Accruals Accounts
2021-22
= |
THE METHODIST CHURCH
STANDARD FORM OF ACCOUNTS ACCRUALS BASIS
for the year ended 31 August 2022
Priory Methodist Church, Bedford
Registered Charity - Registration number
| Church | Stewards | Karen Gaunt |
|---|---|---|
| Colin Watts | ||
| CarmenRowe |
PRIORY METHODIST CHURCH, BEDFORD Registered Charity no. 1127751
ANNUAL FINANCIAL STATEMENTS For the Year ended 31 August 2022
Priory Methodist Church, Bedford, was consecrated in June 1969. It took its name from the Augustinian Priory of St Paul of Newnham, which was situated in the locality and was dissolved in 1541.
Priory Methodist Church, Bedford Year ended 31 August 2022
1 Objectives and activities
Priory Methodist Church is rooted in the earliest days ofMethodism, with visits to Bedford by John Wesley. In 1969, two congregations came together as a worshipping community in the present premises. Priory is part of the North Bedfordshire Circuit of churches, and through the District to the wider Methodist Connexion. We are also part ofan ecumenical triangle with St. Mary’s, Goldington and Holy Cross. Priory is committed to serve the needs of the locality, through worship and service, and to share the love of God with all those we meet.
Our objective is to proclaim and affirm our conviction of God’s love in Christ, for us and for all the world; and renew confidence in God’s presence and action in the world and in the Church.
-
As ways towards realizing this priority, we will give particular attention to the following:
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Underpinning everything we do with God-centred worship and prayer
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- Supporting community development and action for justice, especially among the most deprived and poor - in Britain and worldwide
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¢ Developing confidence in evangelism and in the capacity to speak of God and faith in ways that make sense to all involved
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e Encouraging fresh ways of being Church e Nurturing a culture in the Church which is people-centred and flexible
Each year we try to think through the specifics of how to put our principal objectives into action. The Priory Leadership Team devises a series of aims under each of the three ‘Positive Priory’ headings. This list forms the basis of the agenda each time the PLT meets. In addition, the objectives are reviewed at least annually by the Church Council. Aims and objectives are then retained, revised, or new ones set to take us into the next year of our life together.
Public Benefit Statement:
The managing trustees of Priory Methodist Church confirm that they are satisfied that they have complied with their duty with regards to ensuring that the Charity has undertaken suitable works for the benefit of the public; as required by the Charity Commission.
2 Achievements and Performance
We have both long-term and short-term objectives in the following areas: Inspiring Worship, Building Community, and Sharing Faith with the local and wider community.
Examples being:
Regular Sunday Worship Junior Church for young people once a month
A variety of clubs, groups and meetings open to the Church and local community Food & Fun club running as an outreach initiative during each school holiday.
Priory is very fortunate in that its premises continue to be widely used by both its own groups and many different outside organisations. At present is main users are Barnardo’s (the children’s charity), a local ballet school and IMPAKT, a local food bank. All users find a well-equipped and friendly environment in which to meet. Of course, none of the above could happen at Priory without the continued generosity of its members, both in their regular weekly giving and, in their donations, and legacies.
1
Priory Methodist Church, Bedford Year ended 31 August 2022
3 Financial Review
At the start of the financial year to 31 August 2022 the Church Council formally adopted a projected budget deficit of£12,000 however, due to a number of factors we finished the year with a surplus of £10,865. This meant that our general fund (which includes our reserves) increased to £71,568.
We saw the majority of our outside groups returning to meet on the premises after the 2 years or so of COVID and this combined with 2 new major hirers from April 2022 meant that our income from ‘room hire’ was £18,820 higher than the amount budgeted for. Unfortunately, 2 of our members who gave at the higher end of our regular giving moved away during the year and therefore our income for this line was down £4,313 against the budgeted for figure.
We were also fortunate in receiving a total of £9,056 in donations from various individuals and some small fund raising, of which £5,698 was given towards general funds to support the work of the church. With the gift-aid we were able to claim on these donations we almost received the amount we had budgeted for despite losing two of our generous regular givers.
