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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|
##
||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.||||||||