| Page | |||
|---|---|---|---|
| Trustees' | report | 1-5 | |
| Statement | oftrustees' | responsibilities | |
| Independent auditor's |
report | 7-9 | |
| Statement | offinancial | activities | |
| Statement | offinancial | position | |
| Statement | ofcash flows | 12 | |
| Notes to the financial | statements | 13-21 |
| Unrestricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Notes | funds | funds | 2021f | 2020 | |||
| Income from: | |||||||
| Donations and legacies |
62,476 | 12,095 | 74,571 | 121,537 | |||
| Other operating activities |
196,087 | 196,087 | 188,120 | ||||
| Investments | 28 | 28 | 127 | ||||
| Total income | 258,591 | 12,095 | 270,686 | 309,784 | |||
| Ex enditure on: |
|||||||
| Raising funds | 520 | ||||||
| Raising funds and Charitable | activities | 218,119 | 3,890 | 222,009 | 373,409 | ||
| Tota I resources expended | 218,639 | 3,890 | 222,529 | 373,929 | |||
| Net income/(expenditure) | for the yea rt | ||||||
| Net movement in funds |
39,951 | 8,205 | 48,156 | (64,145) | |||
| Fund balances at 1 September | 2020 | 210,707 | 8,608,557 | 8,819,264 | 8,883,410 | ||
| Fund balances at 31August | 2021 | 250,658 | 8,616,762 | 8,867,420 | 8,819,265 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Fixed assets | ||||||
| Property, plant and equipment |
518 | 1,038 | ||||
| investment properties |
8,730,000 | 8,730,000 | ||||
| 8,730,518 | 8,731,038 | |||||
| Current assets | ||||||
| Trade and other receivables | 17,187 | 10,315 | ||||
| Cash at bank and in | hand | 142,812 | 'l15,840 | |||
| 159,999 | 126,155 | |||||
| Current liabilities |
14 | (23,098) | (37,929) | |||
| Net current assets | 136,901 | 88,226 | ||||
| Total assets less current liabilities | 8,867,421 | 8,819,264 | ||||
| Income funds | ||||||
| Restricted funds |
15 | 8,616,762 | 8,608,557 | |||
| Unrestricted funds |
||||||
| Designated funds |
16 | 21,636 | 21,636 | |||
| General unrestricted | funds | 229,023 | 189,071 | |||
| 250,659 | 210,707 | |||||
| 8,867,421 | 8,819,264 | |||||
| The accounts were approved | by the Trustees on 17January 2023 | |||||
| Rev David Markay | Vidal | Sumner | ||||
| Trustee | Treasurer |
| 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | R | ||||||||
| Cash flows from operating | activities | ||||||||
| Cash generated | from/(absorbed by) |
||||||||
| operations | 26,945 | (59,936) | |||||||
| Investing activities |
|||||||||
| Interest received | 127 | ||||||||
| Net cash generated from |
investing | ||||||||
| activities | |||||||||
| Net cash used | in financing | activities | |||||||
| Net increase/(decrease) | in | cash and | cash | ||||||
| equivalents | 26,973 | (59,809) | |||||||
| Cash and cash equivalents | at beginning | ofyear | 115,840 | 175,648 | |||||
| Cash and cash | equivalents | at end of | year | 142,812 | 115,840 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Letting and | licensing | arrangements | 196,087 | 188,120 | |
| 6 | investments | ||||
| unrestricted | Unrestricted | ||||
| funds | funds | ||||
| 2021 | 2020 | ||||
| Interest receivable | 28 | 127 | |||
| 6 | Raising funds | ||||
| 2021 | 2020 | ||||
| Depreciation | and impairment | 520 | 520 | ||
| 520 | 520 |
| Charitable | Charitable | |||
|---|---|---|---|---|
| Expenditure | Expenditure | |||
| 2021 | 2020 | |||
| E | ||||
| Staff costs | 45,510 | 46,864 | ||
| Establishment costs |
32,826 | 44,030 | ||
| Repairs and maintenance | 8,486 | 17,145 | ||
| General expenses | 2,420 | 577 | ||
| Printing, posting and |
stationery | 10,636 | 10,872 | |
| Donations, gifts and subscription |
1,000 | 15,254 | ||
| Church expenses | 9,681 | 19,075 | ||
| Travel and subsistence | 2,150 | 5,540 | ||
| Fund raising and events | 16,500 | |||
| Ministerial expenses |
874 | 740 | ||
| Security costs | 2,988 | 24,705 | ||
| Welfare and Christmas | for elderly and children | 345 | 4,000 | |
| Refunds and return ofdeposits | 295 | |||
| Peace garden project |
3,304 | |||
| 116,916 | 208,901 | |||
| Share ofsupport costs | (see note 8) | 58,000 | 106,000 | |
| Share ofgovernance | costs (see note 8) | 47,093 | 58,508 | |
| 222,009 | 373,409 | |||
| Analysis by fund |
||||
| Unrestricted funds |
218,119 | 321,687 | ||
| Restricted funds |
3,890 | 51,722 | ||
| 222,009 | 373,409 | |||
| Forthe year ended 31 | August 2020 | |||
| Unrestricted funds |
321,687 | |||
| Restricted funds |
51,722 | |||
| 373,409 |
| Support | costs | |||||
|---|---|---|---|---|---|---|
| Support | Governance | 2021 | 2020 | Basis ofallocation | ||
| costs | costs | |||||
