MUSWELL HILL METHODIST CHURCH Charity Registration Number: 1129796
Annual Report and Financial Statements 31 August 2021
www.mhmce.org.uk
Simply Churches Chartered Accountants 17 Heathville Road London NI9 3AL
MUSWELL HILL METHODIST CHURCH
Annual Report and Financial Statements 2021 Contents
| eee | eee |
|---|---|
| Page | |
| Legal and Administrative Information | 2 |
| Annual Report ofthe Trustees | 3 |
| Independent Examiner's Reporttothe Trustees | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| NotestotheFinancialStatements | 10 |
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MUSWELL HILL METHODIST CHURCH
Annual Report of the Trustees For the year ended 31 August 2021
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Charity Name Muswell Hill Methodist Church
Principal Address 28 Pages Lane, Muswell Hill, London N10 IPP
The Governing Document
—_Deed Of Union (1932) and Methodist Church Act (1976)
Objectives The advancement of: a) The Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church;
b) Any charitable purpose for the time being of any Connexional, District, Circuit, local or other organisation of The Methodist Church; c) Any charitable purpose for the time being of any society or institution subsidiary or ancillary to The Methodist Church;
d) Any purpose for the time being of any charity being a charity subsidiary or ancillary to The Methodist Church.
Trustees
The Trustees who served during the year or who were serving at the date of this report were:
Rev Stephen Poxon (Chairman) Catherine Simms (Church Secretary) Michael Glynn (Treasurer) Rev Matthew Lunn Deacon Myrtle Poxon John Abson Edward Bunting Evadne Cameron Beverley Combes Paul Eedle Susan Eedle Jeffrey Elmer Carol Johnson (Resigned Church Steward Ist Jan, 2021) Deborah Gaitskell Rudolph Laryea Theodora Mdingi Brian Simpson (Resigned Church Steward Ist Sep, 2020) Eric Snape David Watson Key Management Those in charge of directing, controlling, running and operating the Charity on a day to Personnel day basis are the Rev S. Poxon, Rev M. Lunn, Sister M. Poxon, Church Stewards (Ms S. Eedle, Mr R. Laryea), Property Steward (Mr B. Simpson), Church Treasurer (Mr M. Glynn), Pastoral Secretary (Ms B. Combes) and Council Secretary (Ms C Simms). Bankers Lloyds Bank 142 Muswell Hill, Broadway Muswell Hill London NI0O 3RY Independent Examiner John Helm ACA Simply Churches 17 Heathville Road London NI9 3AL
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MUSWELL HILL METHODIST CHURCH
Annual Report of the Trustees For the year ended 31 August 2021
The Trustees submit their annual report and the financial statements of Muswell Hill Methodist Church (“the Church”) for the year ended 3! August 2021. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRSI02)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.
|. Structure, Governance & Management
The Church Council comprises of Trustees, who are elected by Church members, or appointed by the Church Council. They are responsible for making decisions on administrative and financial matters relating to the work of the Church and its premises.
The Church Council as at 31 August 2021 consisted of two Ministers and one Deacon, together with the Treasurer and Council Secretary appointed by the Council. There are also 2 elected Church Stewards and || elected general representatives. There were 6 meetings during the financial year. None of the Trustees received remuneration.
The day-to-day management of the Church are undertaken by the management team, which is made up of two Ministers and one Deacon (This management team also helps manage other churches in the New River Circuit). They are assisted by a number of Church Stewards and volunteers. Stewards are appointed by the General Church Meeting and normally serve a term of 6 years.
The Church also has a number of committees dealing with particular aspects of the Church's work. These are: Worship, Pastoral, Community Development and Outreach, Pre-School Groups, Property and Finance. These committees report regularly to the Church Council, where matters are discussed and approved as appropriate. Between meetings, the Church Stewards have the authority to make urgent decisions when necessary.
The main parts of the Church’s activities are undertaken by laypersons (volunteers).
2. Activities & Public Benefit
The Church is a vibrant urban multi-ethnic evangelical congregation with a membership of | 10.
