| Statement of Financial Activiti | es ( |
SOFA) for | the | year | ended 31Au | gust 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oi | o | |||||||||||
| SI | ||||||||||||
| O | III | E | ||||||||||
| IIIsiI O Z |
0 II u IU |
c c | V | III SI |
IIIo c |
Ill | III 'D |
Total 2021 - 2022 |
Total 2020-21 |
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| Donations and legacies |
10,000 | 10,000 | 1,651 | |||||||||
| Charitable activities |
||||||||||||
| Assessments to churches |
420,820 | 420,820 | 414,632 | |||||||||
| Other | 300 | 300 | ||||||||||
| Other trading activities | ||||||||||||
| Lettings | ||||||||||||
| - Hub Cafe | ||||||||||||
| Investments | 21,853 | 21,862 | 16,747 | |||||||||
| Other - CPF levy refund | ||||||||||||
| Other - Profit on sale of property | ||||||||||||
| Total | 442,973 | 10,009 | 452,982 | 433,030 | ||||||||
| Expenditure on: |
||||||||||||
| Stipends, NIC &Pension costs |
12 | 236,867 | 10,000 | 246,867 | 209,711 | |||||||
| Lay salaries, NIC &.Pension costs |
12 | 21,598 | 21,598 | 16,843 | ||||||||
| District Assessment | 12,820 | 12,820 | 14,872 | |||||||||
| Methodist Church Fund |
64,942 | 64,942 | 64,078 | |||||||||
| Telephone &travel |
13,404 | 13,404 | 13,287 | |||||||||
| Insurance, utilities, etc |
24,744 | 24,744 | 26,284 | |||||||||
| Maintenance on manses |
34,815 | 34,815 | 24,605 | |||||||||
| Expenditure on other Circuit property |
6,291 | 6,291 | 5,466 | |||||||||
| Depreciation | ||||||||||||
| Provisions | ||||||||||||
| Other Expenditure | 9,853 | 9,853 | 13,551 | |||||||||
| Grants and Donations |
13 | 14,739 | 14,739 | 7,686 | ||||||||
| Hub Cafe | 194 | 194 | 219 | |||||||||
| Contributions to District Advance |
Fund | |||||||||||
| Total | 440,267 | 10,000 | 450,267 | 396,602 | ||||||||
| Net income/(expenditure) | 2,706 | 2I715 | 36,428 | |||||||||
| Transfers between funds |
3,399 | (3,399) | ||||||||||
| 6,105 | (3,399) | 2,715 | 36,428 | |||||||||
| Other recognised gains / (losses) |
||||||||||||
| Gains (Losses) on revaluation |
offixed | |||||||||||
| Gains/(Losses) on investment |
assets | (1,554) | (1,554) | 3,836 | ||||||||
| Actuarial gains /(losses) on defined benefit |
||||||||||||
| pension schemes | ||||||||||||
| Net movement in funds |
6,105 | (4,953) | 1,161 | 40,264 | ||||||||
| Reconciliation offunds: | ||||||||||||
| Total funds brought forward | 2,467,840 | 104,084 | 2,104 | 2,574,028 | 2,533,764 | |||||||
| Total funds carried forward | 2,473,945 | 99,131 | 2,113 | 2,575,189 | 2,574,028 |
| Unrestricted | Circuit Model | Restricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Trust Fund | Funds | 2021-2022 | 2020-2021 | ||||||
| (Unrestricted) | |||||||||
| E | |||||||||
| Tangible Fixed Assets |
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| Notes | |||||||||
| Land 8 Buildings | 14 | 1,890,657 | 1,890,657 | 1,890,657 | |||||
| Equipment Investment properties |
14 | 350,190 | 350,190 | 350190 | |||||
| Investments | 15 | 23,183 | 23,183 | 24,737 | |||||
| Totalfixed assets | 2,240,847 | 23,183 | 2,264,030 | 2,265,584 | |||||
| Current Assets | |||||||||
| Debtors and Prepayments | 16 | 23,476 | 23,476 | 21,985 | |||||
| Loans by the Circuit | 17 | 68,740 | 68,740 | 71,876 | |||||
| Trustees for Methodist | Church | ||||||||
| Purposes deposits | 7,208 | 7,208 | 7,471 | ||||||
| Central Finance Board Deposits | 255,664 | 2,113 | 257,777 | 252,004 | |||||
| Cash at Bank and in | hand | 24,904 | 24,904 | 14,070 | |||||
| Total current essets | 304,044 | 75,948 | 2,113 | 382,105 | 367,406 | ||||
| Creditors and Accruals (due In under | |||||||||
| 1yr) | 18 | 70,946 | 70,946 | 58,962 | |||||
| Net current assets (liablgties) | 233,098 | 75,948 | 2,113 | 311,159 | 308,444 | ||||
| Total assets less current liabilities | 2,473,945 | 99,131 | 2,113 | 2,575 189 | 2 574,028 | ||||
| Loans and creditors | due after 1year | ||||||||
| Provisions for liabilities and charges | |||||||||
| Net assets | 2,473,945 | 99,131 | 2,113 | 2,575,189 | 2,574,028 | ||||
| Funds ofthe Circuit | |||||||||
| Unrestricted funds |
19 | 2,473,945 | 2,473,945 | 2,467,840 | |||||
| Circuit Model Trust | Fund | ||||||||
| (Unrestricted) | 19 | 99,131 | 99,131 | 104,084 | |||||
| Restricted funds | 19 | 2,113 | 2,113 | 2,104 | |||||
| Endowment funds |
|||||||||
| Total Funds | 2,473,945 | 99,131 | 2,113 | 2,575,189 | 2,574,028 |
| Basis ofaccounting | ||||||
|---|---|---|---|---|---|---|
| Ihe financial statements have been prepared under the Charities Act 2011in accordance with the 2013version ofAccounting |
and | |||||
| Reporting by Chanties: Statement of Recommended Practice (SORP) applicable to charities |
preparing their accounts |
in accordance | ||||
| with FRS102-the Charities SORP (FRS102)and taking note ofthe Update Bulletin 2 issued in 2018. |
||||||
| Funds | ||||||
| The funds held constitute: General Funds held for any purpose ofthe Greeit which are Unrestncted. The Circuit Model Trust |