Most of our other streams of income and expenditure were in line with the budgeted figures.
In March 2022 looking ahead to the financial year starting 1 September 2022, the Church Council agreed to continue its contribution to the finances of the North Bedfordshire Methodist Circuit at its current level of £55,000 per annum. This figure being the main expenditure of Priory Methodist Church. Then at the Church Council meeting in July 2022 it agreed a budget deficit of £13,240.
The Priory Leadership Team continues to meet frequently to ensure that the finances and impacts on it are monitored and understood.
3.1 Reserves Policy
It is the recommended policy of ‘The Methodist Church’ to hold at least the equivalent of six months general expenditure in reserve; such an amount would provide working capital to cover fluctuations in income and expenditure and meet emergency calls on cash, for example for emergency repairs. However, the Church Council have agreed that for Priory a figure equivalent of at least four months general expenditure in reserve is acceptable. At present this is a figure which Priory is meeting and at 31 August 2022 the general reserves stood at £71,568.
3.2 Use of Funds
Designated Funds: These are held for use in property maintenance, outreach and benevolent needs, the latter at the discretion of the Minister of the church.
Restricted Funds: These are funds that have been raised for specific purposes.
Both these types of funds are added to and used throughout the year.
We do not hold funds as custodian trustees on behalf of others.
4 Trustees’ responsibilities
For each financial year ending on 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 have: ¢ Selected suitable accounting policies and applied them consistently using the accruals method
z
Priory Methodist Church, Bedford Year ended 31 August 2022
-
¢ Made judgements and estimates that are reasonable and prudent ¢ Followed applicable accounting standards
-
Prepared the financial statements on the going concern basis
-
e Prepared financial statements to comply with SORP 2019
These financial statements are prepared in accordance with the Constitution, Practice and Discipline of the Methodist Church. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Church and enables them to ensure that the financial statements comply with the law. 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 Structure, governance and management The Methodist Church holds Excepted Status under Statutory Instrument 2002 No 1598, however on the 28 January 2009 Priory Methodist Church Bedford became a ‘Registered Charity’ in its own right due to the requirements of the 2006 Charities Act.
Priory Methodist Church is now part of the Bedfordshire, Essex and Hertfordshire District of the Methodist Connexion of Great Britain: prior to 1 September 2006, when the London Districts were reorganised, Priory was a part of the Bedford (North) Circuit of the London North West District of the Methodist Connexion of Great Britain.
5.1 Governance
The governing body of Priory Methodist Church is the Church Council. Its members are the managing trustees for both Methodist and Charity Commission purposes. Normal practice is for it to meet four times a year and exceptional purpose meetings where required.
Members are appointed to the Church Council by the Annual Church meeting of members, normally serving for a term of six years.
5.2 Management The Priory Leadership Team (appointed by the Church Council) is set up to focus on strategic planning and the vision for Priory.
There are a number of committees, ¢.g. Finance, Property, Worship etc. who meet on a regular basis to deal with the normal everyday running of the Church.
All policy decisions being referred back to the Church Council for ratification.
6 Reference and Administrative Details 6.1 Name of the Charity Priory Methodist Church
6.2 Charity registration number
1127751, registered in England and Wales
6.3 Principal Office
The address of Priory Methodist Church and of the Church Office is 63 Newnham Avenue, Bedford,
MK41 9QJ
6.4 Minister
Revd Andrew Hollins (from September 2016 to August 2022) Revd Leslie Noon (from September 2022)
3
Priory Methodist Church, Bedford Year ended 31 August 2022
6.5 Church Council Secretary: Mr Alan Davis (from July 2021 to Oct 2021) Mrs Margaret Brown (from Oct 2021)
6.6 Treasurer
Mr Keith Gaunt (from September 2019)
6.7 Membership of the Priory Church Council
Members of the Church Council are the Managing Trustees of Priory Methodist Church. The Church Council has authority and oversight over the whole area of the ministry of the Church, including the management of its property. Membership includes the Minister, the Leadership Team, the Senior Worship Steward, Treasurer, Secretary, Secretary of the Pastoral Committee, one Circuit Steward, representatives appointed by the Annual Church Council, and additional persons appointed to the Council to ensure that all areas of the Church’s life are adequately represented.
