| TABLE OF CONTENTS | ||
|---|---|---|
| PAGE | ||
| Trustees Report | 1to6 | |
| Auditor's Report |
7to 9 | |
| Statement ofFinancial | Activities | 10 |
| Balance Sheet | ||
| Notes to the Financial | Statements | 12to22 |
| Note | Unrestricted | Total | 2021 | ||
|---|---|---|---|---|---|
| INCOMING RESOURCES |
|||||
| Donation and Legacies |
3.1 | 17,000 | 17,000 | 17,000 | |
| Charitable Activities |
3.2 | 149,895 | 149,895 | 127,020 | |
| Investment income |
3.3 | 202,169 | 202,169 | 145,241 | |
| Other Income | 3.5 | 1703 | 1703 | ~19288 | |
| TOTAL INCOMING RESOURCES |
370,767 | 370,767 | 308,549 | ||
| RESOURCES EXPENDED Expenditure on Raising Funds Expenditure on Charitable Activities Others |
4.1 4.2.3 43 |
94,871 238,047 3486 |
94,871 238,047 3486 |
28,731 240,004 146 |
|
| TOTAL RESOURCES USED | 336,404 | 336,404 | 268881 | ||
| Net Income Before investment |
Gains | 34,363 | 34,363 | 39,668 | |
| NET GAINS ON INVESTMENTS | -410 | -410 | 1,013 | ||
| NET INCOME / ( EXPENDITURE ) | 33,953 | 33,953 | 40,681 | ||
| RECOGNISED GAINS | |||||
| Gains on revaluation offixed assets for the Circuit's own use. |
0 | 161,449 | |||
| Gains on revaluation ofFixed |
0 | 154,591 | |||
| assets investment | |||||
| NET GAINS BEFORE PRIOR YEAR ADJUSTMENT | 33,953 | 33,953 | 356,721 | ||
| PRIOR YEAR ADJUSTMENT | 8 | 0 | 0 | ~394521 | |
| TOTAL NET INCOME FORTHE YEAR | 33,953 | 33,953 | 751,242 | ||
| BALANCE BROUGHT FORWARD | 4,869,138 | 4,869,138 | 4,117,896 | ||
| BALANCE CARRIED FORWARD | 4,903,091 | 4908091 | ,486,9100 |
| Note | Note | 6 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | |||||||||
| FIXEDASSETS | |||||||||
| Unrestricted | Total | ||||||||
| Tangible Assets Investments |
9.1 9.2 |
2,160,934 2,491,061 |
2,160,934 2,491,061 |
2,205,035 2,491,061 |
|||||
| Total Fixed Assets | 4,651,995 | 4 | 651995 | 4696,096 | |||||
| CURRENT ASSETS | |||||||||
| Investments Debtors Bank and cash balances |
10 11 12 |
103,426 37,768 137914 |
103,426 37,768 137,914 |
104,475 21,004 71 872 |
|||||
| 279,108 | 279,108 | 197,351 | |||||||
| CREDiTORS: Amounts due within one year |
falling | 13 | 9268 | 1126& | 1312$ | ||||
| TOTAL NET CURRENT | ASSETS | ~269840 | ~269 &40 | 1&4,223 | |||||
| TOTAL ASSETS LESSCURRENT LIABiLITIES |
4~921 835 | 4921835 | 4,880,319 | ||||||
| CREDITORS: Amounts due after one year |
falling | 13a | 18744 | 18744 | 11181 | ||||
| TOTAL ASSETS | ~4903091 | 4663661 | 4 &6&13& | ||||||
| FUNDS | |||||||||
| Unrestricted Funds |
14.1 | 4903091 | 4 903091 | 4869138 | |||||
| TOTAL FUNDS | 4903091 | 4903091 | 4,869,138 | ||||||
| The notes on pages 12to 22 form | an integral | part of these financial sta ements. | |||||||
| Approved by the Circuit Trustees |
on | AQ ..................~......f.....f..5'... ...........2023 and signed on |
|||||||
| their beh lf |
|||||||||
| N MILLS |
Rev. | Faith Nyota | |||||||
| T | Superintendent Minister |
| CHELSEA, HAMMERSMITH | CHELSEA, HAMMERSMITH | and | FULHAM METHODIST CIRCUIT | FULHAM METHODIST CIRCUIT | FULHAM METHODIST CIRCUIT | |||
|---|---|---|---|---|---|---|---|---|
| NOTES TO THE FINANCIAL 3INCOMING RESOURCES |