The Trustees have given due regard to the Charity Commissions’ guidance on public benefit. During the year the Church continued to carry out the following activities in order to promote the Gospel in the local neighbourhood:
- e Sunday Worship e Children & Youth’s activities e Bible Study and prayer meeting e Christian counselling e Pastoral visits
Since the redevelopment of the ‘North Bank’ part of the building in 2007 as a community centre, this aspect of the Church's work has grown in size and scope, and over 1,000 people use North Bank every week. The services operated by Church volunteers include pre-school play activities, a lunch club and fitness club for the elderly, and a child contact centre. There are thriving Rainbows, Brownies, Guides and Rangers groups. We also have a partnership with the local PCT who provide midwifery and health visitors’ services. In addition, we host a variety of groups who use the centre to provide activities with social, recreational, educational, religious and cultural dimensions.
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MUSWELL HILL METHODIST CHURCH
Annual Report of the Trustees For the year ended 3! August 2021
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3. Achievements & Performance
Life as a faith community
We continue to explore and enjoy variety in our worship, especially during the key Christian festivals. Our Young Church meets in two age groups and contributes regularly to services.
Fellowship groups
Meeting in small groups has been at the heart of Methodism since its inception. This is not only where people share fellowship, and make new friends, but for many it is the prime agent of personal spiritual growth.
Community work
The North Bank site hosts a wide range of activities, ranging from Church-led activities and partnerships running alongside lettings to third parties, happening alongside each other at different times and on different days, using different combinations of rooms.
4. Financial Review
4.1 Financial Activity and Financial Position
The Church is funded by the freewill offerings of members and others in attendance, together with lettings income.
The Statement of Financial Activities and the Balance Sheet can be found on pages 8 and 9 respectively. The Church’s financial resources decreased by £19,632 during the year (2020: decreased by £18,528). The Balance Sheet shows total funds of £2,886,125 (2020: £2,905,757).
4.2 Reserves Policy
The Trustees have examined the requirements for general reserves, ie unrestricted funds. The Trustees consider that, given the nature of the Church’s work, general reserves should be equivalent to cover at least 6 months’ normal expenditure, in order that we are able to deal with unexpected costs such as repairs, while ensuring we meet our commitments to the circuit (mainly to cover ministry costs). At 31 August 2021 the Church had net free reserves of £60,056 (2020: net free reserves of £77,367) as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Total reserves | 2,886,125 | 2,905,757 |
| Less: restricted funds | (1,258) | (3,155) |
| Less: tangible fixed assets | (2,824,811) | (2,825,235) |
| Free reserves | 60,056 | 77,367 |
| Free reserves requirement: | ||
| 6month’sbudgetedroutineexpenditure | 80,000 | 80,000 |
4.3 Restricted Funds
Restricted funds are monies raised or donated subject to conditions attached to their use. Details of these funds are shown in note 9.
4.4 Investment Policy
The Church currently invests spare funds in an interest bearing bank account.
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MUSWELL HILL METHODIST CHURCH Annual Report of the Trustees For the year ended 31 August 2021
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4.5 Grants Policy
The Church makes grants to support Christian & missionary endeavours both in the UK and abroad. The policy of the Church is to give grants on the basis that they are subject to annual review and only renewed on the basis of meeting set criteria. Organisations which are regularly supported include the Methodist Church Fund and Methodist Housing Society.
4.6 Significant Events: Impact of COVID 19
The detrimental impact of the Covid Virus on all church activities has lasted longer than was anticipated this time last year. The Church has been able to reopen once again for Sunday worship and general donations were boosted by holding a special Covid Appeal to help strengthen the church finances.
However, lettings income continues to struggle and was down 80% compared to pre-Covid years. We expect lettings income will remain low over the next few months. There continues to be a high degree of uncertainty but we estimate that lettings could continue to be down 50% over the coming 12 months.
The financial forecasts for the 2021-22 financial year expect the finances to incur a small deficit. However, there are sufficient cash reserves to absorb this deficit. Accordingly, the trustees have concluded it is appropriate to prepare the 2021 Accounts on a going-concern basis and hence, it is not necessary to make any adjustment to these accounts as a result of the lockdown restrictions.
- Plans for Future Periods
The Church plans to continue with its existing Christian activities, as well as providing charitable support and Christian witness to the wider community.
6. Responsibilities of Trustees for the Financial Statements
The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
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In preparing those financial statements, the Trustees are required to: e select suitable accounting policies and apply them consistently; e observe the methods and principles of the Charities SORP; e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.
The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees and Elders are responsible for the maintenance and integrity of the Church’s financial information included in the Church’s website.