Members of the Church Council and Managing Trustees in the year 2021-2022 Chairman Revd Andrew Hollins (from Sept 16 to Aug 22) Secretary Alan Davies (from Jul 21 to Oct 21) Secretary Margaret Brown (from Oct 21) Church Treasurer Keith Gaunt (from Sep 19) Leadership Team Liz Little (from Mar 14 to May 22) Leadership Team Marian Knights (from Mar 17 to May 22) Leadership Team Lynn Gound (from Mar 20 to May 22) Leadership Team Alan Davis (from Oct 21 to May 22) Leadership Team Karen Gaunt (from Jun 22) Leadership Team Colin Watts (from Jun 22) Leadership Team Carmen Rowe (from Jun 22) Pastoral Secretary Jenny Lloyd (from Apr 19)
Church Council Representatives to the Circuit Meeting Carmen Rowe (from Aug 15) Liz Little (from Mar 20) Lynn Gound (from Mar 20)
Church Representatives to the Church Council Jennifer Wood (from Mar 14 to Feb 22) Tsatu Ametefe (from Mar14) Barbara Barlow (from Mar 15) Alan Davis (from Mar 19) Sue Butler (from Mar 17) Colin Watts (from Mar 20) Pauline Kaye (from Mar 20 to Mar 21) Angela Guerriero (from Mar 20 to Mar 22) Lodewk Nel (from Mar 20) Gordon Beeden (from Mar 21 to Oct 21)
Additional Representatives to the Church Council Liz Little — Worship Consultation Colin Watts — Eternal Light Kathy Lewis — Pastoral Co-Ordinator Lynn Gound — Safeguarding officer (from Mar 20) Hazel Warner - Coordinating Worship Steward (from Mar 15 to Apr 22) Hazel Warner — Communion Steward (from Mar 15 to Apr 22)
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Priory Methodist Church, Bedford Year ended 31 August 2022
Circuit Steward Representative to Church Council and a Managing Trustee of Priory Jane McVey
Ministers
Revd Andrew Hollins (Sept 16 to August 22), Revd Leslie Noon (since Sept 22)
6.8 Bankers and Deposit Holders
Santander UK Ple, BBAM, Bridle Road, Bootle, Merseyside, L30 4GB Central Finance Board of the Methodist Church, 9 Bonhill Street, London EC2A 4PE. Trustees for Methodist Church Purposes, Central Buildings, Oldham Street, Manchester M1 1JQ.
6.9 Insurers
Methodist Insurance plc, St Ann’s House, St Ann’s Place, Manchester, M2 7LP.
6.10 Independent Examiner
Stephen Mason BSc FCA, GKP (Ampthill) Limited, First Floor, 5 Doolittle Yard, Froghall Road, Ampthill, Bedfordshire MK45 2NW
Approvals
The Trustees’ Report and the Financial Statements were approved by the Church Council on:
CenGe New
Rev Leslie Noon Chair of Church Council and a Managing Trustee Date: 2.5 Aenw 201%
5
Priory Methodist Church, Bedford Year ended 31 August 2022
: : ' I i ' ; i :E : i i i : i : ' :
|INDEPENDENT EXAMINER’S REPORT to the Trustees of Priory Methodist Church, Bedford - A registered Charity.
| | |
I report to the Charity Trustees on my examination of the Financial Statements of Priory Methodist Church, Bedford — A Registered Charity (the Trust) for the year ended 31 August 2022.
Responsibilities and basis of report
As the Charity trustees of the Trust, you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s Financial Statements carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the Financial Statements do not accord with those records; or
- the Financial Statements do not comply with the applicable requirements concerning the form and content of Financial Statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the Financial Statements give and true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the Financial Stgtements to be reached.
