2021-08-31-accounts - Cumbria Methodist Circuit

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Notes to	t	he Accounts
1.		Basis ofAccounting
		The financial statements have been prepared in accordance with Accounting and Reportmg by Chanties Statement of Recommended pracbce applicable to Charities preparing their Accounts m accordance with the Finanmal Reporting Standard applicable m the UK and Republic of Irelanil (FRS102)effective from I January 2015-(Chanties SORP (FRS 102)).
2.		Funds
		The funds held conslltutm General Funds held for any purpose of Ihe Church whmh are unrestricted Designated Funds way and Restrictad Funds watch are held for a narrower spemfic purpose. Details ofeach maledial fund ara disclosed in represented by more than jusl cash.	designated fdr use in a particular Note 2o Any ronde may be
3.		Accounting Poffcles
Basis
		They have been prepared on the basis of histoncal cost except that Investments are shown at their current market value applicable, on the accruals basis lo show a true and fair view ofthe Circux's fmancial position and activities	at the end ofthe year where
		These Accounts represents a transitional year from Receipts B payments to Accrual Accounting as required by the Charity reporting thresholds so please see the Note below with regard to Tangible Fixed Assets..
Income
		Income is included in the Slaiemeni of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the Trustees are reasonably ceriam they will receive the resources, and the monetary value can be measured tmth sumcient rehability
Expenditure
		This is recognised when a liability is incurred, or a constructive obligation anses, that results m the payment beklg unavoidable. Liabilities are recognised as soon as an outflow ofeconomic benefit is considered more likely than not under the legal constructive obggabon commifffng tile Circuit to pay out resources
Grants
		Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make payment. When the Grant is recurrent over more than one year the balance payable m future years is treated as a provision for future commitments in the Balance sheet made against the appropriate Fund, the provision bemg released in future years as instalments are paid in accordance with the terms onginaay agreed.
VAT
		Since the Circuit is not VAT registered all input VAT is charged wiih the expenses to which it refers. '
Tangible	Fixed Assets used by the Circuit
		These Accounts represenis a transitional year from Receipts &Payments to Accrual Accounting as required by the Charily reportmg thresholds. Under FRS102 Deemed Cost option at the pomt oftransition property is represented by its Building Insurance value,
		Any other tangible Fixed Assets would be capitalised ifthey can be used For more than one year and individually cost at Circuit own any such Assets	least 21,000.However the
Investment		Properties
		No properiy is currently deemed to not be held for the long term purposes ofthe Chanty
Investments
		Investments are valued m the Balance Sheet at market value at the year end. Investment income is mcludec m the Accounts when receivable and any gains or losses on revaluation at the year-end are shown m the SOFA.
Debtors and Prepaymenls
		Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net any trade discounts due.		of
Creditors
		Creditors are recognised when there is an obligation at the Balance Sheet date as a result ofa past event, it is probable benefit will be required in settlement and ihe amount ofthe settlement can be estimated readily	that a transfer ofeconomic
Cash at Bank and ln hand
		Cash at Bank and in hand includes cash and short-term highly liquid investments with a short maturity ofthree monlhs or less from ihe date of
		acqmsition.
Accounting		Estimates
		The preparation ofthese finanmal statements requires iudgements, estimates and assumptions that affect the application of polimes and reported amounts ofAssets and Liabilities, income and expenses. Judgements and estimates ala Corltmuagy evaluated and are based on histoncal experiences snd other factors, including expectations of future events that arts believed to be reaacnabie under the circumstances
Pensions
The Charity provides lay employees with option ofloimng a relined contnbution pension scheme which the Circuit has arranged wffh nol employees lake up Ibis option the circuit mmrts the statutory requirements of'auto enrolmenth All annual conlnbutlons paya bio Finanmal Activlttes.			the Pensions Trust. Whether are charged lathe stmament	or of
Most ordained Presbyters and Deacons are members ofthe Methodist Mmisters' Pension Scheme (MMPS). This is a defined benefit held in 2014that Methodist Mmsters (which includes Presbyters and Deacons are not employees ofthe Church (Circuit).			Scheme The Supreme Court

			Notes to accounts	General Fund (Unrestricted)	General Fund (Unrestricted)	Circuit Model (Unrestricted)	Designated Funds (unrestricted)	Restricted Funds	Restricted Funds		Total 2019-20
Income
1 Donations and le acies
2 Income from monetary inwstments						436					786
3 Income from inwstment	properties
4 Assessments on Churches					135,176						135,178
5 Ca ital Racer ts
6 Grants recened								9,500			9,500
7 Othercharitable income					30320				75		30395
8Tatal income					165,848			9,575			175659
Ex enditure
9 Grants and donations					650			9,575			10,225
10Satanas and assomated	costs				108,776						108,776
11 Property maintenance			10		9,969						9989
12Connexional assessment	5	model trust le				1,317					1 317
13Distnct Assessment 5 Levy					24,904	1,054					25,958
14 Deprecation
15Oflice expenses					6,781						6781
160theroct oings			12		4,010						4 116
17Total charitable expenditure					155.110	2,477		9,575		0	16'7,162
18Gains/(losses) on moneta		investments
19Gains/(losses) on investment		properties
20 Net income/(expenditure)					10,738	-2.041					8 69'r
21 Transfers between funds
22 Other gains/(losses)
23 Net movement in funds					10,738	-2,041					6,697
24Total funds brought forward				1,031,534		52,675	10.000				1,094,209
25 Total funds carried forward				1,042,272		50,634	10,000				1,102,906

