PRIORY METHODIST CHURCH, BEDFORD Registered Charity no. 1127751 

ANNUAL FINANCIAL STATEMENTS For the Year ended 31 August 2023 

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 2023 

## 1 Objectives and activities 

Priory Methodist Church is rooted in the earliest days of Methodism, 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 of an 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 purpose is to serve God in the world, using our buildings, skill and faith for the good of all. We commit ourselves to building relationships and to understanding our neighbours so that we may love and serve others. 

- As ways towards realizing this priority, we will give particular attention to the following: e Underpinning everything, we do with God-centred worship and prayer 

   - e Supporting community development and action for justice, especially among the most deprived and poor - in Britain and worldwide 

   - e Developing confidence in evangelism and in the capacity to speak of God and faith in ways that make sense to all involved 

   - 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, including open air services 

Joint services with Putnoe Heights Methodist Church at least once a quarter. 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. For the year to which this statement relates our main users have been Barnardo’s (the children’s charity), a local ballet school and IMPAKT, a local food bank, in total there are some 20 regular groups that hire the premises plus numerous birthday parties. 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. 



Priory Methodist Church, Bedford Year ended 31 August 2023 

## 3 Financial Review 

At the start of the financial year to 31 August 2023 the Church Council formally adopted a projected budget deficit of £16,240 however, due to a number of factors we finished the year with a surplus of £56,136. This meant that our general fund (which includes our reserves) increased to £120,192. 

Our first full year without any COVID restrictions has seen our premises being used by outside groups like never before, with some groups putting on extra classes and sessions. Our 2 main hirers continued to use our premises for the whole year when in fact we had understood they would have found alternative premises before last September and therefore we had not included their income in the budget. This meant that our income from ‘room hire’ was £52,423 higher than the amount budgeted for. At the start of the financial year our bungalow become vacant after our tenant left after a number of years. After taking professional advice the Church Council took the decision to sell the bungalow rather than spend some £20,000 on renovating it to a standard where we would be able to re-let it. Due to a number of issues the property is still not up for sale as at the end of the financial year. 

We were also fortunate in finally receiving a legacy of £16,572.58 in October from the estate of a late church member, towards our general Church funds, as he was an organist, he also left the same amount to our ‘restricted’ organ fund. Donations from various individuals and some small fund raising amounted to £2,056. With the gift-aid we were able to claim on these donations we almost received the amount we had budgeted for. 

Most of our other streams of income and expenditure were in line with the budgeted figures. 

In February 2023, the Church Council agreed to increase its contribution to the finances of the North Bedfordshire Methodist Circuit by an extra £2,000 on what was originally agreed to a level of £57,000 for the financial year. This figure being the main expenditure of Priory Methodist Church. At its meeting in June 2023 the Council agreed to a budget deficit of £13,240 for the financial year starting 1‘' September 2023 in the knowledge that we have the reserves to cover it should the deficit be borne out. 

The Priory Leadership Team and the new formed Leadership Forum continue 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 2023 the general reserves stood at £120,192. 

## 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. 



Priory Methodist Church, Bedford Year ended 31 August 2023 

## 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: 

- e Selected suitable accounting policies and applied them consistently using the accruals method 

- e Made judgements and estimates that are reasonable and prudent 

- e Followed applicable accounting standards e 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, e.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 



Priory Methodist Church, Bedford Year ended 31 August 2023 

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 Leslie Noon (from September 2022) 

## 6.5 Church Council Secretary: 

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 2022-2023 Chairman Revd Leslie Noon (from Sept 22) Secretary Margaret Brown (from Oct 21) Church Treasurer Keith Gaunt (from Sep 19) 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 Tsatu Ametefe (from Mar14) Barbara Barlow (from Mar 15) Kathy Lewis (from June 14) Alan Davis (from Mar 19 to April 23)) Sue Butler (from Mar 17 to April 23)) Lodewk Nel (from Mar 20 to Feb 23) Hazel Warner (from April 23) Jenny Wood (from April 23) Lorraine Kalyan (from April 23) Christine Hearn (from April 23) 

Additional Representatives to the Church Council Liz Little - Worship Consultation (from Mar 14) Colin Watts — Eternal Light (from Mar 20) Lynn Gound — Safeguarding officer (from Mar 20) Sue Gordon — Administrator (from Feb 23) Jasine Belinfante — Senior Worship Steward (from Feb 23) 



Priory Methodist Church, Bedford Year ended 31 August 2023 

Circuit Steward Representative to Church Council and a Managing Trustee of Priory Jane McVey (from Sept 19) 