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i‘a
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Mr Stefhen Mason BSc FCA For an on behalf of GKP (Ampthill) Limited First Floor 5 Doolittle Yard Froghall Road Ampthill Bedfordshire MK45 2NW Date: OY Ayre t LZot$
} ' :
6
Charity No 1127751
Priory Methodist Church, Bedford
Statement of Financial Activities (SOFA) for the year ended 31 August 2022
| Notes to the | Notes to the | Designated | |||||
|---|---|---|---|---|---|---|---|
| financial statements |
GeneralFund (Unrestricted) |
Funds (unrestricted) |
Restricted Funds |
Endowment Funds |
Total 2021-22 |
Total 2026-21 |
|
| £ | £ | £ | £ | £ | |||
| Income | |||||||
| Offerings Donations Giftaid Interestandinvestmentincome |
52,592 5,698 14,026 226 |
- 204 - - |
- 3,154 - 66 |
52,592 9,056 14,026 292 |
§9,279 6,766 14,920 110 |
||
| Incomefrompropertylettings Internalorganisations |
48,305 - |
- - |
- 297 |
48,305 297 |
23,121 80 |
||
| Othercharitableincome | 2 | 4 | - | - | 4 | ~ | |
| Totalincome | 120,851 | 204 | 3,517 | - | 124,572 | 104,276 | |
| Expenditure | |||||||
| Circuitassessmentorshare Grantsanddonations Propertymaintenance Insurance,utilitiesetc Salariesandassociated costs Officeexpenses Otherexpenditure Internalorganisations |
3 4 5 6 |
55,000 3,080 5,208 14,669 20,135 1,671 1,030 - |
- S17 7,518 - - - - - |
- 3,258 - - - - 1,245 576 |
- - - - - - - - |
55,000 6,655 12,726 14,669 20,135 1,671 2,275 576 |
66,000 4,743 8,226 11,017 19,901 1,848 4,560 574 |
| Total charitableexpenditure | 100,793 | 7,835 | 5,079 | - | 113,707 | 114,869 | |
| Netincome/(expenditure) Transfersbetween funds |
20,058 (7,000) |
(7,631) 7,000 |
(1,562) - |
- - |
10,865 - |
(10,593) - |
|
| Othergains/(losses) | - | - | - | - | - | - | |
| Netmovementin funds Totalfundsbroughtforward Totalfundscarriedforward |
13,058 (631) (1,562) - 10,865 58,510 2,031,667 23,457 236 2,113,870 71,568 2,031,036 21,895 236 =.2,124,735 ee |
(10,593) 2,124,463 2,113,870 =———— |
7
Priory Methodist Church, Bedford
Charity No 1127751
Balance Sheet as at 31 August 2022
|Notesto the
Financial|General Fund]
Designated
Restricted |Endowment
(Unrestricted)
Funds
Funds
Funds
(Unrestricted)|{Totals2022]||Totals2021|
|---|---|---|---|
|Statements|£
£
zo
£|3|£|
|FixedAssets||||
|Churchbuilding andother prope
a a
ee
lnvestments
Td
4gor[236
Totalfixedassets][43912017099]
Sid ~—~~S~S~«8||2,017,099 ] _2,017,099
4.027]
4,619
2,021,726| | 2,021,718||
|CurrentAssets||||
|Debtorsandprepayments
CentralFinanceBoardDeposits
fs
Cash atBankandinhand
|
[Total
currantassets| |
Current liabilities|27241]CYC
34,749
12,000
21214]=]
67,963
6,592
1937]
81]
CY
9,210
68,582
3.937]
2089S]~~
taa
|||20,916
54,695
18,232
[93,843|
|Creditors (due in underI year
Total currentliabilities]|
Netcurrentassetsfliabilities|||1405]
05
140s[P05]
67,177
13,937]21,895]
—-T«i03,009||1,691
92,152|
|Totalassetslesscurrentliabilities]=||71,568
2,031,036
21,895]236||2,124,735]|[2,113,870|
|pT
Netassets[|S08 2s
aS]
ae]aes|aes|[RAISSTO|
|Funds oftheChurch||||
|GeneralFund
(Unrestricted)
|
m,568{TC
YCSSCS7L,SB’
DesignatedFunds (Unrestricted)
pT
2030036,SCY+d 2,031,036
Total
UnrestrictedFunds|
|SS™~~™SSSCSCSCdS*C
K02,604 |
RestrictedFunds
ee
es
ee
21895|=|
21,895
HendowmentFunds
TE]
SCdSOSCS~S~™~SC—YSCT
ssP|
[Total
Funds|
«Tse |2,031,036]
21,898
2,124,735||||58,510
2,031,667
| 2,090.77
23.457
[2113,870|
|TheFinancialStatementsweapprovedbytheBoardofTrusteeson.eeApu 29edaromas
andweresignedon||on its behalfby:|by:|
|LeslieNoon|Keith Gaunt|||
|a)
eo
ULAR Logo,|KOct|||
|Minister|ChurchTreasurer|||
8
Priory Methodist Church, Bedford Notes to the Financial Statements for the year ended 31 August 2022
1 Accounting policies
Basis of Preparing the Financial Statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.