| Circuit assessment | 58,000 | 58,000 | 106,000 | |||
| Audit and | accountancy | 6,600 | 6,600 | 6,900 | Governance | |
| Governance costs |
40,493 | 40,493 | 51,607 | Governance | ||
| 58,000 | 47,093 | 105,093 | 164,507 | |||
| Analysed | between | |||||
| Charitable | activities | 58,000 | 47,094 | 105,094 | 164,509 |
| The average | monthly number ofemployees during th |
e year was: | |
|---|---|---|---|
| 2021 | 2020 | ||
| Number | Number | ||
| Governance | |||
| Employment | costs | 2021 | 2020 |
| K | |||
| Wages and | salaries | 45,510 | 46,864 |
| 11 | Property, plant and equipment |
Property, plant and equipment |
Property, plant and equipment |
|||
|---|---|---|---|---|---|---|
| Fixtures and Motor vehicles | Total | |||||
| fittingsf | f | |||||
| Cost | ||||||
| At 1 September 2020 | 134,569 | 14,120 | 148,689 | |||
| At 31August | 2021 | 134,569 | 14,120 | 148,689 | ||
| Depreciation | and impairment | |||||
| At 1 September 2020 | 133,531 | 14,120 | 147,651 | |||
| Depreciation | charged | in the year | 520 | 520 | ||
| At 31August | 2021 | 134,051 | 14,120 | 148,171 | ||
| Carrying amount |
||||||
| At 31August | 2021 | 518 | 518 | |||
| At 31August | 2020 | 1,038 | 1,038 | |||
| 12 | Investment | property | ||||
| 2021f | ||||||
| Fair value | ||||||
| At 1 September 2020 | and 31August 2021 | 8,730,000 |
| 13 | Trade and other rece | ivables | ||
|---|---|---|---|---|
| Amounts falling due |
within one year: | 2021f | 2020f | |
| Other receivables | 17,187 | 10,315 | ||
| 14 | Current liabilities |
|||
| 2021f | 2020f | |||
| Other taxation and social security | 1,784 | |||
| Trade payabies | 12,706 | 6,478 | ||
| Other payables | 2,006 | 2,006 | ||
| Accruals and deferred | income | 6,600 | 29,443 | |
| 23,096 | 37,927 |
| Movement | in funds | Movement | in funds | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |
| 1 September 2019 |
resources | expended | 1 September 2020 |
resources | expended | 31August 2021f |
|
| JBMemorial | |||||||
| fund | 5,743 | 20 | (3,000) | 2,763 | 2,766 | ||
| Building | |||||||
| Reserve | 48 | ||||||
| Special | |||||||
| Appeals | 65,909 | 12,627 | (10,518) | 68,018 | 3,137 | (2,890) | 68,265 |
| Revaluation | |||||||
| Reserve | 8,439,948 | 8,439,948 | 8,439,948 | ||||
| Charitable | |||||||
| Funds | 1,300 | 1,300 | 1,300 | ||||
| Fellowship | |||||||
| Funds | 116,034 | 19,150 | (38,704) | 96,480 | 8,955 | (1,000) | 104,435 |
| 8,628,982 | 31,797 | (52,222) | 8,608,557 | 12,095 | (3,890) | 8,616,762 |
| Movement | Movement | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| in funds | in funds | ||||||||
| Balance at | Incoming | Balance at | incoming | Balance at | |||||
| 1 | September | resources | 1 September | resources | 31August | ||||
| 2019 | 2020 | 2021 | |||||||
| f | |||||||||
| Church | Maintenance | and | Development | ||||||
| Reserve | 21,636 | 21,636 | 21,636 | ||||||
| 21,636 | 21,636 | 21,636 |
| 17 | Analysis | of net assets between | of net assets between | funds | ||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Designated | Total | Total | ||||
| funds | funds | funds | ||||||
| 2021 K |
2021 | 2021 | 2021 | 2020f | ||||
| Fund balances at 31 | August | |||||||
| 2021 are | represented | by: | ||||||
| Property, | plant and equipment | 518 | 518 | 1,038 | ||||
| Investment | properties | 8,730,000 | 8,730,000 | 8,730,000 | ||||
| Current assets/(liabilities) | 228,505 | (113,238) | 21,636 | 136,903 | 88,228 | |||
| 229,023 | 8,616,762 | 21,636 | 8,867,421 | 8,819,266 |
| 19 | Cash generated from operations |
2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Surplus/(deficit) for the year |
48,157 | (64,145) | |||||
| Adjustments for: |
|||||||
| Investment income recognised in statement |
offinancial | activities | (28) | (127) | |||
| Depreciation and impairment of property, |
plant and equipment | 520 | 520 | ||||
| Movements in working capital: |
|||||||
| (Increase)/decrease in trade and other receivables |
(6,872) | 17,500 | |||||
| (Decrease) in trade and other payables | (14,831) | (13,684) | |||||
| Cash generated from/(absorbed |
by) operations | 26,946 | (59,936) | ||||
| 20 | Analysis ofchanges in net funds |
||||||
| The charity had no debt during the |
year. |
| BAKTERH) CKhTlRED A. ' &~i fAs' i' |
BAKTERH) CKhTlRED A. ' &~i fAs' i' |
|
|---|---|---|
| a KEG''FLED hUDTFOU | ||
| 2.2 | It is not sufficient for us as auditors to conclude that the financial statements give a true and |
|
