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2021-08-31-accounts

Charity Registration No. 1134031

PUTNEY METHODIST CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

PUTNEY METHODIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees The Members of the Church Council Charity number 1134031 Principal address Gwendolen Avenue Putney London SW15 6SN Independent Examiner Sam Thomas Azets Audit Services Trinity Court 34 West Street Sutton Surrey SM1 1SH Investment advisors The Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 1JQ

PUTNEY METHODIST CHURCH

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6 - 7
Balance sheet 8
Notes to the accounts 9 - 21

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their report and financial statements for the year ended 31 August 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Church's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from 1 January 2015.

Reference and administrative details

Reference and administrative details are shown in the Legal and Administrative Information page of the financial statements.

Objectives and activities

The objective and policy of the trustees, both long term and short term, is to enable the church to function successfully at a local level and, through The Connexion, at a national and international level as well. The Methodist Church's calling is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission.

The Church is concerned with helping the wider community, which it does so through a variety of donations to various charities and good causes both in the UK and overseas. It raises money at regular Church services and through occasional fund raising activities. The Church services are at the heart of local life, but Church life extends further. The central four objectives are worship, learning and care, service and evangelism. The Church provides facilities to Lion House School (now Hurlingham Nursery School), from which it receives rental income. Putney Methodist Church also has a Sunday School. The Church also engages in outreach with other local schools and groups, runs a meditation group for local people, and has long-established links with Wandsworth Prison. When gifts and legacies are received they are usually invested for long term benefit, in line with the principles of the Methodist Church. The church is used regularly to host community events, for example concerts and fundraising for charities such as Christian Aid, and also serves as a polling station.

During the year the Church took the decision to assume responsibility for Roehampton Methodist Church, which from next year will become a 'class' of Putney Methodist Church. Putney will from next year be responsible for the finances and management of Roehampton, which serves the Alton Estate in Roehampton.

The Church has also put strategies in place regarding the safeguarding of children and vulnerable adults, a Fire Risk Assessment and a Health and Safety Assessment.

The Church is of the opinion that it fulfils the requirements of Section 4 of the Charities Act 2011, as a result of its work in the community.

The Church relies heavily on volunteer work. Trustees do not receive formal training, other than in safeguarding, but are under the guidance of the Circuit and the Minister who is employed directly by the Circuit. Regular meetings are held to ensure that any issues arising are discussed properly. There were no employees during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Church should undertake.

Achievements and performance

The COVID-19 pandemic severely affected the life and work of the church in many ways. Church services were restricted and at times suspended, as were other activities in the building. However the Church Council made arrangements to continue as much work as possible, for example, by organising online services and other activities, and maintaining key pastoral contacts by telephone. Putney Methodist Church has continued to maintain the Church and school building. Expenditure and donations have been maintained at a level to keep sufficient funds and reserves have been in line with its overall objectives of helping the Church and wider community.

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Income has been in the form of voluntary donations and the letting of part of the buildings to Hurlingham Nursery School. The COVID-19 pandemic reduced the church's income from congregational collections and from its other users, but this was mitigated as far as possible, for example, by encouraging online donations, and the loss has been manageable. The investments have retained their value, due to the church's cautious portfolio, which was creditable given the current economic conditions. This was in line with the long term objective to keep the church on a solid financial footing. The church and school buildings were valued at £5,892,126 by Methodist Insurance.

Late in the year, and arising from the pandemic, a breakdown in communication with HSBC led to the sudden and unexpected closure of the Church's bank accounts. While this caused serious inconvenience, disrupting both income and the payment of suppliers, the Church had adequate reserves and its operations were largely unaffected. The Church Council decided on 11 July 2021 that the Church should move its business to Metro Bank and this has been done.

Financial review

This reserves policy relates to our General Fund and Restricted Fund. The assets of the Church are spread between bank balances and investment funds held by the Central Finance Board of the Methodist Church and the Trustees for Methodist Church Purposes (TMCP). This helps to ensure regular and reliable returns.

It is the policy of the Church that unrestricted funds which have not been designated for a specific use should be maintained at a level in excess of three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Church’s current activities while consideration is given to ways in which additional funds may be raised.

At the end of the financial year, general unrestricted funds amounted to £388,286 (2020 - £336,276). Our total unrestricted expenditure for the last financial year amounted to £111,671 (2020 - £107,370) and therefore the trustees consider the reserves level as it stands is sufficient to meet the minimum three months expenditure as stated in the policy. This policy is reviewed annually.