These financial statements have been prepared on the basis of historical cost except that investments are shown at their marketand fair value view ofat thethe endChurch's of the year.financial positionThe accrualsandbasis activities. has been used and trustees present accounts that showa true
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated below.
Going concern
The easing of restrictions linked to Coronavirus (COVID-19) has allowed the church to resume most of its previous activities, and to generate income from room lettings again. The trustees therefore believe their contingency plans were sufficient to mitigate the negative effects of the period of interruption, and thus the charity will continue to operate as a going concern.
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Income recognition
Income is brought into the financial statements when the church becomes entitled to the resources: the trustees are virtually
certain that they will receive the resources and the monetary value can be measured with sufficient reliability.
No attempt is made to measure the value of services donated by volunteers.
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Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Church to the expenditure, it is probable that a transfer of resources will be required in settlement and the monetary value can be measured reliably. Expenditure is accounted for on an accruals basis by nature of the expenses incurred.
Tangible fixed assets Assets are capitalised if they can be used for more than one year, and individually cost at least £1000. They are valued at cost or a reasonable value on receipt. Provision is made for depreciation where appropriate to ensure the cost less residual value is written off over their useful economic lives on a straight line basis.
The freehold property is disclosed in the financial statements at cost. No depreciation is provided because the trustees consider the residual value ofthe building is not less than this carried valuation and it is maintained to a standard to ensure this residual value.
Investments The investments are in monetary assets and are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. Investment income is included in the financial statements when receivable. The unrealised gains arising on investments at the end of the year are shown in the SOFA.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees,
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds are held for use in repairs & maintenance, outreach and benevolent needs, the latter at the discretion of the Minister of the church.
Restricted and designated funds are added to and used throughout the year.
9
Priory Methodist Church, Bedford
Notes to the Financial Statements for the Year Ended 31 August 2022
| General Fund |
Designated Funds |
Designated Funds |
Designated Funds |
Restricted Funds |
Total2022 | Total2021 | 2021 | ||
|---|---|---|---|---|---|---|---|---|---|
| 2 | OtherCharitable Income | £ | £ | £ | £ | £ | |||
| This includes Fundraising activies undertakenwithinthechurch benefitofvariousFundsadministeredbytheChurch. |
churchandbychurchmembersto the | ||||||||
| Coffee&TeaDonations | 4 | - | |||||||
| 4 | * | ||||||||
| 3 | Grants and Donations | ||||||||
| Thesearesumsgiven toConnexionalFunds, CharitiesandProjects inyear. | |||||||||
| MethodistChurchFund StJohnsHospice |
3,000 - |
- - |
- 3 |
3,000 3 |
3,000 - |
||||
| JuniorMission forAll | - | - | 127 | 127 | 156 | ||||
| AllWeCan/Fund forWorld Mission | - | - | 831 | 831 | - | ||||
| FundforHumanneed | - | - | 175 | 175 | - | ||||
| DEC crisis appeals | - | - | 885 | 885 | - | ||||
| Other 80 Outreach activities: includingBenevolentFund |
- | 1,155 | 1,235 | 1,424 | |||||
| - | 317 | 82 | 399 | 163 | |||||
| 3,080 | 317 | 3,258 | 6,655 | 4,743 | |||||
| 4 | Insurance, Utilities etc | ||||||||
| Insurance RefuseCollection |
5,424 397 |
5,237 402 |
|||||||
| Electricity, Gas Water |
7,938 444 |
4,776 176 |
|||||||
| Telephone | 466 | 426 | |||||||
| 14,669 | 11,017 | ||||||||
| 5 | Salaries and associated costs | ||||||||
| Gross salary paidtoone (2021: 1)employeewas as follows: | |||||||||
| GrossPay Employer'sPension contributions to definedcontribution |
scheme | 19,524 611 |
19,300 601 |
||||||
| 20,135 | 19,901 | ||||||||
| TheEmployer'sNational Insurance Contribution inyearwas allowance. |
fullycoveredbythegovernment |
There is no accrual for holiday pay as it is immaterial; the holiday year ends 31 August in line with the Financial Year.