STATEMENTS | FOR | THE YEAR ENDED 31,AUGUST 2022 ——— 2022 —— ———2021—— |
|||||
| Unrestricted | TOTAL Unrestricted |
TOTAL | ||||||
| Funds | Funds | Funds | Funds | |||||
| E | E | F | E | |||||
| 3.1 | Donations and Legacies Nigerian Fellowship Donation |
~17 000 | ~17000 | ~17000 | 17000 | |||
| 3.2Charitable Activities income Circuit assessments |
149,895 | 149,895 | 127,020 | 127,020 | ||||
| 3.3 | Investment income |
|||||||
| Central Finance Board | Interest | 90 | 90 | 14 | 14 | |||
| TMCP Interest | 615 | 615 | 432 | 432 | ||||
| Rental Income | 201,464 | 201,464 | 144,795 | 144,795 | ||||
| 202169 | 202,169 | 145,241 | l 145241 |
|||||
| 3.5Other Income | ||||||||
| London District Covid |
-19Grant | 5,188 | 5,188 | |||||
| Insurance Claim |
2,600 | 2,600 | ||||||
| Sundry HMRC Job Retention |
Scheme Grant | 1,002 701 |
1,002 701 |
11,500 | 11,500 | |||
| 1 1 703 |
1,703 | 19,288 | 19288 | |||||
| 4 RESOURCES EXPENDED | ||||||||
| 4.1 EXPENDITURE ON RAISING FUNDS | ||||||||
| Properties Repairs and Maintenance Property Insurance Audit Fees |
31,357 5,173 1,472 |
31,357 5,173 1,472 |
20234 5335 1130 |
20,234 5,335 1,130 |
||||
| Accountancy Fees |
818 | 818 | 565 | 565 | ||||
| Bank Charges Professional Fees |
81 1,014 |
81 1,014 |
988 | |||||
| Office Running costs | 168 | 168 | ||||||
| Depreciation Charge Depreciation no longer required Sundry Expenses Rent Collection |
24,048 4,180 26,560 |
24,048 4,180 26,560 |
-17319 129 17669 |
-17319 129 17,569 |
||||
| 94,871 | 94,871 | 28731 | 28731 | |||||
| 4.2 EXPENDITURE ON CHARITABLE ACTIVITIES | ||||||||
| 4.2.1 DIRECT SPENDING District Assessment Stipends, Pension and NIC Salaries and NIC |
21,924 109,049 14,078 |
21,924 109,049 14,078 |
21,924 110,455 14,024 |
21,924 110,455 14,024 |
||||
| employers Pension Ministers' traveliing |
contributions expenses |
706 7920 153677 |
706 7920 153677 |
760 2983 150156 |
760 2983 150156 |
|||
| 4.2.2 SUPPORT FOR CHARITABLE |
ACTIVITIES | |||||||
| 4.2.2.1 Premises Expenses Repairs to Manses Manse Running Costs Manseslnsurance |
47,653 10,152 1,801 |
47,553 10,162 1,801 |
82,831 13,867 6,925 |
82,831 13,867 6,925 |
||||
| Quinquennial inspections costs |
59616 | 59616 | 1200 104823 |
1200 104823 |
||||
| Page 16 |
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR |
ENDED 31, AUGUST 2022 |
|---|---|
| ( continued ) | |
| 9.FIXEDASSETS | |
| 9.1TANGIBLE FIXEDASSETS | |
| COST OR VALUATION | |
| FREEHOLD LAND AND BUILDINGS | |
| Manses | |
| Balance as at 1 September 2021 &31,August 2022 | ~2205 035 |
| DEPRECIATION | |
| As at 1 September 2021 Depreciation Charge for the year Balance at31,August 2022 |
0 44 101 44101 |
| NET BOOK VALUE | |
| As at 31August 2022 | ~2160934 |
| As at 31 August 2021 | ~2205035 |
| 9.2 FIXEDASSETS INVESTMENT | |
| COST OR VALUATION | |
| FREEHOLD LAND AND BUILDINGS | |
| Balance as at 1September 202'I 8 31,August 2022 | 2491 061 |
| NET BOOKVALUE | |
| As at 31,August 2022 | ~2491 061 |
| As at 31,August 2021 | ~2491 061 |
| Market | Income for | ||
|---|---|---|---|
| value at |
the year | ||
| 31/12/2021 | |||