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MUSWELL HILL METHODIST CHURCH
Annual Report of the Trustees For the year ended 31 August 2021
7. Approval
The Annual Report of the Trustees was approved by the Church Council on {7 March 2022 and signed on its behalf by: Rev. Stephen—Poxon (Chairman) Trustee
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Report of the Independent Examiner to the Trustees of Muswell Hill Methodist Church For the year ended 3! August 2021
| report on the financial statements of Muswell Hill Methodist Church for the year ended 31 August 2021, set out on pages 8 to 19.
This report is made solely to the Trustees in accordance with section 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that | might state to the Church Trustees those matters | am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by the law, | do not accept responsibility to anyone other than the Trust and the Trustees for my independent examination, for this report, or the opinions | have formed.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Trustees considers that an audit is not required for this year (under section 144(2) of the Act) and that an independent examination is needed.
It is my responsibility to:
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e Examine the accounts (under section 145 of the Act);
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e To follow the procedures laid down in the General Direction given by the Charity Commission (under section 145(5)(b) of the Act); and
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e To state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S STATEMENT
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the accounts.
INDEPENDENT EXAMINER’S STATEMENT
| 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 church as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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John Helm ACA
17 March 2022
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Statement of Financial Activities For the year ended 31 August 2021
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| Unrestricted | Restricted | Unrestricted | Restricted | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | ||
| Note | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | £ | £ | ||
| Income from: | 2 | ||||||
| Donations, Legacies&Grants | 65,262 | 15,958 | 81,220 | 48,214 | 11,903 | 60,117 | |
| Other Church Activities | 497 | - | 497 | 6,591 | - | 6,591 | |
| Lettings Income | 16,040 | - | 16,040 | 52,004 | - | 52,004 | |
| Investments | 51 | - | 51 | 323 | - | 323 | |
| Total Income | 81,850 | 15,958 | 97,808 | 107,132 | 11,903 | 119,035 | |
| Expenditure on: | 3 | ||||||
| Raising Funds | 5,007 | 9,522 | 14,529 | 10,338 | 3,979 | 14,317 | |
| Charitable Activities | 94,198 | 8,712 | 102,911 | 109,596 | 13,650 | 123,246 | |
| Total Expenditure | 99,206 | 18,234 | 117,440 | 119,934 | 17,629 | 137,563 | |
| NetExpenditure | 4 | (17,356) | (2,276) | (19,632) | (12,802) | (5,726) | (18,528) |
| Transfer Between Funds | (379) | 379 | - | - | - | - | |
| Net Movement in Funds | (17,735) | (1,897) | (19,632) | (12,802) | (5,726) | (18,528) | |
| Total FundsBrought Forward | 2,902,602 | 3,155 | 2,905,757 | 2,915,404 | 8,881 | 2,924,285 | |
| TotalFundsCarriedForward | 2,884,867 | 1,258 | 2,886,125 | 2,902,602 | 3,155 | 2,905,757 |
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MUSWELL HILL METHODIST CHURCH
Balance Sheet As at 31 August 2021
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||
| 2021 | 2021 | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Tangible Assets | 5 | 2,824,81 |
- | 2,824,811 | |
| Current Assets | |||||
| Debtors | 6 | 23,806 | 562 | 24,368 | 34,444 |
| Central Finance Board & Trustees for | |||||
| MethodistChurch Purposes Deposits | ES3e4 | é | ay | aatae | |
| Cash At BankAnd On Hand | 7 | 24,674 | 696 | 25,370 | 10,642 |
| 63,844 | 1,258 | 65,102 | 83,216 | ||
| Creditors -Amounts FallingDue | |||||
| Within OneYear | 8 | 3,788 | - | 3,/88 | 2,694 |
| Net Current Assets | 60,056 | 1,258 | 61,314 | 80,522 | |
| NetAssets | 2,884,867 | 1,258 | 2,886,125 | 2,905,757 | |
| Represented by: | |||||
| Restricted Funds | 9 | - | 1,258 | 1,258 | 3,155 |
| Unrestricted Funds | 2,884,867 | - | 2,884,867 | 2,902,601 | |
| TotalFunds | 2,884,867 | 1,258 | 2,886,125 | 2,905,757 |
The financial statements were approved by the Trustees on 17 March 2022 and signed on its behalf by:
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‘Michael Glynn
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Treasurer
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MUSWELL HILL METHODIST CHURCH Notes to the Financial Statements For the year ended 31 August 2021
a
1. Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of accounting
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at fair value.
The financial statements include all transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of Church members.
The Church meets the definition of a public benefit entity under FRS 102.