## Minister 

Revd Leslie Noon (from Sept 22) Revd Michael Giles — Superintendent (from Sept 22) Revd Chris Sandy (from Sept 22) 

## 6.8 Bankers and Deposit Holders 

Santander UK Plc, 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 

Karen Dyer FCCA, GKP (Ampthill) Limited, First Floor, 3 Doolittle Yard, Froghall Road, Ampthill, Bedfordshire MK45 2NW 

## Approvals 

The Trustees’ Report and the Financial Statements were approved by the Church Council on: 

(20) Yet.. OS'S 

Rev Leslie Noon Chair of Church Council and a Managing Trustee Date: 2 Rtarnon 2ory 



Priory Methodist Church, Bedford Year ended 31 August 2023 

## 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 2023. 

## 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. I 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: 

1. 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 

3. 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 Statements to be reached. 

Karen Dyer FCCA For an on behalf of GKP (Ampthill) Limited First Floor 3 Doolittle Yard Froghall Road Ampthill Bedfordshire MK45 2NW Date: Io | , 2| ’2° 2h. 



Accruals AccountsChurch 2022-23 

1127751 

Au pe SS Pa 

## THE METHODIST CHURCH 

## STANDARD FORM OF ACCOUNTS ACCRUALS BASIS 

for the year ended 31 August 2023 

## Priory Methodist Church, Bedford 

Registered Charity - Registration number 

|Church|Stewards|Karen Gaunt|
|---|---|---|
|||Colin Watts|
|||CarmenRowe|





Charity No 1127751 

## Priory Methodist Church, Bedford 

## Statement of Financial Activities (SOFA) for the year ended 31 August 2023 

|Notes|to the||Designated|||||
|---|---|---|---|---|---|---|---|
|financial||General Fund|Funds|Restricted|Endowment|Total|Total|
|statements||(Unrestricted)|(Unrestricted)|Funds|Funds|2022-23|2021-22|
|||f|£|£|£|£|£|
|Income||||||||
|Offerings<br>Donations||46,818<br>1,490|449|3,748|Y|46,818<br>5,687|52,592<br>9,056|
|Gift aid||11,818||||11,818|14,026|
|Interest and investment income||3,035||1,045||4,080|292|
|Income from property lettings||75,687||||75,687|48,305|
|Internal organisations||||189||189|297|
|Legacies||16,573||16,572||33,145|-|
|Other charitable income|2|566||||566|4|
|Total income||155,987|449|21,554|-|177,990|124,572|
|Expenditure||||||||
|Circuit assessment or share||57,000|||-|57,000|55,000|
|Grants and donations|3|3,000|736|3,678|-|7,414|6,655|
|Property maintenance||4,726|3,937||-|8,663|12,726|
|Insurance,utilities etc|4|17,702|||-|17,702|14,669|
|Salaries and associated costs|5|21,538|||-|21,538|20,135|
|Office expenses||2,163|||-|2,163|1,671|
|Other expenditure|6|1,244||53773|-|7,017|2,275|
|Internal organisations||||357|-|357|576|
|Total charitable expenditure||107,373|4,673|9,808|-|121,854|113,707|
|Net income/(expenditure)||48,614|(4,224)|11,746|-|56,136|10,865|
|Transfers between funds||10|626|(636)|-|-|-|
|Other gains/(losses)||-|-|-|-|-|-|
|Net movement in funds||48,624|(3,598)|11,110|-|56,136|10,865|
|Total funds brought forward||71,568|2,031,036|21,895|236|2,124,735|2,113,870|
|Totalfundscarriedforward||120,192|2,027,438|33,005|236|=.2,180,871|2,124,735|



