## ## ||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|| ## ## ## ##