| fair view solely on the basis that the financial statements were prepared in accordance with |
||
| accounting standards and any other applicable legal requirements. We are therefore required |
||
| to consider whether additional disclosure will be necessary in the financia statements when |
||
| compliance with an accounting standard is insufficient to give a true and fair view. Ifyou are |
||
| unwilling to make such additional disclosures, we will have to consider the effect on our |
||
| report. | ||
| 2.3 | Our report will be made solely to the charity's trustees, as a body, in accordance with |
|
| Regulations made under ChA 2011~s.154.Our audit work will be 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 wiII not |
||
| accept or assume responsibility to anyone other than the charity and the charity's trustees |
as | |
| a body, for our audit work, for the audit report, or for the opinions we form. The audit ofthe | ||
| financial statements does not relieve you of your responsibilities. |
||
| 2.4 | There are certain other matters, which according to the circumstances may need to be dealt |
|
| with in our report, for example non-compliance with a requirement ofRegulations to be made |
||
| under the ChA 2011.Although only auditors of listed companies are required to include key |
||
| audit matters in their report, there may be rare occasions when we believe it necessary to |
||
| communicate key audit matters in our report. |
||
| 2.5 | Under ChA 2011,s. 156(2)we have a statutory duty to make a written report to the Charity |
|
| Commission on such matters (which relates to the activities or affairs of the charity or of any |
||
| connected institution or body) ofwhich we become aware during the course ofour audit and |
||
| which we have reasonable cause to believe is likely to be of material significance for the |
||
| purposes ofthe exercise by the Commission of its functions under ChA 2011,s. 156(3).In |
||
| addition under s. 156(4) ifwe become aware of any matter which does not require to be |
||
| reported under s. 156(2)but which we have reasonable cause to believe is likely to be |
||
| relevant for the purposes ofthe exercise by the Charity Commission of any ofits functions |
||
| then we may make a report on the matter to the Commission. We may have to make this |
||
| report without your knowledge and consent and we cannot undertake to you to fetter this |
||
| discretion in any manner, |
||
| 2.6 | In addition, we have a professional duty to report ifthe financial statements do not comply |
in |
| any material respect with applicable accounting standards unless in our opinion non- |
||
| cornpliance is justified in the circumstances. In determining whether or not any departure |
is | |
| justified we will consider: | ||
| (a) whether the departure is required in order for the financial statements to give a true |
||
| and fair view; and | ||
| (b) whether adequate disclosure has been made concerning the departure. |
||
| 2.7 | Our professional duties also include: |
|
| (a) incorporating in our report a descripfion ofthe trustees' responsibilities for the |
||
| financial statements, where the financial statements or accompanying information |
do | |
| not include such description; and |
||
| (b) considering whether other information in documentation containing the financial |
||
| statements is consistent with the audited financial statements and our knowledge |
||
| acquired during the course ofthe audit. |
||
| 2.8 | Under the Charities (Accounts and Reports) Regulations 2008 (Sl 2008/629), you are |
|
| required to report as to whether you have given consideration to the major risks to which the |
||
| charity is exposed, and to the systems designed to mitigate those risks. Compliance with |
the | |
| Charities SORP requires you to confirm that those risks have been reviewed and that |
||
| systems have been established to mitigate those risks. We are not required to audit this |
||
| statement, or to form an opinion on the effectiveness ofthe risk management and control |
||
| procedures. |
| ++a co | ++a co | ||
|---|---|---|---|
| CHA kle kTBtED CEKllFKD hcCOVhTAPCS i~gD AUDtTOU |
|||
| 2.9 | Where the charity is a subsidiary ofa charitable group, the audited financial statements of |
this | |
| charity are included in the group financial statements ofthe parent. We are required by |
|||
| auditing standards to cooperate with the auditors ofthe parent and to provide them with |
|||
| representations and confiirmations concerning the conduct ofthe audit ofthis charity. You |