Fund has | |||||
| wide purposes defined in Standing Orders and is categorised as unrestricted. Restricted funds |
which are held for a narrower | purpose . | ||||
| There are no Endowment funds. Details ofeach material fund are disclosed in the note 19to these accounts. |
Any fund | may | be | |||
| represented by more than just cash. |
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| 3 | Accounting pogcles |
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| Basis | ||||||
| These accounts have been prepared on the basis of historical cost except that Investments are |
shown at their market value at the | end of | ||||
| the year and manses and investment properties are held at their value at 31August 2018.The |
accruals basis | has been | used to show a | |||
| true and fair view of the Circuit's financial position and activities. |
||||||
| Income Recognltlon | ||||||
| Income is Induded in the Statement of Financial Activities (SOFA) when the Greeit becomes entitled to the resources, |
and the trustees | |||||
| are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient regabigty. |
||||||
| Resources Expended | ||||||
| This is recognised when a liability is incurred, or a constructive obligation arises, that results in |
the payment | being unavoidable. | ||||
| Liabilities are recognised as soon as an outflow ofeconomic benefit is considered more likely than not under |
the legal | or constructwe | ||||
| obligation committing the Circuit to pay out resources. |
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| Grants | ||||||
| Grants made by the Circuit from its own funds are recognised in full at the time ofagreement |
or when the Circuit accepts that there is a | |||||
| legal or operational obligatron to make the payment. |
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| VAT | ||||||
| Since the Circuit is not VAT registered, ag input VAT is charged with the expenses to which it refers. |
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| Tangible Ared assets for use by the Grcuh | ||||||
| Tangible fixed assets are capitagsed ifthey can be used for more than one year, and individually |
cost at least | ESDD. | ||||
| The freehold properties are shown In the accounts at the 31August 2018market value, of which the land component |
is deemed | to be | ||||
| F224,083. No depreciation is provided on the buildings because the trustees consider the current residual fair value of the manse |
||||||
| buildings (on the assumption that it had not reached the end of its useful economic life by the |
year-end) to be not less | than its current | ||||
| value. Any depreciation would not be material. The properties have been reviewed for impairment. |
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| Investment Properties |
||||||
| Investment properties - no property is currently deemed to not be held for the long term purposes ofthe charity. Investment |
property | |||||
| is valued on the same basis as non Investment properties. |
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| fnvestments | ||||||
| Investments are valued in the balance sheet at market value at the year end. Investment income is included |
in the accounts | when | ||||
| receivable and any gains or losses on revaluation at the year end are shown in the SOFJL |
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| Connexional Property Fund levies |
||||||
| The levy taken by the Methodist Connection on the sate of property is accounted for as an expense on the basis that the return ofthis |
||||||
| levy to the Circuit is conditional on making an eligible purchase of property within the required |
time period and this can not | be judged as | ||||
| significantly likely Ifnot made in the same financial year. |
| Staff CO5t5 Id dun |
th | ar er |
e' | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 20?2 | 1021 | ||||||||
| Ministeria! Stipends | Total | Total | |||||||
| Sti nds |
161JI23 | 153,647 | |||||||
| E er'5 Natiom |
I lnmranm | and | renttceshi | 18 85 | 15.657 | ||||
| Pahslu Cpctc |
46,759 | 40 407 | |||||||
| Total staff o I |
246JI67 | 209,711 | |||||||
| 20ZZ | 2021 | ||||||||
| I yemployeec | Total | Total | |||||||
| 6m* e5 |
20,754 | ||||||||
| Cor avlrtp lob Retehth |
n 5 | henw | recmpts | fe 563 | |||||
| E reps Natmml |
Insurance | cmts | and | rent | emi | le | 432 | ||
| Pemlort co5ts | 1121 | 21 | |||||||
| Total staff arts | 21,598 | 16,943 |
| 1022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Total | Total | ||||||
| Unive | uty ofLmcester clmplaincy | I,Z50 | |||||
| arodt | Modal Tmm Pond | ||||||
| al hoP | St eet Methodist | Chu | ch | 6,212 | |||
| Cos | Methodist | Ch rch |
1.834 | ||||
| Dadb | Methodist | Chtuch | 5,443 | ||||
| Uppingha Rmd |
Nmthodist | Chumh | |||||
| 0 | am Road | Methodist | Chu | h | 5436 | ||
| 14,739 |