| Investment | Property | 2,491,061 | 201,464 |
| Investments | with TMCP | ~103426 | 615 |
| TOTAL | ~2594487 | 202079 | |
| 11.DEBTORS | —2022— | —2021— | |
| Rent Debtor | 14,466 | 132 | |
| Funds held | by the Estate Agent | 3,700 | 3,600 |
| Other Debtors | 19602 | 17272 | |
| ~37768 | ~21 004 |
| ofinterest. Such assets are subsequently carried at method, less any impairment. |
amortised cost using the effect | ive interest |
|---|---|---|
| 12.BANK AND CASH BALANCES | —2022— | —2021— |
| Current Account | 120,153 | 52,591 |
| Central Finance Board- Deposit | 17761 | ~19281 |
| ~137 9'I4 | 7~1872 |
| Cash and cash | equivalent | includes cash in hand, | includes cash in hand, | includes cash in hand, | deposits | held at cali with banks, other short | held at cali with banks, other short |
|---|---|---|---|---|---|---|---|
| term liquid investments | with original maturities | ofthree | months or less and | bank overdrafts. | |||
| Bank overdrafts | are shown | within borrowings | in | current | liabilities. | ||
| 13.CREDITORS: Amounts | falling due within | one | year | —2022— | -2021— | ||
| Rent Received | in Advance | 1,716 | 6,266 | ||||
| Other Creditors | 3,352 | 2,962 | |||||
| Accruals | ~4200 | ~3900 | |||||
| 9266 | 13128 | ||||||
| 13A.CREDITORS: Amounts | falling due after | one year | —2022- | —2021— | |||
| Rent Deposit | ~18744 | ~11181 Page 19 |
| 14 | .1.UNRESTRICTED FUNDS | |||
|---|---|---|---|---|
| —2022- | —2021 | |||
| Balance Brought Forward | 4,869,138 | 4,117,896 | ||
| Incoming Resources | 370,767 | 308,549 | ||
| Resources Expended | -336,404 | -268,881 | ||
| Net Gain/(deficit) on Investments -410 |
1,013 | |||
| Revaluation Gains |
0 | 316,040 | ||
| Prior year Adjustment | 0 | ~394521 | ||
| Balance Carried Forward | ~4903091 | 4~869 138 | ||
| Unrestricted funds represent |
funds which are expendable at the discretion |
ofthe | ||
| Circuit in the furtherance | of | its objects and which have not been designated | for other | |
| purposes. | ||||
| 15 | DETAILS OF CERTAIN ITEIIIIS OF EXPENDITURE | |||
| —2022— | —2021 | |||
| Audit Fees | 3,000 | 2,400 | ||
| Accountancy charges |
1 200 | 1 200 | ||
| 4200 | 3600 | |||
| 16 | PAID EINPLOYEES | |||
| Salaries and Wages | 14,078 | 14,024 | ||
| Pension Conbibuions | 706 | 760 | ||
| ~14784 | ~14784 | |||
| Number ofemployees | 1 |
| NOTES TO TH TRANSACTION WITH |
E FINANCIAL STATE RELATED PARTIES |
E FINANCIAL STATE RELATED PARTIES |
MENTS FOR THE YEAR |
MENTS FOR THE YEAR |
ENDED 31,AUGUST 2 ( continue |
|---|---|---|---|---|---|
| NAME | RELATIONSHIP | DESCRIPTION | Balance at period end | ||
| TO THE | CHARITY | ofTransaction Amts. |
|||
| Mark Davenport | Trustee | Stipend | f38,316 | Nil | |
| Ayodeji Okegbile | Trustee | Stipend | 35,367 | Nil | |
| LeSinga Vunipola | Trustee | Stipend | 35,367 | Nil | |
| Mark Davenport | Trustee | Expenses | 2,487 | Nil | |
| Ayodeji Okegbile | Trustee | Expenses | 2,900 | Nil | |
| Faith Nyota | Trustee | Expenses | 1,546 | Nil | |
| —2022 — —2021 | |||||
| Average Number of Ministers | receiving | ||||
| Stipends | 3 | ||||
| Allowances | 3 |