10
Priory Methodist Church, Bedford Notes to the Financial Statements for the Year Ended 31 August 2022
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||||||||||
|---|---|---|---|---|---|---|---|---|
|General|Designated|Restricted|
|Fund|Funds|Funds|Total 2022|Total 2021|
|6|Other|expenditure|£|£|£|£|£|
|Junior Church & Youth Work|-|-|39|39|233|
|Evangelism & Pastoral|Support|-|-|257|25:1|77|
|Worship|resources, Communion wine, African|Palms|etc|-|-|161|161|161|
|Music and copyright licences|-|-|788|788|777|
|Organ and piano tuning|-|-|-|-|165|
|Costs of|income generation|70|-|-|70|21|
|Annual Financial|Statements|inspection charge|(note 7)|960|-|~|960|888|
|Other|-|-|-|-|238|
|1,030|-|1,245|2,275|2,560|
|Cna|CA|
|7|Fees|for examination|or audit of the|financial|statements|
|Independent examiner’s|for reporting on the|financial statements|450|400|
|Other fees|(eg:|advice, accountancy services|) paid to the independent examiner|510|488|
|960|888|
|eT|
|8|Church|buildings|and other property|
|Fixtures,|
|Freehold|fittings|and|
|Property|equipment|Total|
|£|i|£|
|Balance brought forward|at|1|September 2021, at cost|1,950,099|67,000|2,017,099|
|Additions|-|-|-|
|Disposals|-|-|-|
|Balance carried forward|at 31|August 2022,|at cost|1,950,099|67,000|2,017,099|
|esa|
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9 Investments
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||||||||||
|---|---|---|---|---|---|---|---|---|
|The|funds that support the various funds|are held by TMCP|in|Trustees|Interest Funds on which interest|is|credited|to the|
|accounts|each month.|These are regarded as medium and long term investments.|
|TMCP is the legal owner and Custodian|Trustee of all Methodist Model Trust property,|including Legacies,|Endowments|and|
|Accumulated Funds.|Trust property|is held for and on behalf of local Managing Trustees who are responsible|for the day to|
|day management of|trust property.|TMCP ensure|that, through providing guidance and acting under their direction,|the|
|Managing Trustees comply with|charity law and Methodist law and polity as determined by the Methodist Conference.|
|Analysis|of investment|movements|
|Change|in investment|values|This year£|Prev£ year|
|Carrying|(market) value at beginning of|year|4,619|4,613|
|Add: additions to investments|at cost|ee|
|Carrying (market) value|at end of|year|4,627|4,619|
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11
Priory Methodist Church, Bedford
Notes to the Financial Statements for the Year Ended 31 August 2022
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||||||
|---|---|---|---|---|
|Total|2022|Total|2021|
|10|3|£|
|Debtors:|amounts due within one year|
|HM Revenue and Customs, Gift Aid to August 2022|5,902|6,289|
|Circuit|Quarterly Assessment,|Sept to Dec 2022|13,750|13,750|
|Sundry Debtors|7,136|440|
|Prepayments|453|437|
|27,241|20,916|
|11|Creditors:|amounts|due within one year within one year one year year|
|Sundry Creditors Creditors|405|691|
|Accruals|1,000|1,000|
|1,405|1,691|
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|||||
|---|---|---|---|
|11|Creditors:|amounts|due within one year within one year one year year|
|Sundry Creditors Creditors|
|Accruals|
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12 Funds
Endowment Fund This fund - HC Dunham Bequest - is restricted by deed and the capital value cannot be spent. However the income earned on the capital can be used each year. Income from this fund was used for futherance of General Church purposes.