Going Concern
There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up ona going concern basis.
Income recognition
Voluntary income and donations (including legacies) are accounted for once the Church has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.
The income from trading activities includes rental income from the letting of Church premises and freehold land and buildings which is accounted for when earned.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Church; this is normally upon notification of the interest paid or payable by the bank.
Expenditure recognition
Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Church is not registered for VAT and accordingly expenditure includes VAT where appropriate.
Charitable expenditure includes those costs in fulfilling the Church’s principal objects, as outlined in the Report of the Church. These include grants payable and governance costs:
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e Grants payable are payments made to third parties in furtherance of the Church’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Church.
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e Governance costs comprise all costs involving the public accountability of the Church and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
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1. Accounting Policies (continued)
Tangible Fixed Assets
Tangible fixed assets are accounted for as follows:
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e The Church land and buildings are stated at fair value. Depreciation is not provided as the estimated residual value is considered to be the same or higher than the carrying value of the property in the accounts.
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e The cost of furniture, fittings and equipment, of a value greater than £1,000, less any expected residual value are capitalised and depreciated on a straight-line basis over the effective useful life of the asset, which has been estimated at five years.
Debtors
Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and on hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
Fund accounting
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The funds held by the charity are either:
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° Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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° Restricted funds - these are funds that 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.
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
2. Income
| 2. Income | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| Funds | Funds | Total | Total | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations & Legacies | ||||
| Offerings and Donations | 55,316 | 4 | 7 | 55,733 |
| Income Tax Reclaimed | 9,946 | - | 9,946 | 9,874 |
| HMRC Furlough Scheme | - | 12,821 | 12,821 | 3,979 |
| Grants | - | 2,720 | 2,720 | 2,805 |
| 65,262 | 15,958 | 81,220 | 60,117 | |
| Income from Charitable Activities | ||||
| Clubs and Groups | 497 | - | 497 | 6,555 |
| Other Trading Activities | ||||
| Lettings Income | 16,040 | - | 16,040 | 52,004 |
| Other Income | - | - | - | 36 |
| 16,040 | - | 16,040 | 52,040 | |
| Investment Income | ||||
| Interest | 51 | - | ||
| 81,850 | 15,958 | 97,808 | 119,035 |
3. Expenditure
3a Expenditure on Raising Funds
| Unrestricted | Restricted | ||||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||||
| 2021 | 2021 | 2021 | 2020 | ||||
| £ | £ | £ | £ | ||||
| StaffCosts | Costs | (Lettings | Manager) | 5,007 | 9,522 | 14,529 | 14,307 |
| Bad | Debts | - | © | ss | 10 | ||
| 5,007 | 9,522 | 14,529 | 14,317 |
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
3b Expenditure on Charitable Activities
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|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|
|Funds|Funds|Total|Total|
|2021|2021|2021|2020|
|£|£|is|£|
|Circuit|Assessment|65,754|-|65,754|68,704|
|Church Life|& Outreach|1,137|4,996|6,133|13,156|
|Missionary|&|Charitable|Giving|350|417|767|3,994|
|Provision|of Office|&|Support|2,364|-|2,364|3,048|
|Provision|of|Buildings|&|Facilities|23,814|3,299|27,113|33,563|
|Governance|Costs|780|-|780|780|
|94,199|8,712|102,911|123,246|
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The expenses of nil (2021: 0) Trustees amounting to £nil (2020: 0) in relation to training, travel and subsistence, were met during the year.
Paid Employees
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|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|
|Funds|Funds|Total|Total|
|2021|2021|2021|2020|
|£|£|£|£|
|Gross|wages,|salaries|and|benefits|in|kind|10,746|12,821|23,567|23,341|
|Employer's|National|Insurance|774|-|774|760|
|Employer's|Annual|Allowance|(774)|-|(774)|(760)|
|10,746|12,821|23,567|23,341|
|2021|2020|
|Average|number|of full-time|equivalent|employees|during the|year|were:|I|}|
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These figures exclude the amounts paid to the Methodist Circuit for the minister, who is funded through the Circuit Assessment. No Employee (2020: nil) received emoluments in excess of £60,000 during the year.
