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← Thirsk And Northallerton Methodist Circuit

2023-08-31-accounts

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Thirsk & Northallerton Thirsk & Northallerton Thirsk & Northallerton Circuit Circuit No: 29/23
Statement ofFinancial Activities (SOFA) for the
year ended		 31August 2023
Circuit Model
ceslgneted
notaa una
aooovau		 General Fund
(Unrestricted)		 Trust
(Unrestricted)
Funds
(unrestricted)		 Restricted
Funds		 Endowment
Funds		 Total
31.08.2023
f E E E E E
income
1
Donations
and legacies		 0
2
Income from monetary
investments		 1,851 9,363 235 11,449
3
Income from investment		 propemes 6,300 6,300
4 Assessments
on Chumhes		 130,512 130,512
5
Capital Receipts		 576 48,254 48,830
6
Grants received		 0
7
Other charitable
income		 12,900 12,990
8Total income 152,229 57,617 0 0 235 210,081
Expenditure
9
Grants and donahons		 0
10Salaries snd associated costs 121,749 121,749
11Properly maintenance 626 626
12Connexional
assessment		 & model trust levy 1,720 11,648 13,368
13District Assessment
&Levy		 27,064 5,371 32,435
14Depreciation 0 0
15Of0ce expenses 4,020 4,020
16Other outgoings 21,340 775 23 22,138
17Total charitable expenditure 176,519 17,794 23 194,336
18Gains/(losses)
on monetary		 investments -167 -333 .500
19Gains/(losses)
on investment		 properties 0
20 Net income/(expenditure) -24,290 39,656 -121 15,245
21 Transfers between
funds		 80 0 -80 0
22 Other gains/(losses) 0
23 Net movement
in funds		 -24,210 39,656 0 -201 15,245
24Total funds brought
forward		 619,601 271,966 0 7,901 899,528
25Total funds canted forward 595,451 311,622 0 7,700 914,773

