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2023-08-31-accounts

Registered Charity -Registration number 1133104
Lincolnshire Circuit No 17/6
Ministers Rev Mark Sherman
(to 31.8.23)
Rev Graham
Miles
Deacon Pamela
Luxton
Rev Margaret Asiedu
(from 1.9.23)
Circuit Stewards Miss Doreen
Horn
Bryand Utteridge
Mrs Lyn Bignell
Mrs Tricia Johnson
(from 1.9.23)
Mrs Anne May (from 1.9.23)
Circuit Treasurer Michael May (Finance Advisor)

Notes to Circuit Model
the General Fund Trust Restricted Endowment Total
accounts (Unrestricted) (Unrestricted) Funds Funds 2022-23
F F
Income
1
Donations
and legacies
0 0 0 0 0
2
Income from monetary
investments
1,064 13,522 838 350 15,775
3
Income from investment
properties 15,414 0 0 0 15,414
4
Assessments
on Churches
157,575 0 0 0 157,575
5
Capital Receipts
0 83,641 0 0 83,641
6
Grants received
2,646 0 38,000 0 40,646
7
Other charitable
income
3,710 0 0 0 3,710
8Total income 180,409 97,163 38,838 350 316,760
Expenditure
9
Grants and donations
1,000 17,642 0 18,642
10Salaries and associated costs 89,627 0 36,891 126,517
11 Property maintenance 47,767 0 8,721 56,489
12Connexional
assessment
8 levy on sales 31,684 12,728 0 44,412
13District Assessment
8 Model
Trust levy 18,316 27,309 0 45,625
14Depreciation 0 0 0 0
15Office expenses 11,494 1,370 3,298 16,162
16Other outgoings 6,387 0 2,070 8,457
17Total charitable
expenditure
206,275 59,049 50,980 316,305
18Gains/(losses)
on monetary
investments 0 (519) 772 (442) (189)
19Gains/(losses)
on investment
properties 0 0 0 0 0
20 Net income/(expenditure) (25,866) 37,595 (11,370) (92) 267
21 Transfers
between
funds
398,750 (404,306) 5,556 0 0
22 Other gains/(losses) 0 0 0 0 0
23 Net movement
in funds
372,884 (366,711) (5,814) (92) 267
24 Total funds brought
forward
1,210,656 480,798 38,781 13,066 1,743,301
25Total funds carried forward 1,583,540 114,087 32,966 12,974 1,743,568

Notes to Circuit Model
the General Fund Trust Restricted Endowment Total
accounts (Unrestricted) (Unrestricted) Funds Funds 2021-22
P F
Income
1
Donations
and legacies
0 0 0 0 0
2
Income from monetary
investments
123 1,418 160 243 1,944
3
Income from investment
properties 16,500 0 0 0 16,500
4 Assessments
on Churches
165,770 0 0 0 165,770
5
Capital Receipts
(250,000) 504,915 0 0 254,915
6
Grants received
0 0 41,050 0 41,050
7
Other charitable
income
37 0 0 0 37
8Total income (67,570) 506,333 41,210 243 480,216
Expenditure
9
Grants and donations
0 4,336 0 0 4,336
10Salaries and associated costs 88,167 0 35,367 0 123,534
11 Property maintenance 20,522 0 3,251 0 23,773
12Connexional
assessment
8 levy on sales 38,782 153,966 0 0 192,748
13District Assessment
8 Model
Trust levy 10,006 5,721 0 0 15,727
14Depreciation 0 0 0 0 0
15Office expenses 6,475 25,000 14,752 0 46,228
16Other outgoings 5,158 0 2,532 0 7,690
17Total charitable
expenditure
169,111 189,023 55,902 0 414,035
18Gains/(losses)
on monetary
investments 0 (945) (434) (698) (2,078)
19Gains/(losses)
on investment
properties 0 0 0 0 0
20 Net income/(expenditure) (236,680) 316,365 (15,127) (455) 64,103
21 Transfers
between
funds
(5,978) 0 5,978 0 0
22 Other gains/(losses) 0 0 0 0 0
23 Net movement
in funds
(242,658) 316,365 (9,149) (455) 64,103
24Total funds brought
forward
1,453,314 164,433 47,929 13,522 1,679,199
25Total funds carried forward 1,210,656 480,798 38,781 13,066 1,743,301