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 3! August 2021
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3b Expenditure on Charitable Activities (continued)
Missionary & Charitable Giving
Included within expenditure on Charitable Activities is the following missionary and charitable giving:
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| Funds | Funds | Total | Total | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Givingto Organisations | ||||
| Action for Children | - | 39 | 39 | 1,292 |
| AllWe Can | - | 80 | 80 | 455 |
| Bible Society | 75 | - | 75 | 15 |
| Christian Aid | - | 168 | 168 | 522 |
| Hornsey Foodbank (In addition tofood donations) | a | 10 | 10 | = |
| Junior Mission For All | - | 120 | 120 | - |
| Leaders ofWorship & Preachers Trust | 125 | - | 125 | 125 |
| Methodist Housing Society | 150 | - | 150 | 150 |
| Mission in Britain Fund | - | - | - | 535 |
| Orbis | - | - | - | 100 |
| Premier Radio | - | - | - | 100 |
| Salvation Army | - | - | - | 160 |
| St Barnabas | - | - | - | 100 |
| St Christopher Hospice | - | - | - | 100 |
| WaterAid | - | - | - | 280 |
| 350 | 417 | 767 | 3,994 | |
| Gifts to Individuals | - | 555 | 555 | - |
| 350 | 972 | 1,322 | 3,994 | |
| 4. Net Expenditure | ||||
| 2021 | 2020 | |||
| This is stated after charging | £ | £ | ||
| Depreciation ofOwned Assets | 424 | 424 | ||
| IndependentExaminationFee | 780 | 780 |
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 3!| August 2021
5. Tangible Fixed Assets
| 5. Tangible Fixed Assets | |||
|---|---|---|---|
| Freehold | |||
| Land & | Fixtures, | ||
| Buildings: | Fittings& | ||
| Church | Equipment | Total | |
| £ | £ | £ | |
| Costi/valuation | |||
| At |
September 2020 | 2,823,539 | 18,375 |
| Additions | - | - | - |
| Disposals | - | - | - |
| At 31 August 2021 | 2,823,539 | 18,375 | 2,841,914 |
| Accumulated Depreciation | |||
| At |
September 2020 | - | 16,679 |
| Charge ForYear | - | 424 | 424 |
| Disposals | - | - | - |
| At 31 August 2021 | - | 17,103 | 17,103 |
| Net Book Value | |||
| At 31 August 2021 | 2,823,539 | 1,272 | 2,824,811 |
| At 31 August 2020 | 2,823,539 | 1,696 | 2,825,235 |
| The Church buildings and other property includes: Baee en Church Building& North Bank 28 Pages Lane Trustees for Methodists Church Purposes |
|||
| Muswell Hill | |||
| LondonNIOIPP |
The Church Building and North Bank properties were last valued by Methodist Insurance PLC in 2018. At the time of this report, the buildings are insured at a rebuilding cost of £3,935,339 and the church equipment for a value of £109,460.
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
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ee
6. Debtors
| 6. Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Debtors | ||
| GiftAid Receivable | 3,000 | 5,990 |
| Lettings Receivable | - | 3,853 |
| Methodist New River Circuit | 807 | 807 |
| HMRC Furlough Scheme | 562 | 586 |
| Miscelleaneous | 49 | 152 |
| Prepayments | ||
| IstQuarter CircuitAssessment | 16,439 | 16,439 |
| Insurance & Lift Maintenance | 3,511 | 3,406 |
| Utilities | - | 3,211 |
| 24,368 | 34,444 |
7. Cash at Bank and In Hand
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Lloyds | CurrentAccount | 25,283 | 10,555 |
| Lunch | Club Account&Cash Float | 87 | 87 |
| 25,370 | 10,642 |
8. Creditors - Amounts Falling Due Within One Year
| 8. Creditors - AmountsAmounts Falling Due WithinWithin One YearYear | One YearYear | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| General Creditors | 830 | 1,134 |
| Rental Income Received in Advance | 2,178 | - |
| Accruals | 780 | 1,560 |
| 3,788 | 2,694 |
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MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
a
9. Restricted Funds
9a For the year ended 31 August 2021
| Atl | At 31 | ||||
|---|---|---|---|---|---|
| September | August | ||||
| 2020 | Received | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Internal Funds | |||||
| Benevolence Fund | 829 | - | (555) | - | 274 |
| Child Contact Centre | 109 | 2,720 | (3,061) | 232 | - |
| Fitness Club | (147) | - | - | 147 | - |
| Flower Remembrance Fund | 105 | - | - | - | 105 |
| Syrian Refugee Resettlement Fund | 2,259 | - | (1,380) | - | 879 |
| CoronavirusJob Retention Scheme | - | 12,821 | (12,821) | - | - |
| Internal Funds Total | 3,155 | 15,541 | (17,817) | 379 | 1,258 |
| At |
|||||
| September | August | ||||
| 2020 | Received | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Funds Raised for External | |||||
| Organisations | |||||
| Action for Children | - | 39 | (39) | - | - |
| AllWe Can | = | 80 | (80) | = | e |
| Christian Aid | = | 168 | (168) | - | - |
| Hornsey Foodbank (In addition tofooddonations) | - | 10 | (10) | - | - |
| Junior Mission For All | - | 120 | (120) | - | - |
| External FundsTotal | - | 417 | (417) | - | - |
| TotalRestrictedFunds | 3,155 | 15,958 | (18,234) | 379 | 1,258 |
LZ.
