2023-08-31-accounts

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Statement of Financial Activities	Statement of Financial Activities	Statement of Financial Activities	(SOFA) for the	year	ended 31August 2023	ended 31August 2023
			lv 0 Q O Z	C 0 U Ue	'ot C C	t 'C Lv C u D	IS Ol L'	o	C 01 E3 C lo	'5 Ul C	Total 2022 - 2023	Total 2021-22
Income and Endowments	from:
Donations plus gift aid and	legacies											10,000
Charitable activities
Assessments to churches				4	418,805						418,805	420,820
Other												300
Other trading activities
- Lettings
- Hub Cafe
Investments					36,980			80			37,060	21,862
Other —CPF levy refund
Total					455,785						455,865	452,982
Expenditure on:
Stipends, NIC & Pension costs				12	251,463						251,463	246,867
Lay salaries, NIC & Pension	costs			12	24,531						24,531	21,598
District Assessment					11,763						11,763	12,820
Methodist Church Fund					63,263						63,263	64,942
Telephone &travel					15,846						15,846	13,404
Insurance, utilities, etc					27,875						27,875	24,744
Maintenance on manses					35,000	29,839					64,839	34,815
Expenditure on other Circuit property					5,113						5,113	6,291
Depreciation
Other Expenditure					12,660						12,660	9,853
Grants and Donations				13	8,329						8,329	14,739
Hub Cafe					193						193	194
Contributions to District Advance			Fund
Total					456,036	29,839					485,875	450,267
Net income/(expenditure)					(251)	(29,839)					(30,010)	2,715
Other recognised gains /	(losses):
Gains Losses onrevaluationo			ixed
Other - Profit on sale of property				8	415,786						415,786
Gains/(Losses) on investment		assets				(486)					(486)	(1,5S4)
Transfers between funds					(33,997)	33,997
Net movement in funds					381,538	3,672		80			385,290	1,161
Recondllation offunds:
Total funds brought forward					2,473,945	99,131		2,113			2,575,189	2,574,028
Total funds carried forward					2,855,483	102,803		2,193			2,960,479	2,575,189

Balance Sheet as at 31A	u	gust 2023
				Unrestricted	Circuit Model	Restricted		Endowment	Tote I	Total
					Trust Fund			Funds	2022-2023	2021-2022
					(Unrestricted)
					f
Tangible Fixed Assets
			Notes
Land Br Buildings			14	2,272,446					2,272,446	1,890,657
Equipment Investment properties Investments			14 15	350,190	22,698				350,190 22,698	350,190 23,183
Totalfkxed assets				2,622,636	22,698				2,645,334	2,264,030
Current Assets Debtors and Prepayments Loans by the Circuit			16 17	30,649	45,108				30,649 45,108	23,476 68,740
Trustees for Methodist Church Purposes deposits Central Finance Board Deposits Cash at Bank and in hand				8,191 243,678 16,147	34,997		2,193		43,188 245,871 16,147	7,208 257,777 24,904
Total current assets				298,665	80,105		2,193		380,963	382,105
Creditors and Accruals (due in under 1yr)			18	65,818					65,818	70,946
Net current assets (Babilities)				232,847	80,105		2,193		315,145	311,159
Total assets less current	liabilities			2,855,483	102,803		2,193		2,960,479	2,575,189
Loans and creditors due		after 1year
Provisions for liabilities	and charges
		Net assets		2,855,483	102,803		2,193		2,960,479	2,575,189
Funds ofthe Circuit Unrestricted funds			19	2,855,4S3					2,855,483	2,473,954
Circuit Model Trust Fund (Unrestricted) Restricted funds			19 19		102,803		2,193		102,803 2,193	99,131 2,104
Endowment funds
		Total Funds		2,855,483	102,803		2,193		2,960,479	2,575,189
				2855483	102803		2193		2,960,479
				2413316	115294		6886			2428252

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	Basis ofaccounting
	The Rnancial statements have been prepared under the Charities Act 2D11 in accordance with the 2013version ofAccounting					and
	Reporting by Charities: Statement of Recommended Practice (SORP)applkable to charrtres preparing their accounts rn 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 of the Circuit which are Unrestricted. The Circuit Model Trust			Fund has
	wide purposes defined in Standing Orders and iscategorlsed as unrestricted. Restncted funds whkh are held for a narrower			purpose			.
	There are no Endowment funds. Details ofeach matenal fund are disclosed In the note 19tothese accounts. Any fund may		be
	represented by more than Just cash.
3	Accouritliig polkles
	Basis
	These accounts have been prepared on the basis ofhistorical cost except that investmenm are shown at their market value		at the end				of
	the year and menses and investment properties are held at their value at 31August 2018.The accruals basis has been used		to		show a
	true and fair view ofthe Circuit's financial position and actiwties.
	Income Recognltlon
	Income u included In the Statement of Financial Activities (SOFA) when the Orcult becomes entitled to the	resources, and the trustees
	are reasonably certain they wgl receive the resources, ' and the monetary value can be measured with suffiaent reDability.
	Resources Expended
	This is recognised when a gabgity n incurred, or a constructive obligation arises, that results in the payment	being unavoidable				Liabilnres
	are recognised as soon as an oufflow ofeconomb benefit is considered more likely than not under the legal or constructive		obligation
	commiffing the Circuit to pay out resources.
	Grants
	Grants made by the Circuit from its own funds are recognised in full at the time ofagreement or when the Greeit accepts that				there is		a
	legal or operabonal obligation to make the payment.
	VAT
	Gnce the Circuit Is not VAT registered, ag input VAT Is charged with the expenses to which it refers.
	Tangible fixed assets for use by the Circuit
	Tangible fixed assets are capitagsed ifthey can be used for more than one year, and indMdually cost at least ESDD
	The freehold properties are shown ln the accounts at the 31August 2018market value, ofwhich the land	component is deemed to be
	E224,083. No deprecwtlon is provided on the buildings because the trustees consider the current residual	fair value ofthe	manse
	buildings (on the assumption that it had not reached the end ofits useful economic life by the year-end) to be not less than		its			current
	value. Any depreciation woukl not be material. The properties have been renewed for impairmenL
	Investment Propertles
	Invmtment properties -no property is currently deemed to not be held forthe long term purposes ofthe charity. Investment				property			is
	valued on the same basis as non investment properties.
	Investments
	Investments are valued in the balance sheet at market value at the year end. Investment income is Included in the accounts			when
	recervable and any gains or lasses on revaluation at the year end are shown in the SOFA
	Connexlonal Property Fund levies
	The levy taken by the Methodist Connection on the sale ofproperty is accounted for as an expense on the	basis that the return				of this
	levy tothe Greeit is conditional on making an eligible purchase ofproperty within the required time period	and this can not	be			judged	as
	signiRcantly likely ifnot made in the same flnanffal year.

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