General Fund Circuit Model Restricted Endowment Totals 2023
(Unrestricted) Trusts Funds Funds
Notes to the (Unrestricted)
Accounts
Fixed Assets
Circuit Properties 1,558,306 1,558,306
Investment
properties
Investments 10 10,228 17,054 9,971 37,252
Total fixed assets 1,558,306 10,228 17,054 9,971 1,595,559
Current Assets
Debtors 10,606 10,606
Loans by the Circuit
Trustee Investment
Fund at TMCP
103,859 20,088 3,004 126,951
Central Finance Board Deposits 13,044 -4,175 8,869
Cash at Bank and
in hand
1,584 1,584
Total current assets 25,234 103,859 15,913 3,004 148,010
Current liabilities
Creditors (due
in under
1 year) 12
Grants payable
within 2021-22
Total current liabilities
Net current assetslliabilities 25,234 103,859 15,913 3,004 148,010
Total assets less cunent liabilities 1,583,540 114,087 32,966 12,974 1,743„568
Long term liabilities
(due after more than one year)
Grants payable after 2021-22
Loans to the Circuit
Net assets 1,583,540 114,087 32,966 12,974 1,743,568
Funds ofthe Circuit
General
Fund (Unrestricted)
1,583,540 1,583,540
Circuit Model Trust Fund (Unrestricted) 114,087 114,087
Total Unrestricted Funds 1,697,627
Restricted
Funds
32,966 32,966
Endowment
Funds
12,974 12,974
Total Funds 1,583,540 114,087 32,966 12,974 1,743,568

General Fund Circuit Model Restricted Endowment Totals 2020
(Unrestricted) Trusts Funds Funds
Notes to the (Unrestricted)
Accounts
Fixed Assets
Circuit Properties 1,174,000 1,174,000
Investment
properties
Investments 10 10,747 16,282 10,413 37,441
Total fixed assets 1,174,000 10,747 16,282 10,413 1,211,441
Current Assets
Debtors 10,293 10,293
Loans by the Circuit
Trustee Investment
Fund at TMCP
470,052 19,739 2,654 492,444
Central Finance Board Deposits 24,545 2,760 27,305
Cash at Bank and
in hand
1,818 1,818
Total current assets 36,656 470,052 22,499 2,654 531,860
Current liabilities
Creditors (due in under 1 year) 12
Grants payable
within 2020-21
Total current liabilities
Net current assetslliabilities 36,656 470,052 22,499 2,654 531,860
Total assets less current liabilities 1,210,656 480,798 38,781 13,066 1,743,301
Long term liabilities
(due after more than one year)
Grants payable after 2020-21
Loans to the Circuit
Net assets 1,210,656 480,798 38,781 13,066 1,743,301
Funds ofthe Circuit
General
Fund (Unrestricted)
1,210,656 1,210,656
Circuit Model Trust Fund (Unrestricted) 480,798 480,798
Total Unrestricted
Funds
1,691,454
Restricted
Funds
38,781 38,781
Endowment
Funds
13,066 13,066
Total Funds 1,210,656 480,798 38,781 13,066 1,743,301

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The financial statements
have been prepared
under the Charities Act 2011in accordance
with the
2014version of 2014version of
Accounting
and Reporting
by Charities: Statement of Recommended
Practice (SORP) applicable
to
charities preparing their
accounts
in accordance
with the Financial
Reporting
Standard
for Smaller Entities applicable
in the
UK (effective from 1
January 2015) —the Charities SORP (FRSSE) —in replacement
for the SORP's 2005 version specified
in its related 2008
Regulations
and in accordance
with the 'true and fair override'
provision
contained
therein.
2 Funds
The funds held include General
Funds held for any purpose ofthe Circuit which are Unrestricted,
the Circuit
Model Trust
Fund which
has wide purposes
defined
in Standing
Orders and is categorised
as Unrestricted,
Restricted funds which
are
held for a narrower
purpose
and are listed
in the final Note below and Endowment
funds which are also listed in that
Note.
Any funds may be represented
by more than just cash.
3Accounting
policies
Basis
These accounts have been prepared
on the basis of historical cost, except that investments
are shown at their market
value
at the end ofthe year, on the accruals basis to show a true and fair view ofthe Circuit's financial
position and activities.
Income Recognition
Income is included
in the Statement of Financial Activities
(SOFA) when the Circuit 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
reliability.
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 constructive
obligation
committing
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 Circuit accepts
that there is a legal or operational
obligation to make the payment.
When the grant
is recurrent
over more
than one year
the balance payable
in future years
is treated as a provision for future commitments
in the Balance
Sheet against the
appropriate
fund, the provision
being released
in future years as instalments
are paid in accordance
with the originally
agreed terms.
VAT
Since the Circuit is not VAT registered,
all input VAT is charged
with the expense to which
it refers.
Tangible fixed assets for use by the Circuit
These are capitalised
iftheir anticipated
reliable
life is more than one year, and individually
cost at
least E2,000.
The freehold
properties
are shown
in the accounts at 2015deemed values or subsequent
purchase
cost, ofwhich the land
component
in the opinion ofthe Trustees
is E695,000. No depreciation
is provided
on any ofthe buildings
because the
trustees consider their current
residual
fair value (on the assumption
that they had reached the end oftheir
useful economic
lives 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.
Investment Properties
Following the purchase
of a new manse, the Circuit now holds 3 manses and one disused
Church which are
surplus to
requirements.
One manse
is rented
by a Syrian refugee family and the disused
church
is occupied
by a charity offering
services to the local community.
One other manse
is also rented out to provide income to the Circuit and the third
manse is
on the market for sale. The four properties
are not held for their investment
potential
and are therefore
included
in
Freehold
Property,
with the disused church shown as Other Buildings
in Note 9. The rental income
is described
in the
SOFA
as "income from Investment
Properties" as a means of highlighting
the materiality
ofthe income.
Investments
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 SOFA.
Debtors and Prepayments
Debtors relate to stipends for September
plus two amounts
due for costs expended.
Creditors
There are no creditors
Impact ofAccounting
changes
There are no Accounting
changes
East Lincolnshire Circuit
Circuit
4.Investment
income
Unrestricted Model
Trust Fund
Restricted Endowment Total
Year to 31stAugust 2023
Central
Fina nce Board
TMCP
Other
1,064 13,522 838 350 1,064
14,710
Total 1,064 13,522 838 350 15,775
Year to 31stAugust 2022
Central Finance Board
TMCP
Other
123 1,418 160 243 123
1,821
Total 123 1,418 1,944
5.Capital Receipts This year Last year
Barley Fields, Alford
Cost of Barley Fields
Alvingham
Sale of Investments
Sale of
Sale of
surplus
Manse
closed chapel
83,641 f
504,915
(250,000)
83,841 254,915
6.Payment to Trustees
With the exception ofStipends paid to ministers, no payments were made to trustees for additional
services provided to the Circuit by agreement with the Circuit Meeting
Number oftrustees
who were paid
expenses This year Last year
Nature ofthe expenses
Expense payments
primarily
relate
to reimbursement for travel costs
Total Amount
Paid
13,354 6,682
7.Fees for examination
or audit
of the accounts
Independent
examiner's
or auditors'
fees for reporting
on the accounts
Other fees (eg:advice, accountancy
services) paid to the 120 100
independent
examiner or auditor
nil nil
8.Paid employees
(including
Ministers)
Staff costs paid during the year were:
Gross wages, salaries and benefits
in kind
Employer's
National
insurance
Costs
Pension Costs
Total Staff Costs
95,711
22,433
8,373
126,517
93,671
21,626
8,236
123,534
Average number ofstaff employed during the year were