Reserves held in the designated fund are for use in the maintenance and upkeep of the Church and ancillary buildings. Designated fund reserves have increased during the year to £145,908 (2020 - £120,753). There are no major plans that require additional funding in the foreseeable future, therefore the Trustees consider these reserves sufficient. If for any reason additional funding were to be required, the Trustees would review the fundraising methods required to raise more funds. The reserves are reviewed annually, in the context of the need for a continuing programme of repair and maintenance of the large and historic church building.

Restricted funds comprise of Benevolent funds of £659 (2020 - £657) unexpended balances of donations and grants held on trust for specific purposes. The endowment funds are held by the Trustees for Methodist Church Purposes and have unrestricted income but the capital is restricted. The balance of the endowments at the end of the year was £3,992 (2020 - £4,070).

The trustees have assessed the major risks to which the Church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees intend to operate the Putney Methodist Church in a similar manner for the foreseeable future.

Structure, governance and management

The Church completed registration with the Charity Commission in 2010 and is largely governed by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996.

The trustees who served during the year are listed in note 21 to these financial statements.

All members of the Church Council are trustees and the minister is automatically appointed. The General Church council meet annually and elect the Church Stewards and representatives to sit on the Church Council. Other designated members such as the Church Council Secretary are elected by the Church Council.

PUTNEY METHODIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The charity's current policy concerning the payment of trade creditors is to:

The charity had no trade creditors at the end of the year.

The Putney Methodist Church is part of the Richmond and Hounslow Circuit of Methodist churches, which is part of the larger London District. The Circuit administers people, property and finance, and acts through central Circuit meetings, which representatives of each of the local churches attend. Putney Methodist Church pays a quarterly assessment to the Circuit to cover the Circuit's costs. All districts are related to each other through The Connexion, which is a network of support for all the churches in Great Britain. The Methodist Church's activities are governed largely by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996.

Putney Methodist Church has its own Church Council which makes decisions affecting the Church at a local level. There are no formal training procedures involved in membership of the Church Council, which is ultimately the decision making body for Putney Methodist Church. The Church tries hard to ensure that people on the Church Council and various committees have a combination of relevant skills. Members are from a wide variety of backgrounds and professions.

On a national level, the on going work of the Methodist Conference is undertaken throughout the year by the Methodist Council, which meets four times annually.

Plans for the future

The trustees intend to operate the Putney Methodist Church in a similar manner for the foreseeable future.

PUTNEY METHODIST CHURCH TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Stat•ment of tru$t•o8' re8pon$lbllltle8 The trustees are responsible for preparing the Trustees. Report and the accounts in accordance with appliCa￿e law and United Kingdom Accounllng Standards (United Kingdom Generally A¢¢epled Accounting Praclicel. The law applicable to charities in England and Wale8 requires th& t￿steeS to prspare accounts for each finanaal year which give a true and fair vtèw of the statè of affairs of the Church and of the inccfning resources and application of resources of thtr Church for that year. In preparing thes8 accounts, thg trustees afe required to= - selgct suitable acwunling polides and then apply them con$i$tenUy,' - obseN& the methods and principlès in the Charities SORP.. - make judgèments and 8$timales that ar¥ reasonablg and prud&nt: state whether applicablg acc4Juntln9 stsndards h8ve been followsd. subject to any material dèpartures dL8dos8d and exF4aingd in the acc¢xJnts,' and propare the accounts on the going con¢em basis unlgss Il is inappropri81e to presumè th81 the charity wll continue in op8rab'on. The tnjslees are responsible for keeping suffici8rit accounting records that dls(gose with reasonable accuracy al any time thè fjnancial position of the Chur¢h and enab18 them io ensure that the accounts comply with the Charities A¢t 2011, thè Charity (Accounts and Reports) Regulations 2008 and th& provisions of thè tnjsl deed. They are also responsible for safeguarding the assets of the Church and hence for taknng reasonable steps for the prevantion and det￿tIOn of Iiaud and other irr8gul8rilies. The trustees, rgport was approved by th8 Board of Trustees. C. M C Norris Trust¢e Dated

PUTNEY METHODIST CHURCH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PUTNEY METHODIST CHURCH

I report to the trustees on my examination of the financial statements of Putney Methodist Church (the Church) for the year ended 31 August 2021.

Responsibilities and basis of report

As the trustees of the Church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Church’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sam Thomas Azets Audit Services Independent Examiner ICAEW

29/06/2022 Dated: .........................

