they can be used for more than one year. The Church Property is shown in the accounts at market valuation at the end of the financial year.

Other fixed assets have been depreciated using the straight-line method over four years.

xi Debtors and creditors; bank and cash

Debtors are stated at the amounts owed to the Church or prepaid. Creditors are initially recognised at settlement amount after any trade discounts, where normal credit terms apply, or amount advanced to the Church. Subsequently creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit account balances are shown at the realisable values.

xii Ministers' manse costs

The Church is not required to provide accommodation for the Minister and his / her family. This is the responsibility of the Circuit.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

----- Start of picture text -----
2 Donations and legacies 2020-21 2019-20
Donation and gift day 15,185 1,339
Donation (Flower fund) - 167
Church Vision Fund 50,000 50,000
Bosnia Fund 9 22
-
Donations (Property projects) 17,100
-
Donations (Lifeworks lighting) 1,620
-
Property project fund - Various donations 6,070
71,264 70,248
3 Other income 2020-21 2019-20
Welcome area receipts 3,980 13,020
Lifeworks income (non-lettings) - 280
Bank compensation 550 -
PALS fund 306 478
Holiday club - 245
Job retention scheme 845 9,617
5,681 23,640
4 Offerings and tax recoverable 2020-21 2019-20
Offerings 72,273 76,545
Tax recoverable 18,964 20,028
91,237 96,573
5 Grants and donations received 2020-21 2019-20
-
Property project fund - Biffa grant 51,304
-
Forest circiut - Trinity Debden 6,149
-
Grant - Epping Forest District Council 2,000
57,453 2,000
6 Grants and donations paid 2020-21 2019-20
Donations paid 4,560 4,560
Contributions to Connexional and circuit funds 1,560 1,560
6,120 6,120
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LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

7 Salaries and associated costs Gross Pay Employer's National Insurance Contribution Employer's pension contribution to the defined benefit scheme Temporary staff cost Apprentiship levy Administration cost 8 Property costs Church repairs Insurance and utilities Property management and cleaning Heat and light Rebranding - signage 9 Office expenses Telephone Computer expenses Copier expenses Postage and stationery 10 Other expenditure Pastoral work Sundries Training cost Welcome area cost PALS fund Flower fund Life works - Falcon Flight Covid-19 sanitsers Holiday club Concert fund Youth work projects Art centre cost Lifework - Indefinite leave to remain charge 11 Fees for examination or audit of the accounts Auditors' fees Other fees (e.g.: advice, accountancy services)

2020-21 2019-20 80,903 90,334 6,300 6,659 4,429 5,880 - 350 404 449 480 480 92,516 104,152 2020-21 2019-20 70,072 19,495 6,640 5,499 15,282 15,067 (3,631) 1,930 - 5,006 88,363 46,997 2020-21 2019-20 2,029 1,475 1,322 475 3,259 3,259 777 632 7,387 5,841 2020-21 2019-20 4,161 4,395 199 467 741 873 3,497 3,503 - 1,062 - 191 - 599 769 1,104 - 477 - 230 854 - 888 - 2,408 - 13,517 12,901 2020-21 2019-20 2,432 2,315 1,564 1,489 3,996 3,804

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

12 Total Tangible Fixed Assets

Cost or valuation Balance at 1st Sept 2019 Additions in the year Write off in the year Revaluations in the year Balance at 31st August 2020 Depreciation Balance at 1st Sept 2019 Charge in the year Depreciation on write off Balance at 31st August 2020 Net Book Value @ 31 August 2021 Net Book Value @ 31 August 2020	Land and Other Total Buildings Fixed Assets 8,155,416 123,719 8,279,135 1,003,648 11,403 1,015,051 - - - - - 9,159,064 135,122 9,294,186 - 120,050 120,050 - 4,685 4,685 - - - 124,735 124,735 9,159,064 10,387 9,169,451 8,155,416 3,669 8,159,085

The Land and Buildings (Church Property) were revalued in the year by the Trustees and there was no change in value. No depreciation is provided on the building because the trustees consider the current fair value of the church buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The church property has been reviewed for impairment.