Circuit Model Designated
Notes tothe
accovnls		 General Fund
(Unrestricted)		 Tmsls
(Unrestricted)		 Funds
(Unrestricted)		 Restricted
Funds		 Endowment
Fullds		 Totals 2023 Totals 2ett
6 5 6 5 K K
Fixed Assets
Circuit Menses It Equipment 534569 534,569 534,569
Investment
ro
rties
Investments
Total fixed assets 534,569 534,509 534,569
Current Assets
Debtors 7,606 7,608 7,721
Loans b
the Circuit
Investments
with TMCP		 311,622 7,700 319,322 279,867
Central Finance Board Deposits
Cash at Bank and in hand		 55,447
26,586		 55,447
26,586		 49,624
60,375
Total current assets 60,641 311,622 7,700 408,963 397,587
Current
liabilities
Creditors
due In under		 1 ar 28,759 28,759 32,628
Total current liabilities 28.759 28,759 32,628
Net current as seta/liabilities 60,882 311,622 7,700 380,204 364,059
Total assets less cununt ilabllgles 595,451 311,622 D D 7,700 014,773 899,528
Long term liabilities
due after more than one year
Loans to the Circuit
Net assets 595r451 311,622 7,700 914,773 899,528
Funds ofthe Circuit
General
Fund
Unrestricted)
Circuit Model Trust Fund (Unrestricted)		 595,451 311,622 595,451
311,622		 619,661
271,966
Desi nated Funds
Unrestricted)		 0
Total Unrestricted Funds 90'7,073 891,627
Restricted
Funds		 0 0
Endowment
Funds		 7,700 7,700 7,901
Total Funds 595,451 311,622 0 9 7,700 914,773 899,528
Thirsk and
Northafferton
Methodist Circuit
Notes to the Accounts
For The Year Ended 31stAugust 2023
1 Beets ofaccoungng
The financial statements
have been prepared
under the Charities
Act 2011 in accordance
with the 2014version of Accounting
and
Reporting
by Charifies: Statement of Recommended
Practice (SORP) applicable to charities preparing
their accounts
in accordance
vrith
the Financial
Reporting Standard
for Smaller Entities applicable
in the IJK (effective from I 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 snd
fair override'
provision
contained
therein.
2Funds
The funds held constitute: General Funds ere held for any purpose of the Circuit which sre unrestricted.
The Circuit Model Trust		 Fund
has wide purposes
defined
in Standing
Orders, and is categorised as unrestricted.
Restricted funds
are held for narrower
purposes
There are also the following
Endowment
funds as listed. Details ofeach material
fund sre disclosed
in the note 12to these accounts.		 .
Any funds msy 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 st ihe 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 Wstees
are reasonably
certain they will receive the resources, and
the monetary
value can be measured
with		 sufficien reliability.
Resources Expended
This is recognised
when a liability is inourred,
or a constructive
obligation arises, that results
in the payment
being unavoidable.
Liabilities are recognised as soon as an outfiow 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 ass 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
mth the onginsfiy agreed terms.
VAT
Since the Circuit is not VAT registered,
all input VAT is charged
with the expenses to which
it refers.
Tangible fixed assets for use by the Circuit
These are capilalised
ifthey can be used for more than one year, and individually
cost at least 51,000.
The freehold
properly
is shown
in the accounts atcost. No depreciation
is provided
on the buildings		 because Ihe trustees consider the
current residual
fair value ofthe manse
buildings
(on the assumption
that they had reached the end of their 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.
Depreciation
on Fixtures is calculated
on a straight
line basis to write offthe assets over		 their anticipated useful lives.
Investment
Fixed asset investments
are a form offinancial
instrument
and are initially recognised at their transaction
cost and
subsequently
measured
at fair value at the Balance sheet date, unless the value cannot be measured		 reliably in which
case it is measured
atcost less impairment.
Investment
gains and losses, whether
realised or unrealised,
are combined
and presented as 'Gains/(Losses)
on investments'
in the Statement of financial activities.
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.
Debtom and Prepayments
Prepayments
relate towages and insurance
Creditors
Creditors include both sundry expenses
and specificafiy the 1st quaher assessment
received
in AugusL
Impact ofAccounting
changes
Astatement
is required
ifthere has been any restatement
required
to previous reported
informafion
as a consequence		 ofthe new
SORP.

For The Yea r Ended 31stAu r Ended 31stAu r Ended 31stAu gust 2023
Circuit Model 2023 2022
5.Investment
income		 Unrestricted Trust Fund Restricted Total Total
Income from monetary investments 1,851 9,363 235 11,449 1,617
Rental income 6,300 6,300 5,430
Total 8,151 9,363 235 17,749 7,047
6.Paid employees
Staff Costs paid during the year were:
Gross wages, salaries and benefits in kind 121,749 116,301
Total staff costs 121,749 116,301
Average
number ofstaff employed		 during the year were:
7. Tangible Fixed Assets
Cost or valuation Two Menses
f		 Fixtures
f		 Total
6
Balance brought forward 534569 16229 550,798
Additions
at Cost		 0
Balance carried forward 534,569 16,229 550,798
Accumulated
depreciation:
Balance brought forward 0 16,229 16,229
Depreciation
charge for year
Balance carried forward		 0
0		 16,229 0
16,229
Net book value
Brought forward
Canied forward		 534,569
534,569		 534,569
534,569

Analysis ofinvestment
movements
2023 2022
Change in investment
values
Carrying (market) value at beginning of year
Net gain/(loss)
on revaluation
Carrying (market) value at end of year FO EO

ForThe Year Ended 31stA ugust 2023
9.Analysis ofcurrent assets This year Last year
Debtors and prepayments E
Other debtors 7,608 7,721
Total debtors and prepayments 7,608 7,721
Analysis ofcash at bank
Bank balance held in HSBC Bank (General Account) 12,376 60,375
Bank balance held in CAF Account (General Account) 14,209 0
Petty Cash Account (bank card) 0 0
Total Cash and Bank 26,585 60,375
10.Analysis ofcurrent
liabilities and long term creditors
Prepaid Assessments 28,759 32,628
Other Creditors 0 0
Total Current
Liabilities		 28,759 32 626

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