MUSWELL HILL METHODIST CHURCH
Notes to the Financial Statements For the year ended 31 August 2021
Caeneeeeee ee eee ee ee ee ee
9. Restricted Funds (continued)
9b Comparative Figures for the year ended 31 August 2020
| Atl | At 31 | ||||
|---|---|---|---|---|---|
| September | August | ||||
| 2019 | Received | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Internal Funds | |||||
| Benevolence Fund | 805 | 59 | (35) | - | 829 |
| Child Contact Centre | 399 | 2,981 | (3,271) | - | 109 |
| Fitness Club | - | 1,103 | (1,250) | - | (147) |
| Flower Remembrance Fund | 128 | 316 | (339) | - | 105 |
| Syrian Refugee Resettlement Fund | 6,570 | 800 | (5,111) | - | 2,259 |
| CoronavirusJob Retention Scheme | - | 3,979 | (3,979) | - | - |
| Internal Funds Total | 7,902 | 9,238 | (13,985) | - | 3,155 |
| At |
|||||
| September | August | ||||
| 2019 | Received | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Funds Raised for External | |||||
| Organisations | |||||
| Action for Children | 903 | 389 | (1,292) | - | - |
| AllWe Can | (251) | 706 | (455) | - | - |
| Christian Aid | 147 | 375 | (522) | - | - |
| Mission in Britain Fund | - | 535 | (535) | - | - |
| Orbis | - | 100 | (100) | - | - |
| Premier Radio | - | 100 | (100) | - | - |
| Salvation Army | - | 100 | (100) | - | - |
| St Barnabas | = | 100 | (100) | - | - |
| StChristopher Hospice | - | 160 | (160) | - | - |
| WaterAid | 180 | 100 | (280) | - | - |
| External Funds Total | 979 | 2,665 | (3,644) | - | - |
| TotalRestrictedFunds | 8,881 | 11,903 | (17,629) | - | 3,155 |
18
MUSWELL HILL METHODIST CHURCH Notes to the Financial Statements For the year ended 3! August 2021
eSSS SS 9. Restricted Funds (continued)
Descriptions of the internal funds are as follows:
Benevolence Fund: Funded by member donations to enable the minister, at his/her discretion, to grant financial assistance and gifts confidentially to people in need.
Child Contact Centre: The Church premises are used every Saturday to provide a neutral meeting place, where children of separated families, referred by the courts or their solicitors, can enjoy supervised contact with one or both parents and their extended families.
Fitness Club: Exercise classes run by a qualified fitness instructor for senior members of the community. The receiving of membership fees and paying the fitness instructor are faciliated by the Church.
Flower Remembrance Fund: In memory of Christine Marsh, a former member and trustee at Muswell Hill Methodist Church. Her family requested that donations received in her memory be used to provide flowers at Church services.
Syrian Refugee Resettlement Fund: The Syrian Resettlement Program is a joint initiative from the Home Office and local authorities, with the aim to resettle vulnerable Syrian families. The Church is directly involved with two families and indirectly with several more.
Coronavius Job Retention Scheme: There were two members of staff on flexible furlough as at Church paid both members of staff their full salaries during the financial year.
31 August 2021. The
10. Related Party Transactions
Ms. C. Simms, Church Secretary, was paid £600 during 2020-21 (2020: £600) for being the Church organist.
The Church paid “ARG Garden Design” £750 during 2020-21 (2020: £785) for general gardening services. The company director, Mr P. Argent, is the son of a current Church member.
The Trustees donated a total of £24,814 (2020: £19,780) unrestricted funds to the work of the Church during the year.
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