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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|Endowment
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|
|||||||||||Page 10of15|
|~|I||~~~~N5%5
II
~~~~~~55|
|---|---|---|---|
||||~M~~R5%%|
||||' I ~
II
Mm~~~&i~|
||||~~~~NNRR|
||||II|
|||I|II
~ I|
||||KRR~~~KRS~ES|
||||~5!ER~~~HHES~ES|
||||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|Fund||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|Transfers|Revaluation
gains/losses|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|Opening
Balance|Income|Expenditure|Transfers|Revaluation
gains/losses|Closing
Balance|
|---|---|---|---|---|---|---|---|
|General|||75||||75|
|Madel|Trust Fund||207,398|1,020|||206,378|
|Totals|||207,473|1,D2D|||206,453|
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