7 



Priory Methodist Church, Bedford 

Charity No 1127751 

## Balance Sheet as at 31 August 2023 

|General Fund}<br>Designated<br>Restricted |Endowment<br>|Totals 2023]||Totals 2022|
|---|---|
|(Unrestricted)<br>Funds<br>Funds<br>Funds||
|(Unrestricted)||
|Notes to the||
|Financial||
|Statements<br>£<br>£<br>£<br>£<br>£|-|
|Fixed Assets||
|;<br>Churchbuildingandotherproperty | 8 |S|<br>2.01709YYIYRYY//Y/{U._ 2.017.099|_<br>investments<br>——SSSSC*dTT Of<br>286]<br>456]<br>[SCS<br>ona fixedassers|<br>«E420<br>anos]<br>|<br>236]2,021,855]|_2,017,099<br>4,627<br> [ 2,021,726|
|Current Assets||
|Debtorsandprepayments<br>| to<br>3auigfT3219<br>CentralFinanceBoard Deposits<br>|<br>80,758<br>8,000<br>32,503{=|<br>121,261<br>CashatBankand inhand<br>PS<br>4,400<br>2339]soz]<br>se]<br>7,241<br>[———«STowalcurrentassets|<br>__~(|<br>4727]<br>10339]<br>300s]<br>-]100,621]<br>Current liabilities|27,241<br>67,963<br>9,210<br>[1044|
|Creditors(dueinunder 1 year)<br>Pa<br>noosfT1605<br>Totalcurren**t**liabil**i**ties||<br>|<br>0S] =<br>=| **=**|<br>605]<br>[|<br>Netcurrentasse sfiab lities|<br>|<br>115,672<br>10,339<br>33,005]<br>|__159,016 ||1,405<br>**1**,405<br>[__ 03,009|
|Totalassetslesscurrentliabilities]<br>=|———'120,192]<br>2,027,438<br>33,005<br>2,180,871 ||| 2,124,735|
|erassets| «nn<br>[ara]<br>33,008<br>zasoaTT|[2128735|
|Funds ofthe Church||
|General Fund (Unrestricted)<br>[sd<br>120,192{fT=D 120,192<br>Designated Funds (Unrestricted)<br>PFTet<br>2027,438[T= 2,027,438|<br>TotalUnrestrictedFunds]<br>|2,147,630|<br>Restricted Funds<br>ee<br>es<br>33,005]=|<br>33,005<br>EndowmentFunds<br>as<br>365<br>TotalFunds|<br>|___120,192]<br>2,027,438]<br>33,008|71,568<br>[2,031,036<br>[2,102,604<br>21,895<br>2,124,735|



The Financial Statements we approved by the Board of Trustees on..... ia E: lew Ton ea 2 Lory and were signed on its behalf by: Leslie Noon Keith Gaunt Rea woos KO! 

KO! Church Treasurer 

Minister 

8 



Priory Methodist Church, Bedford Notes to the Financial Statements for the year ended 31 August 2023 

## 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 market value at the end of the year. The accruals basis has been used and trustees present accounts that 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 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. 

## 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. 

## 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 of the 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 2023 

## General Designated Restricted Total 2023 Total 2022 Fund Funds Funds nen ota £ £ £ £ £ 

## 2 Other Charitable Income 

This includes Fundraising activies undertaken within the church and by church members to the benefit of various Funds administered by the Church. 

||Coffee & Tea Donations||||178|4|
|---|---|---|---|---|---|---|
||Sale ofitems/ Library contributions||||339|-|
||Online "Cash back" fundraising||||49|-|
||||||566|4|
|3|Grants and Donations||||||
||These are sums given to Connexional Funds, Charities and Projects|||in year.|||
||Methodist ChurchFund|3,000|-|-|3,000|3,000|
||St Johns Hospice|-|-|-|-|3|
||Junior Mission for All|-|-|-|-|127|
||All We Can/ Fund forWorld Mission|-|-|150|150|831|
||Fund forHuman need|-|-||-|175|
||DEC crisis appeals|-|-|1,375|1,375|885|
||Macmillan coffee morning|-|-|425|425|360|
||IMPAKT|-|-|350|350|-|
||Other|-|-|1,378|1,378|875|
||Outreach activities: including Benevolent Fund||||||
|||-|736||736|399|
|||3,000|736|3,678|7,414|6,655|
|4|Insurance, Utilities etc||||||
||Insurance||||6,078|5,424|
||Refuse Collection||||245|397|
||Electricity, Gas||||9,832|7,938|
||Water||||1,085|44|
||Telephone||||462|466|
||||||17,702|14,669|
|5|Salaries and associated costs||||||
||Gross salarypaid to one (2022: 1) employee was as follows:||||||
||Gross Pay||||20,866|19,524|
||Employer's Pension contributions to defined contribution scheme||||672|611|
||||||21,538|20,135|
||The Employer's National Insurance Contribution in yearwas fully covered by the government||||||
||allowance.||||||