Income wa	s	recei	ved	under t	he government	Job Retention	Scheme on b	ehalf of Penrith	and Stainton	Churches.
					General Fund	Model Trust			2021	2020
					Unrestricted	Unrestricted	Designated	Restdrcted	Total	Total
Reimbursed		Admin costs			26,421				26,421	21,613
Reimbursed		Outreach		worker	5,502				5,502	5,503
From KOAM	Circuit				10,096				10,096	5,503
Job Retention		Scheme			3,031				3,031	3,164
Methodist	Connexion							75	75	75
Sleagill contents			sale		559				559	75
Miscellaneous					439				439	40
Total					46,048			75	46,123	30,395
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			G en era I Fund	Model Trust			2021	2020
			Unrestricted	Unrestricted	Designated	Restricted	Total	Total
Ministers	Council tax		5,387				5,387	S,198
Water			1,121				1,121	1,012
Service Contracts			1,065				1,065	1,062
Insurance			2,025				2,025	1,344
Repairs	&Renewals		227				227	873
Quinquennial		Reviews	950				950	500
Total			10,775				10,775	9,989

			General Fund	Model Trust			2021	2020
			Unrestricted	Unrestricted	Designated	Restricted	Total	Total
Telephone	&	Broadband	1,365				1,365	1,564
Advertising			140				140	747
Administration			1,723				1,723	1,860
Circuit Magazine								795
CCLI Copyright		Licences						1,515
Trai ning			340				340	300
Total			3,568				3,568	6,781

		General	Fund	Model Trust			2021	2020
		Unrestricted		Unrestricted	Designated	Restricted	Total	Total
Supernumeryministers	&
Lay Preachers Travel			204				204		846
Church Assessments returned		11,945					11,945
Job Retention Scheme-
Penrith &Stainton Churches		3,031					3,031	3,164
Mission Communities			400				400
Reimburse Bridge legal	fees					1,020	1,020
Miscellaneous			537	101			638		106
Total		16,117		101		1,020	17,238	4,116

			Other non
Balances		Menses	investment land &	Other Fixed Asseets	Fixtures fittings &	Total
			buildings		Equipment
1Lamley Gardens		391,654				391,654
44 White Ox Way		350,856				350,856
12Wordsworth	St *		259,D17			259,017
Ba Ianca ca rri ed	forwa rd	742,510	259,D17			1,001,527
Additions (+/-)
Closed Sleagill	chapel			65,000		65,000
Revaluations (+/-)
Disposals (-)
Transfers (+/-)
Balance carded	forward	742,510	259,D17	65,000		1,066,527

		General Fund	Model Trust			2021	2020
Prepayments		Unrestdicted	Unrestricted	Designated	Restricted	Total	Total
District Assessment		5,946				5,946	6,390
Ministers	Stipend	6,284				6,284	6,026
Insurance	Premium	1,035				1,035	797
		13,265				13,265	13,213

		General		Model Trust Fund		2021	2020
		Unrestricted	Unrestricted	Designated	Restricted	Total	Trna)
broughtforward			50,635			50,635	52,675
			286			286	436
additions					207,398	207,398
Sub Total			50,921		207,398	258,319	53,111
less disposals/costs
Connexional	Levy		1,266			1,266	1,317
District Levy			1,013			1,013	1,054
Reimburse	Bridge Legal Fees				1,020	1,020
Management	Charge		101			101	106
Total			48,541		206,378	254,919	50,634

Note 16	Creditors (due in under 1year)	Creditors (due in under 1year)
		General Fund	Model Trust			2021	2020
Prepaid	ttuarterly	Unrestricted	Unrestricted	Designated	Restricted	Total	Total
Church Assessments		25,276				25,276	32,766

	Fund Name	Opening Balance	Income	Expenditure	Closing Balance
General		1,052,272	174,270	167,258	1,059,284
Madel	Trust Fund	50,634	65,286	2,380	113,540
Totals		1,102,906	239,556	169,638	1,172,824

	Fund Name	Income	Expenditure	Closing Balance
General		75		75
Madel	Trust Fund	207,398	1,020	206,378
Totals		207,473	1,D2D	206,453