13 Debtors and prepayments

All sums paid in advance at 31 August 2021 were for purposes required during 2021-22.

Circuit assessment paid in advance Light and heat Digital display (50% deposit) JRS Claim (Aug/20) Other debtors Gift aid tax recoverable Accident expenses to be received from insurer Total Prepayments and accrued income	2020-21 2019-20 16,817 18,024 1,570 6,395 - 4,565 - 1,592 10,087 10,087 18,964 - 16,088 - 63,526 40,663

14 Trustees for Methodist Church Purposes

The funds that support the Vision Fund are held by TMCP. TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated funds. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and policy as determined by the Methodist Conference.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

15 Central Finance Board (CFB) and cash at bank

The Church has one current account at HSBC Plc and one current account with CAF Bank, both are authorised institutions. The sums held on the account are immediately available. In addition, the Church has one deposit account at CFB. Interest is earned on this CFB account and credited monthly.

16 Creditors and accrued expenses

Audit and accountancy fees Cleaning accruals Property project fund - Livestreaming grant Arts Council Grant for Falcon Flight 21 Ticket receipt less expenses for Falcon Flight 21	2020-21 2019-20 3,996 3,804 2,817 - 11,500 - 9,000 - 871 - 28,184 3,804

17 Grant commitments

There were no future commitments at 31 August 2021

18 Church funds (Unrestricted and Restricted)

The Church maintains a number of separate funds. The purpose, type, movement and state as at the end of year is documented below.

The funds held constitute: General Funds for any purpose, Designated Funds for specific purposes, but not restricted for that purpose only and Restricted Funds for specific purposes and restricted for that purpose only. Details of each material fund are disclosed in the notes below.

disclosed in the notes below.
Project	2020.21	2019-20
General Funds - Unrestricted For use at the discretion of the trustees in the furtherance of the objectives of the Church. This excludes funds which have been designated for a specific purpose. Designated Funds - Unrestricted For specific purposes, but not restricted by document or deed to that purpose alone. Other Funds - Restricted For specific purposes and restricted by document or deed to that purpose alone.	9,476,032 - -	8,511,187 - -
	9,476,032	8,511,187
Transfer between funds
Restricted funds	2020-21 -	2019-20 -

19 Transfer between funds

The trustees have concluded the Church does not hold any funds which are considered to be for a specific purpose and as a result have decided to transfer the Restricted Funds balance to the General Funds.

20 Volunteer contribution

Every entity (Connexion, District, Circuit, Church) within the Methodist church in GB is heavily reliant on volunteers who contribute their skills, time and money in the furtherence of the work of the Church. It is the volunteers who are involved in every activity in the church and without them the church would not function. We are grateful to all of them for their help and commitment.

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH DECLARATIONS

Treasurer

I confirm that I have prepared the accounts from the records of the Church and that they include all funds under the control of the Church Council .

----- Start of picture text -----
Signature of Treasurer
Name Date
Martin Howarth 21/5/2022
Address
16 Marjorams Avenue, Loughton, Essex IG10 1PT
----- End of picture text -----

Presentation to the Church Council for approval.

I confirm that the Accounts have been or will be () presented to the Church Council on 21 October 2021 and were or will be () approved on 21 October 2021

----- Start of picture text -----
Signature of the Chair of the meeting
Name of the Chair of the meeting
Rev Sue Creighton
Date
25/5/2022
----- End of picture text -----

• Delete as appropriate

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DocuSign Envelope ID: D0187452-E5D0-436C-80E2-84152C712FBE

LOUGHTON METHODIST CHURCH

TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2021

Date appointed / resigned

	Andrea	Moles
	Chris	Beament
	Christine	Baker
	Christine	Whatson
	David	Hobbs
	Jill	Angold-Stephens
	Jill	Geddes
	Keith	Aldred Dr
	Margaret	Buttress
09/05/2021	Margaret	Donoghue
	Martin	Howarth
	Mary	Knapman
	Paul	Davies
	Peter	Moles
	Sharon	Heather
	Stephen	Perry
	Sue	Creighton
	Susan	Judd
	Resigned
01/10/2021	Jenna	Thorne
22/10/2020	Stephen	Murray

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