9.Tangible
Fixed
Assets East Lincolnshire
C
East Lincolnshire
C
ircuit
Cost or valuation Year to 31stAugust 2023
Residential Land Other Land Manses Other builidngs Total
f f
Balance brought forward 475,000 120,000 534,000 45,000 1,174,000
Additions 100,000 284,306 384,306
Revaluations
(+/-)
Disposals (-)
Transfers*(x/-)
Balance carried forward 575,000 120,000 818,306 45,000 1,558,306
Accumulated
depreciation
~*Basis SLor RB SLor RB
**Rate
Balance brought forward
Depreciation
charge for year(-)
Revaluations
(x/-)
Disposals (-)
Transfers* (x/-)
Balance carried forwards
Net book value
Brought forward 475,000 120,000 534,000 45,000 1,174,000
Carried forward 575,000 120,000 818,306 45,000 1,558,306
Cost or valuation Year to 31stAugust 2022
Residential Land Other Land Manses Other builidngs Total
f
Balance brought forward 570,000 120,000 689,000 45,000 1,424,000
Additions
Revaluations
(+/-)
Disposals (-) -95,000 -155,000 -250,000
Transfers*(x/-)
Balance carried forward 475,000 120,000 534,000 45,000 1,174,000
Accumulated
depreciation
~*Basis SLor RB SLor RB
**Rate
Balance brought forward
Depreciation
charge for
year(-)
Revaluations
(x/-)
Disposals (-)
Transfers*
(x/-)
Balance carried forwards
Net book value
Brought forward 570,000 120,000 689,000 45,000 1,424,000
Carried forward 475,000 120,000 534,000 45,000 1,174,000

determined
by the Methodist
Conf erence .
This year Last Year
f
Investments
listed on a recognised
Stock Exchange
Investments
held in common
investment
funds,
Securities not listed on a recognised
Stock Exchange
9,656
27,596
8,424
29,018
Other investments
Total 37,252 37,441
Change in investment
values
Carrying
(market) value at beginning
ofyear
Add: additions to investments
at cost
37,441 39,519
Less: disposals at carrying
value
Net gain/(loss)
on revaluation
Carrying
(market) value at end
ofyear (189)
37,252
(2,078)
37,441
11.Analysis ofcurrent assets
Debtors and prepayments
Pre paid Stipends
Accrued
income
10,176 9,472
500
Other debtors 429 321
Total debtors and prepayments 10,606 10,293
Analysis ofcash at bank
Bank balance
held in Lloyds Bank Pic
1,584 1,818
Total Cash and Bank 1,584 1,818
12.Analysis ofcurrent liabilities and long term creditors
Trade Creditors
Other Creditors
Total Current
Liabilities

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