|||
| agree that we may correspond with the auditors ofthe parent and respond to their reasonable |
|||
| requests for information (which may include granting them access to our working papers) |
|||
| concerning the preparation and audit ofthe group financial statements without further |
|||
| authority from you, |
|||
| 2.10 | Where the charity is the parent ofa group and all components are audited by the same firm, |
||
| the audited financial statements ofthis charity are the group financial statements. As the |
|||
| group engagement auditors, we are required by auditing standards to coordinate the audit |
|||
| work on all subsidiary companies. Therefore, whilst as auditors ofeach subsidiary company |
|||
| the firm already has access to the management ofthose companies concerning their |
|||
| individual audited financial statements, you agree that we may also correspond with the |
|||
| management ofthe subsidiary companies and request reasonable information concerning |
the | ||
| preparation and audit ofthe group financial statements without further authority from you. |
|||
| 2.11 | Where the charity is the parent ofa group and not all component auditors are from the same |
||
| firm, the audited financial statements ofthis charity are the group financial statements. As |
the | ||
| group engagement auditors, we are required by auditing standards to coordinate the work |
of | ||
| the auditors ofthe subsidiary companies and to provide them with guidance concerning the |
|||
| conduct ofthe audit ofthe group. You agree that we may correspond with the management |
of | ||
| the subsidiary companies, and their auditors, and request reasonable information (which may |
|||
| include access to the subsidiary auditor's working papers) concerning the preparation and |
|||
| audit ofthe group financial statements without further authority from you. |
|||
| 2.12 | We will inform you of all significant facts that may bear upon our integrity, objectivity and |
||
| independence. | |||
| Scope ofaudit | |||
| 2.13 | Our audit will be conducted in accordance with the ISAs (UK) issued by the Financial |
||
| Reporting Council (FRC).An audit invoives obtaining evidence about the amounts and |
|||
| disclosures in the financial statements sufficient to give reasonable assurance that the |
|||
| financial statements are free from material misstatement, whether caused by fraud or error. |
|||
| We will evaluate whether the information presented in the financial statements is relevant, |
|||
| reliable, comparable and understandable as well as providing adequate disclosures and |
|||
| appropriate terminology. This includes an assessment of: |
|||
| ~ whether the accounting policies are appropriate to the chanty's circumstances and have |
|||
| been consistently applied and adequately disclosed; |
|||
| ~ the reasonableness ofsignificant accounting estimates made by the trustees; |
|||
| ~ whether there is adequate disclosure ofthe applicable financial reporting framework; and |
|||
| ~ the overall presentation ofthe financial statements, |
|||
| In addition, we read all the financial and non-financial information in the Trustees' Annual |
|||
| Report to identify material inconsistencies with the audited financial statements and to identify |
|||
| any information that is apparently materially incorrect based on, or materially inconsistent |
|||
| with, the knowledge acquired by us in the course of performing the audit. Ifwe become aware |
|||
| of any apparent material misstatements or inconsistencies we consider the implications for |
|||
| our report. | |||
| 2.14 | Because ofthe test nature and other inherent limitations ofan audit, together with the |
||
| inherent limitations of any accounting and internal control system, there is an unavoidable |
risk | ||
| that even some material misstatements may remain undiscovered even though the audit is |
|||
| properly planned and performed in accordance with ISAs (UK). |
|||
| 2.15 | We will obtain an understanding ofthe accounting and internal control systems in order to |
||
| assess their adequacy as a basis for the preparation ofthe financial statements and to |
|||
| establish whether the charity has maintained sufficient accounting records. We will need to |
|||
| Page 4of6 Walworth Methodist Church |
| BcCO BARTERED) |
BcCO BARTERED) |
||
|---|---|---|---|
| , e |
CMTIHED ACCt~i'rA'Tri FLCIfTFJZD hÃ)TfOVi |
||
| obtain relevant and reliable evidence sufficient to enable us to draw reasonable conclusions |