Trinity Court 34 West Street Sutton Surrey SM1 1SH United Kingdom

Total 2020 £ 20,063 89,834 1,552 111,449 595 108,827 109,422 (10,441) (8,414)
Restricted funds 2020 £ 2,044 4 - 2,048 - 2,044 2,044 - 4
Total Unrestricted Endowment funds
funds		 2021
2020
2020		 £
£
£		 51,794
18,019
-		 90,225
89,796
34		 -
1,552
-		 142,019
109,367
34		 574
587
8		 111,105
106,783
-		 111,679
107,370
8		 46,749
(10,479)
38		 77,089
(8,482)
64
Restricted funds 2021 £ - 2 - 2 - - - - 2
Unrestricted Endowment funds
funds		 2021
2021		 £
£		 51,794
-		 90,197
26		 -
-		 141,991
26		 566
8		 111,105
-		 111,671
8		 46,826
(77)		 77,146
(59)
Notes 3 4 5 7 6 12
Income and endowments from: Donations and legacies Investment Income Other income Total income Expenditure on: Raising funds Charitable activities Total resources expended Net gains/(losses) on investments Net incoming/(outgoing) resources before transfers

(8,414) - (8,414) 143,874 135,460 6,218,422 6,353,882
4 - 4 - 4 653 657
64 (26) 38 - 38 4,032 4,070
(8,482) 26 (8,456) 143,874 135,418 6,213,737 6,349,155
77,089 - 77,089 - 77,089 6,353,882 6,430,971
2 - 2 - 2 657 659
(59) (19) (78) - (78) 4,070 3,992
77,146 19 77,165 - 77,165 6,349,155 6,426,320
Net incoming/(outgoing) resources before transfers Gross transfers between funds Net incoming/(outgoing) resources Other recognised gains and losses Revaluation of tangible fixed assets Net movement in funds Fund balances at 1 September 2020 Fund balances at 31 August 2021

PUTNEY METHODIST CHURCH BALANCE SHEET ASAT31 AUGUST2021 2021 2020 Not•$ Flxed assets Tangiblg a358ts Investments 13 14 5,968,760 334,152 5.944,820 287,394 6,302,912 6,232,214 Current as￿$ Debtors Cash at bank and in hand 15 28,991 117.147 30,342 102,526 146,138 ¢r•dltor8.' amounts f4111ng dy• wlthln one year 132,868 16 118,0791 111.2C(¢i Net cuttent ass8ts 128,059 121,668 Total 0s5•ts l•ss currènt l￿b11ftle8 6,430,971 6,353,882 Incom• fvnds Restricted funds Endowment fund3 estri Designated funds General unrestricted funds R8valuation reserve 17 659 3,992 657 4,070 18 145,9)8 388,286 5,892,126 120,753 336,276 5,892.126 6,426,320 6.349,155 6,430,971 6,353,882 Th8 finandal statements were approved by the Tw$tees on.. C Norris Tru$tee

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Charity information

Putney Methodist Church is part of the Richmond and Hounslow Circuit of Methodist churches whose activities are largely governed by a document entitled 'The Constitutional Practice and Discipline of the Methodist Church' last revised in 1996.

1.1 Accounting convention

The accounts have been prepared in accordance with the Church's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Church is a Public Benefit Entity as defined by FRS 102.

The Church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Church.

1.4 Income

Income is recognised when the Church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are accounted for on the basis of when the monies are received by The Central Finance Board.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Support costs have been allocated to activities for which they directly relate. Any governance costs have been allocated on the proportion of other costs incurred for the activities.

Resources expended are recognised as Charitable activities under the following headings:

Church events - costs directly associated with running Church Services and events Gifts to charity - donations made to registered charities

Ecumenical services - donations made to further the charitable activities of the Methodist Church Assessment by circuit - contributions to the local circuit for minister stipends and to assist in regional governance.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 3-30 years

The Church building is included in the balance sheet at its insured value as determined by Methodist Insurance Plc. An adjustment is made every year (where material) as an unrealised gain or loss.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The Church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Church's balance sheet when the Church becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Church’s contractual obligations expire or are discharged or cancelled.

1.11 Fixed assets

All fixed assets are initially recorded at cost. Tangible assets with a cost of below £500 are not included in fixed assets.