## 3 Grants and Donations 

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 2023 


**----- Start of picture text -----**<br>
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|General|Designated|Restricted|
|Fund|Fuvute|Funds|Total|2023|Total|2022|
|+|3|£|£|£|
|6|Other|expenditure|
|Junior|Church &|Youth|Work|-|-|-|:|39|
|Evangelism &|Pastoral|Support|-|-|-|-|27|
|Worship|resources,|Communion|wine,|African|Palms|etc|23|.|4,753|4,776|161|
|Music|and|copyright|licences|-|-|855|855|788|
|Organ|and|piano|tuning|-|-|165|165|-|
|Costs|of income|generation|61|-|-|61|70|
|Annual|Financial|Statements|inspection|charge|(note|7)|1,160|-|-|1,160|960|
|Other|-|-|-|-|‘|
|1,244|-|5,773|7,017|2,275|
|7|Fees|for|examination|or|audit|of the|financial|statements|
|Independent|examiner’s|for|reporting|on|the|financial|statements|550|450|
|Other|fees|(eg:|advice,|accountancy|services|)|paid|to|the|independent|examiner|610|510|
|1,160|960|
|8|Church|buildings|and|other|property|
|Fixtures,|
|Freehold|fittings|and|
|Property|equipment|Total|
|£|é|£|
|Balance|brought|forward|at|1|September|2022,|at|cost|1,950,099|67,000|2,017,099|
|Additions|-|-|-|
|Disposals|.|-|-|
|Balance|carried|forward|at|31|August|2023,|at|cost|1,950,099|67,000|2,017,099|

**----- End of picture text -----**<br>


## 9 Investments 

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. 

TMC? 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 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|This|year|Prev|year|
|Change|in|investment|values|£|£|
|Carrying|(market)|value|at beginning|of year|4,627|4,619|
|Add:|additions|to investments|at cost|a)|ee)|
|Carrying|(market)|value|at end of year|4,756|4,627|

**----- End of picture text -----**<br>


11 



Priory Methodist Church, Bedford 

Notes to the Financial Statements for the Year Ended 31 August 2023 

|||Total|2023|Total|2022|
|---|---|---|---|---|---|
|||£||£||
|10|Debtors: amounts due within one year|||||
||HM Revenue and Customs, Gift Aid to August 2023||5,106||5,902|
||Circuit Quarterly Assessment, Sept toDec 2023|15,000||13,750||
||Sundry Debtors|11,502|||7,136|
||Prepayments||511||453|
|||32,119||27,241||
|11|Creditors: amounts due within one year|||||
||Sundry Creditors||362||405|
||Income in advance||43||-|
||Accruals||1,200||1,000|
||||1,605||1,405|



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. 

|Retiring& othercollections|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 ofamajorrestoration ofthe organ, and to ensure ongoing|
||provision ofmusic in support ofworship.|
|St Johns Hospice|Donations given to be passed to the local hospice|
|VariousChurchGroups|Groupswithseparatefinancialarrangementswithinthechurchlife.|



|Designated Funds||
|---|---|
|These funds are to serve|specific purposes but are not restricedbyanydocument ordeed. They are:|
|Property Repairs Fund|Designed to build a fund to meet costs oflarger maintenance works|
|PrioryOutreachAccount|—__To support outreach activities withinthechurchand circuit, withaparticularfocuson|
||young people|
|Benevolence Fund|Foruse at the Ministers discretion tomeet needsofpeople within the locality ofthe|
||church|



12 



Priory Methodist Church, Bedford 

Notes to the Financial Statements for the Year Ended 31 August 2023 

13 Summary of Fund Movements 


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The current<br>value of the Annual<br>Endowment Name How the capital is invested capital income<br>£ £<br>HC Dunham TMCP 236 -<br>Restricted Fund Name Opening | Incoming | Resources | Transfers Closing<br>Balance | Resources | Expended Balance<br>Retiring and other collections Pp 3,678 3,678}ie]<br>4753) (25)<br>Organ Fund 15,700 17,617 1020) sie 32,297<br>St Johns Hospice EE ee ee ee eee<br>Various Church Groups Coy] _____503}<br>Totals 21,895 21,554 9,808 (636) 33,005<br>**----- End of picture text -----**<br>


## 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: 

|||Total 2023|Total 2022|
|---|---|---|---|
|||£|£|
|Name ofOrganisation|Nature ofpayment|||
|North Bedfordshire Circuit|Assessment|57,000|$5,000|
|Methodist Church Fund|Donation|3,000|3,000|
|Methodist World Mission / All We Can Donation||150|831|
|Methodist ReliefFund forHumanNeed Donation||-|175|
|MethodistInsurance|Insurancepremium|6,078|5,424|



## 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 (2022: £nil) 

13 




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