|||
| therefrom. | |||
| 2.16 | The nature and extent ofour tests will vary according to our assessment ofthe charity's |
||
| accounting and internal control systems, and may cover any aspects ofthe business's |
|||
| operations. We shall report to the management any significant deficiencies in, or observations |
|||
| on, the charity's systems that come to our attention ofwhich we believe the trustees should |
|||
| be made aware. Any such report may not be provided to any third party without our prior |
|||
| written consent. Such consent will only be granted on the basis that such reports are not |
|||
| prepared with the interests ofany party other than the members in mind and that we therefore |
|||
| neither have nor accept any duty or responsibility to any other party as concerns the reports. |
|||
| 2.17 | In performing our audit procedures, we may make use ofanalytical tools. To facilitate this, we |
||
| may request that you extract data, provide back-ups or provide alternative access to your |
|||
| accounting systems. How we will use analytical tools and any data provided will be set out in |
|||
| the communication ofour planned approach. |
|||
| 2.18 | As noted in section 1,the responsibility for safeguarding the assets ofthe charity and for the |
||
| prevention and detection of fraud, error and non-compliance with law or regulations rests with |
|||
| the trustees. However, we will plan our audit so that we have a reasonable expectation of |
|||
| detecting material misstatements in the financial statements resulting from irregularities, fraud |
|||
| or non-compliance with law or regulations, but our examination should not be relied upon to |
|||
| disclose all such material misstatements or frauds, errors or instances ofnon-compliance that |
|||
| might exist. | |||
| 2.19 | As part of our normal audit procedures, we will request you to provide formal representations |
||
| concerning certain information and explanations we receive from you during the course ofour |
|||
| audit, In particular, where we bring to your attention misstatements in the financial statements |
|||
| which are not adjusted, we shall require written representation ofyour reasons. |
|||
| 2.20 | To enable us to conduct a review of your financial statements, which constitutes part ofour |
||
| audit, we will request sight ofany documents or statements which will be issued with the |
|||
| financial statements. | |||
| 2.21 | Once we have issued our report we will have no further direct responsibility in relation to the |
||
| financial statements for that financial year. However, as noted in section 1,we expect that you |
|||
| will inform us of any material event occurring between the date ofour report and that ofthe |
|||
| annual general meeting, which may affect the financial statements. |
|||
| 2,22 | A fuller description ofthe scope ofan audit offinancial statements arising from the |
||
| requirements of ISAs (UK), together with other legal and regulatory requirements, is provided |
|||
| on the Financial Reporting Councii's website at .frc.or .uk/auditorsres onsibilities. |
|||
| Communlcatlon | |||
| 2.23 | In order to ensure that there is effective two-way communication between us we set out below |
||
| the expected form and timing ofsuch communications. | |||
| ~ We shall contact your primary contact listed in Key Facts by telephone prior to each year- |
|||
| end for preliminary discussions concerning the audit. We will confirm in writing the matters |
|||
| discussed and any agreed action. |
|||
| ~ We will arrange a meeting to discuss the forthcoming audit prior to the expected start date. |
|||
| Again we will conflrin in writing the matters discussed and any agreed action. |
|||
| ~ We will arrange a meeting to discuss any matters arising from the audit after completion |
of | ||
| the detailed work. Again we will confirm in writing the matters discussed and any agreed |
|||
| action. | |||
| 2.24 | The formal communications set out above are the minimum required to comply with auditing |
||
| standards. We shall ofcourse contact you on a more frequent and regular basis regarding |
|||
| both audit and other matters. | |||
| 2.25 | We shall not be treated as having notice, for the purposes ofour audit responsibilities, of |
||
| information provided to members ofour firm (principals and staff) other than those engaged |
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| Page 5of 6 Walworth Methodist Church |