1.12 Property

After taking advice from the Charities Commission, in conjunction with the Property Methodist Office, the Church building and the school property need to be included on the balance sheet, at their insured value according to Methodist Insurance plc. An adjustment is made every year where material as an unrealised gain or loss. It has been identified from the SORP (paragraph 18.3) that historic churches are unlikely to meet the heritage asset definition as the preservation of the buildings they occupy is unlikely to be the primary objective of the charity. Churches therefore do not quality as a heritage asset and so cannot be included at nil cost.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2 Critical accounting estimates and judgements

In the application of the Church’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Judgement has been used in the allocation of support and governance costs to each of the three activities. The useful economic life fixtures, fittings and equipment has been estimated in order to determine the appropriate depreciation policy. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
Restricted
funds
funds
funds
2021
2020
2020
£
£
£
Donations and gifts
14,473
18,019
2,044
Grants receivable
37,321
-
-
51,794
18,019
2,044
Donations and gifts
Envelopes
10,940
9,860
-
Collections
209
5,192
-
Gift aid reclaimed
136
2,070
-
Local collections
1,532
897
-
Other donations
-
-
2,044
Other
1,656
-
-
14,473
18,019
2,044		 Total
2020
£
20,063
-
20,063
9,860
5,192
2,070
897
2,044
-
20,063

Total 2020 £ 84,202 5,129 503 89,834
Restricted funds 2020 £ - - 4 4
Total Unrestricted Endowment funds
funds		 2021
2020
2020		 £
£
£		 85,208
84,202
-		 4,679
5,129
-		 338
465
34		 90,225
89,796
34
Restricted funds 2021 £ - - 2 2
Unrestricted Endowment funds
funds		 2021
2021		 £
£		 85,208
-		 4,679
-		 310
26		 90,197
26
Investment Income Rental income Other interest receivable Interest receivable
4

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

5 Other income

Total Unrestricted
funds
2021 2020
£ £
Other income - 1,552

Total 2020 £ 12,946 51,541 1,157 65,644 36,249 6,934 108,827 106,783 2,044
Assessment by circuit 2020 £ - 41,121 - 41,121 - 4,343 45,464 45,464 -
Ecumenical services 2020 £ 12,946 1,363 1,157 15,466 36,249 1,634 53,349 53,349 -
Gifts to charity 2020 £ - 9,057 - 9,057 - 957 10,014 7,970 2,044
Total 2021 £ 13,241 59,060 188 72,489 34,738 3,878 111,105 111,105 -
Assessment by circuit 2021 £ - 55,529 - 55,529 - 2,983 58,512 58,512 -
Ecumenical services 2021 £ 13,241 395 188 13,824 34,738 727 49,289 49,289 -
Gifts to charity 2021 £ - 3,136 - 3,136 - 168 3,304 3,304 -
Charitable activities Depreciation and impairment Direct costs Advertising Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds
6

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

7 Raising funds

Unrestricted Endowment
funds
funds
2021
2021
£
£
Investment management
566
8
566
8		 Total Unrestricted Endowment
funds
funds
2021
2020
2020
£
£
£
574
587
8
574
587
8		 Total
2020
£
595
595

8 Description of charitable activities

Gifts to charity

Donations made to registered charities.

Ecumenical services

Donations made to further the charitable activities of the Methodist Church.

Assessment by circuit

Contributions to the local circuit for minister stipends and to assist in regional governance.

9 Support costs

Support
costs
Governance
costs
£
£
Rates, Light & Heat
9,833
-
Insurance
6,349
-
Printing, Postage &
Stationery
828
-
Repairs & Renewals
7,024
-
Cleaning
1,718
-
Sundry expenses
2,219
-
Administrative support
6,767
-
Audit fees
-
2,835
Accountancy
-
744
Legal and professional
-
299
34,738
3,878
Analysed between
Charitable activities
34,738
3,878		 2021
Support
costs
Governance
costs
£
£
£
9,833
11,787
-
6,349
6,377
-
828
153
-
7,024
12,513
-
1,718
2,488
-
2,219
2,931
-
6,767
-
-
2,835
-
2,700
744
-
3,960
299
-
274
38,616
36,249
6,934
38,616
36,249
6,934		 2020
£
11,787
6,377
153
12,513
2,488
2,931
-
2,700
3,960
274
43,183
43,183

Accountancy costs includes payments to the independent examiners of £2,835 (2020- £2,700) for independent examination fees.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

10 Trustees

None of the trustees (or any persons connected with them) (2020- 0) received any remuneration during the year. No trustees (2020- 0) received reimbursement for any reason other than making purchases on the Church's behalf.