Restricted Funds
These are funds donated to the church for a specific purpose, and must be utilised for this purpose only.
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Retiring & other collections|Donations|given|in response|to|specific|calls and|needs|during the church|
|year to|be passed|on|to|other|beneficiaries.|
|Positive Priory Fund|Funds to ensure the church and|its buildings|are able to thrive into the future by|
|supporting the Positive|Priory tri-fold|mission|
|Organ Fund|Funds in the event of a major restoration|of|the organ, and to ensure ongoing|
|St|provision of|music in support of|worship.|
|Johns Hospice|Donations given to be passed|to|the|local hospice|
|Drama Group|Funds donated to support the drama group|- fully|spent and fund now closed.|
|Various Church|Groups|Groups with separate|financial arrangements|within|the church|life.|
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Designated Funds
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||||||||||
|---|---|---|---|---|---|---|---|---|
|These funds are to serve|specific purposes|but are not restriced by any document or deed.|They|are:|
|Property Repairs Fund|Designed to build a fund|to meet costs|of larger maintenance works|
|Priory Outreach Account|To|support outreach activities within the church and circuit,|with a particular|focus on|
|young people|
|Benevolence Fund|For use at the Ministers|discretion|to meet needs of|people|within|the|locality of|the|
|church|
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12
Priory Methodist Church, Bedford Notes to the Financial Statements for the Year Ended 31 August 2022
13. Summary of Fund Movements
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The current
value ofthe Annual
Endowment Name How the capital is invested capital income
£ £
HC Dunham TMCP 236 -
Restricted Fund Name Opening | Incoming | Resources | Transfers Closing
Retiring Balance _| Resources | Expended Balance
Positive and other collections | dl 3,154 3,173a) ee
Organ Priory Fund 6,072; |5399) (19) 5,514
St Fund 16,422] 66] 788] | 15,700
Johns Hospice a) ee | ee
Various Church Groups | 960] 297 sofTC
Totals 23,457 3,517 5,079| 21,895
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14 Related Parties
All Managing Trustees are members of the Church and as such have contributed to the income and activities through giving of offering, related gift aid and participation in fundraising activities. These gifts, as with those of all Church members, are voluntary in nature and are therefore not disclosed.
Related parties include the Methodist Connexion, Methodist Circuits and Districts, Central Finance Board and TMCP. All of these entities have their own Trustees or Directors.
During the year the church made a number of payments to related parties:
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||||||||
|---|---|---|---|---|---|---|
|Total|2022|Total|2021|
|£|£|
|Name|of Organisation|Nature|of payment|
|North Bedfordshire Circuit|Assessment|55,000|66,000|
|Methodist Church Fund|Donation|3,000|3,000|
|Methodist World Mission|/ All We Can|Donation|831|-|
|Methodist|Relief|Fund|for Human Need|Donation|175|-|
|Methodist|Insurance|Insurance premium|5,424|5,242|
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15 Volunteer Contributions
Priory Methodist Church is heavily reliant on volunteers who contribute their skills, time and money to support all areas of Church life and work. We are grateful to all of them for their help and commitment. No attempt has been made to value the non-monetary contributions to the Church in monetary terms.
16 Capital commitments and contingent liabilities
There were no capital commitements or contingent liabilities at the year end (2021: £nil)
13
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