11 Employees

The average monthly number of employees during the year was:

2021
Number
Total
-
Net gains/(losses) on investments
Unrestricted Endowment
Total Unrestricted Endowment
funds
funds
funds
funds
2021
2021
2021
2020
2020
£
£
£
£
£
Revaluation of
investments
46,826
(77)
46,749
(10,479)
38		 2020
Number
-
Total
2020
£
(10,441)

12 Net gains/(losses) on investments

13 Tangible fixed assets

Freehold land
and buildings
£
Cost or valuation
At 1 September 2020
5,892,126
Additions
-
At 31 August 2021
5,892,126
Depreciation and impairment
At 1 September 2020
-
Depreciation charged in the year
-
At 31 August 2021
-
Carrying amount
At 31 August 2021
5,892,126
At 31 August 2020
5,892,126		 Fixtures,
fittings and
equipment
£
143,026
37,180
180,206
90,331
13,241
103,572
76,634
52,694		 Total
£
6,035,152
37,180
6,072,332
90,331
13,241
103,572
5,968,760
5,944,820

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

13 Tangible fixed assets

(Continued)

Land and buildings with a carrying amount of £5,892,126 (2020 - £5,592,126) were revalued during the year by the Methodist Insurance. This is inline with the Methodist Church policy to recognise the value of land and buildings at the insured value, considered to be the fair value.

14 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 September 2020 287,394
Valuation changes 46,758
At 31 August 2021 334,152
Carrying amount
At 31 August 2021 334,152
At 31 August 2020 287,394

15 Debtors

Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2021
£
1,656
27,335
28,991
2021
£
6,000
12,079
18,079		 2020
£
4,074
26,268
30,342
2020
£
-
11,200
11,200

Deferred income of £6,250 (2020 - £6,250) has been recognised in relation to rent received in advance for the school and play area.

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds in funds
Balance at Net incoming Balance at Net incoming Balance at
1 September resources 1 September resources 31 August
2019 2020 2021
£ £ £ £ £
Benevolent fund 653 4 657 2 659

£659 (2020: £657) is held as a restricted fund in bank accounts as a benevolent fund in order to help those in need.

18 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Net incoming Transfers Balance at Net incoming Transfers Balance at
1 September resources 1 September resources 31 August
2019 2020 2021
£ £ £ £ £ £ £
General
property 36,125 65,231 (59,885) 41,471 69,037 (43,882) 66,626
Lion House
lease 79,282 - - 79,282 - - 79,282
115,407 65,231 (59,885) 120,753 69,037 (43,882) 145,908

The Property fund is a designated fund relating to the buildings at Gwendolen Avenue, which forms the Church and ancillary buildings used for letting to Lion House School, and income and expenditure relating to the same. Part of this fund is set aside to meet the ongoing obligations arising from the lease on Lion House School. Income from the fund is also used to meet the Assessment by circuit expense, which requires transfer to the unrestricted fund.

Total 2020 £ 5,944,820 287,394 121,668 6,353,882
Restricted fund 2020 £ - - 657 657
Endowment funds 2020 £ 4,070 4,070 - 8,140
Total Unrestricted funds 2021
2020		 £
£		 5,968,760
5,940,750		 334,152
283,324		 128,059
121,011		 6,430,971
6,345,085
Restricted fund 2021 £ - 659 - 659
Endowment funds 2021 £ - 3,992 - 3,992
Unrestricted funds 2021 £ 5,968,760 329,501 128,059 6,426,320
Analysis of net assets between funds Fund balances at 31 August 2021 are represented by: Tangible assets Investments Current assets/(liabilities)
19

PUTNEY METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

No remuneration was paid to key management personnel during the year.

21 List of Trustees

Minister Rev Geoffrey Farrar Deacon, ex officio member Rev Kathy Johnson Appointed - 9th June 2021 Senior Steward - Administration Clive Norris Stewards Jenny Drewe Jane Fawcett Solomon Lindsay Resigned - 9th June 2021 Sarah Mtonga Council Secretary Geoff Waterhouse Church Council Secretary Lisa Armstrong Appointed - 9th June 2021 Sunday School Ruth Kelly Safeguarding Jane Fawcett Church Meeting David Armstrong Ben Waterhouse Lesley Murray Sandra Salmon Resigned - 9th June 2021 Orileke Mabo Resigned - 9th June 2021 Jessica Dalton Bill Topping Resigned - 9th June 2021